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A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"e82eaae7-80a4-4aed-b6da-53a526948ca4","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"fe98504b-bec2-4ba6-b4bb-e06021fb684b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":22,"box":{"x":135,"y":105,"width":770,"height":11}},{"id":"659c47ff-c5e2-440b-ade2-6de96f23e73c","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":22,"box":{"x":134,"y":128,"width":529,"height":11}},{"id":"4cd8ce47-bcdb-4c25-b8ee-f47ceb873dc9","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":22,"box":{"x":134,"y":151,"width":694,"height":11}},{"id":"8bd35e31-b073-4d56-ae4a-6e1375b269d3","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":22,"box":{"x":134,"y":173,"width":774,"height":11}},{"id":"23f5061c-31dd-47ce-8d12-d2079c462a7b","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":22,"box":{"x":102,"y":188,"width":736,"height":11}},{"id":"c428011b-3412-4045-ae24-7c7c641f97f6","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":22,"box":{"x":102,"y":203,"width":775,"height":12}},{"id":"32729a8a-0ae8-4d2e-85db-710e3b678f9a","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":22,"box":{"x":102,"y":218,"width":666,"height":11}},{"id":"2e3af7cb-5f43-4be9-ad12-f9d31a71ecd7","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":22,"box":{"x":134,"y":241,"width":746,"height":11}},{"id":"60f786a2-8a6b-477b-a892-b74a69bcf906","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":22,"box":{"x":102,"y":257,"width":627,"height":11}},{"id":"2498ed0a-c0fa-4c64-8a3b-2ae5d8630a4f","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":22,"box":{"x":134,"y":279,"width":757,"height":11}},{"id":"41683c7c-97a9-4399-b462-21f1da4d7bd9","block_type":"box","text":"Act.","page_number":22,"box":{"x":101,"y":294,"width":25,"height":9}},{"id":"b2965cf4-f566-49a5-97e6-7d95322cadd8","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":22,"box":{"x":135,"y":317,"width":506,"height":11}},{"id":"6be5d24d-6e98-4ae3-81b8-7236b4bf8877","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":22,"box":{"x":134,"y":339,"width":729,"height":12}},{"id":"7c9c2e0c-328d-4ee9-8fa8-8a40f6efd9c9","block_type":"box","text":"Investment Company Act.","page_number":22,"box":{"x":102,"y":355,"width":179,"height":11}},{"id":"1428ef7a-d494-4120-a15a-bcfaf51ad45e","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":69,"y":385,"width":510,"height":11}},{"id":"54512eb3-07f5-4e94-aa84-60c5c4a41872","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":22,"box":{"x":101,"y":407,"width":799,"height":12}},{"id":"c1d5c47e-3fea-4005-a68e-32b19a5ea33e","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":423,"width":341,"height":11}},{"id":"dce02472-6d1e-4145-91f0-196d8ebc549b","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":22,"box":{"x":101,"y":445,"width":796,"height":12}},{"id":"9e7f5cba-1846-4260-bd05-cc157729dc90","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":22,"box":{"x":68,"y":460,"width":811,"height":12}},{"id":"ad2b56e1-0eef-4692-a0e4-9023bf5cabfb","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":22,"box":{"x":68,"y":475,"width":833,"height":12}},{"id":"179d13c6-c327-4ea6-8056-9f6e3ee5b709","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":22,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"9265a0e0-5856-4509-9737-88b241805b5a","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":22,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"da89e16d-8361-4625-9d99-6b272a466227","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":22,"box":{"x":70,"y":521,"width":813,"height":11}},{"id":"0d8dad52-e54f-47b1-8be7-a21b896f0e84","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":22,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"4a2d9910-d895-430f-92d2-bf389ac7c744","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"50de6ac4-cea9-44df-bb7c-a68d952d911d","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":22,"box":{"x":69,"y":566,"width":772,"height":11}},{"id":"c4f76202-88a5-4caa-9c2f-082d06bdb9b7","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":22,"box":{"x":69,"y":581,"width":824,"height":12}},{"id":"f00e5cf3-e39e-4a31-986b-064699e33dc1","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":22,"box":{"x":67,"y":596,"width":829,"height":12}},{"id":"f5f907b2-0059-4940-9193-c3ac3ece0c9b","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":22,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"177eea29-b5be-494c-b770-877f5bf1e387","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":22,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"f6314b87-b1c9-488e-8d87-e495dbdcc157","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":22,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"1e693734-1519-4e03-81db-c8dbbce72e28","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":22,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"ad441b12-813c-447e-8620-2229b821a1ab","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":672,"width":438,"height":11}},{"id":"748725ca-0320-424c-b025-6a4814480384","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":22,"box":{"x":101,"y":695,"width":750,"height":11}},{"id":"8d2438da-1035-48ee-af2d-51b9b0b2a73a","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":22,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"f6a55699-2024-4e57-937f-dfead48ac1ff","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":22,"box":{"x":68,"y":725,"width":781,"height":11}},{"id":"414c047d-cf67-4225-b392-b48a00668c7e","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":22,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"b35e6ab7-1f8a-45e4-b58a-4bcefcc0bba5","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":22,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"354ca1e7-81d2-495f-8ead-8631f965109a","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":22,"box":{"x":69,"y":770,"width":777,"height":12}},{"id":"9133af5e-059a-4b28-81d4-937435668c65","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":22,"box":{"x":69,"y":785,"width":776,"height":12}},{"id":"55e2ef87-9250-42bf-8fc9-41d9fee80a5a","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":22,"box":{"x":70,"y":801,"width":828,"height":11}},{"id":"3806eaed-b652-4598-9855-e2751b365699","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":22,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"31a228cb-807f-4324-bf95-fe89a9caaa4f","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":22,"box":{"x":69,"y":831,"width":813,"height":11}},{"id":"9066799b-61e8-4d7e-982d-3e523afe3daa","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":22,"box":{"x":68,"y":846,"width":802,"height":11}},{"id":"a37bb666-4252-47be-aa2e-1ca9ec18eceb","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":22,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"0c66e331-0236-4a70-b550-99573de57cd4","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":22,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"acc677e8-a676-439e-b191-02a94b7516a6","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":22,"box":{"x":69,"y":891,"width":831,"height":12}},{"id":"e7d7999b-f5a0-4c1d-a883-39fb471b9434","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"f02d4ee7-475c-4d5e-84a4-647c996202e6","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbd201b4-184a-4bdc-a303-10bab55159f9","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":23,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"81de31e5-d1d9-4b48-9a71-ef155ccaf165","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":23,"box":{"x":69,"y":60,"width":643,"height":11}},{"id":"d3c8a0c6-a356-44bb-b5a6-fc8636bad7ff","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":23,"box":{"x":101,"y":82,"width":788,"height":12}},{"id":"1e89d213-046c-46f2-adb3-f91f0c49cf13","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":23,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"325ef494-c72f-44a1-b4ea-f928c290e9eb","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have underwriting","page_number":23,"box":{"x":70,"y":113,"width":808,"height":11}},{"id":"a7355cd9-0a69-47c5-99a1-353070e81f73","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":23,"box":{"x":69,"y":128,"width":811,"height":11}},{"id":"a1f39d51-934b-428f-9656-b1dc517e1011","block_type":"box","text":"amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in issuers where","page_number":23,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"4985a888-11e1-4ef5-8914-f91c0294135e","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A","page_number":23,"box":{"x":68,"y":158,"width":818,"height":11}},{"id":"d34e3c8a-cee8-475f-9340-e9f3fbbff641","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":23,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"ab59e242-3380-45f0-90c3-b67f2b9ea177","block_type":"box","text":"an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that","page_number":23,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"638b3a52-4cb9-4f06-9887-0caa420f4f5e","block_type":"box","text":"the application of the Securities Act provisions described above would cause the Fund to be engaged in the business","page_number":23,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"1c9e8c17-a8bc-4ba1-8c2c-2c5265be2dd6","block_type":"box","text":"of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in transactions","page_number":23,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"44d64f3a-1090-4707-8caf-41ea37f16536","block_type":"box","text":"involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be considered to","page_number":23,"box":{"x":70,"y":234,"width":818,"height":11}},{"id":"cb0b5cd1-56de-466d-b7e6-c011661f8029","block_type":"box","text":"be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent","page_number":23,"box":{"x":69,"y":249,"width":781,"height":11}},{"id":"de6b7f18-abb2-4b37-b190-0af11dc30574","block_type":"box","text":"permitted by applicable law.","page_number":23,"box":{"x":70,"y":264,"width":195,"height":11}},{"id":"d7569fff-ec3a-4c7e-9a50-e5e4f485d6a2","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":23,"box":{"x":101,"y":286,"width":778,"height":12}},{"id":"f8af896b-7606-4fd3-96e0-3103c6a4e450","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":23,"box":{"x":69,"y":302,"width":759,"height":11}},{"id":"7a9f2d7e-b1f3-440e-a8b8-863c522d46f9","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":23,"box":{"x":70,"y":317,"width":807,"height":11}},{"id":"0121b001-e02c-464f-bf78-a5846bf8dc81","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":23,"box":{"x":69,"y":332,"width":784,"height":11}},{"id":"313da0f2-b6ca-45a8-9bc7-1d3cf68b0b9a","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":23,"box":{"x":69,"y":347,"width":791,"height":11}},{"id":"dd24b928-caef-4a8a-b325-47c2eb67cd97","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":23,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"6dddc07c-5bf3-46d8-9987-4413a417a457","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":377,"width":40,"height":9}},{"id":"f1c15df9-0d79-41bc-aa14-fc4464bb5958","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":23,"box":{"x":101,"y":400,"width":777,"height":11}},{"id":"19806b89-cbf2-4c7a-b86d-328d6a15e50d","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":23,"box":{"x":70,"y":415,"width":751,"height":11}},{"id":"47282ba4-e142-44d0-94c2-3fcd92800cc4","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":23,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"ad788111-1aa7-4efc-acd9-6488e73f334f","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":23,"box":{"x":69,"y":445,"width":827,"height":11}},{"id":"40aae007-8a5e-490b-83b3-bf6ed6da7d5d","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":23,"box":{"x":69,"y":460,"width":781,"height":12}},{"id":"98862f55-aa58-463c-9b87-218522187ed9","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer.","page_number":23,"box":{"x":69,"y":475,"width":684,"height":12}},{"id":"ca562896-9e4b-4e7d-b115-50b218858b8a","block_type":"box","text":"Under the Investment Company Act, the Fund cannot change its classification from diversified to non-diversified","page_number":23,"box":{"x":102,"y":498,"width":792,"height":11}},{"id":"dac8b9f8-ec57-4758-b1cc-d549397cf6d6","block_type":"box","text":"without shareholder approval.","page_number":23,"box":{"x":68,"y":514,"width":210,"height":10}},{"id":"fd002fdb-4e14-42b8-884e-502d0eb3562b","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":23,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"3e1e68bc-6447-4aee-ad11-508444dd8443","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":551,"width":197,"height":11}},{"id":"09c143fb-10ff-4003-8150-58be2d9557ad","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":23,"box":{"x":134,"y":574,"width":742,"height":11}},{"id":"01a69904-0bb3-40d0-9333-d5c0961cbe53","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":23,"box":{"x":102,"y":589,"width":759,"height":11}},{"id":"31664f4f-0ec8-447c-8289-233bf5401626","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":23,"box":{"x":102,"y":604,"width":779,"height":11}},{"id":"993081e7-82d4-455b-95bc-f896c9b928f1","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":23,"box":{"x":101,"y":619,"width":761,"height":11}},{"id":"3372e8f6-8547-4f20-86d5-e4c8b2a3cf32","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":23,"box":{"x":102,"y":634,"width":795,"height":12}},{"id":"a6ed0953-251a-4868-8206-5d3697d7f75f","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":649,"width":60,"height":11}},{"id":"72719edf-b3c0-44f3-af13-90c11caa8dbd","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":23,"box":{"x":134,"y":672,"width":765,"height":11}},{"id":"6cc23c4c-0ca9-48fe-baad-641fd4f6971e","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":687,"width":509,"height":11}},{"id":"bf7ed982-3e3b-4edd-9838-dd8f9598b28e","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":23,"box":{"x":102,"y":710,"width":771,"height":11}},{"id":"52388a5d-2235-412c-807a-dce6715b6be3","block_type":"box","text":"Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":23,"box":{"x":69,"y":725,"width":822,"height":11}},{"id":"1832bb8f-b6db-42cd-91a2-1c2b9f8ea43c","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of the Fund’s assets invested in cer tain","page_number":23,"box":{"x":68,"y":740,"width":803,"height":11}},{"id":"40e64698-39d1-43eb-9398-a3e754c1f027","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":23,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"aca3ce78-3edb-483a-8b31-8ecdc4186e66","block_type":"box","text":"require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell or close out the","page_number":23,"box":{"x":69,"y":770,"width":833,"height":11}},{"id":"68a0bcd5-ad02-4477-b956-6170258fc12d","block_type":"box","text":"investment without undue market or tax consequences.","page_number":23,"box":{"x":70,"y":786,"width":393,"height":10}},{"id":"bc78a446-271e-4742-b4d3-3c44b74ca44b","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":816,"width":290,"height":9}},{"id":"33a28600-b094-4a33-8612-4ce085c9d140","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":838,"width":788,"height":11}},{"id":"f772ae66-16a3-481c-b0b3-56542eef6365","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":853,"width":779,"height":12}},{"id":"fbd58f5a-733e-4d4a-87a9-46a2cd1f6abe","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"38786d0c-293e-4d8c-a43c-3d8003fc9e7b","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":884,"width":793,"height":11}},{"id":"c2bb2b2f-c9f6-41a6-99bc-e5f91e15b5bb","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":899,"width":822,"height":11}},{"id":"4a17608c-00a1-41af-95a6-fc86f8ecd129","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"e48eb218-754c-44f2-93d6-028f3943aaf5","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9037d28-1ea2-453c-84d0-0547a61ecd11","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":24,"box":{"x":68,"y":45,"width":837,"height":11}},{"id":"3aa4fdd8-e7f3-4968-b274-e557c91d8789","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":70,"y":60,"width":335,"height":11}},{"id":"b03f7958-4b03-4d83-9c0d-d99ae125ead6","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":24,"box":{"x":101,"y":82,"width":769,"height":12}},{"id":"a85f4fd0-694e-413e-8717-4b79a6677304","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":24,"box":{"x":70,"y":98,"width":827,"height":11}},{"id":"caa049d9-a829-46ed-bb31-41764480d677","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":24,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"ecd67c68-9f78-44ca-a4d8-17e33eced2c4","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":24,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"b91314b2-a2d7-4404-b73e-639290bbe536","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":24,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"f99a25e0-ea6d-4ee2-a2aa-cccc95a3b4bb","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":24,"box":{"x":68,"y":158,"width":789,"height":11}},{"id":"efac2f3e-2626-48c4-8ae4-a412eccabf45","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":24,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"ff2d75e3-dcea-46e1-91ff-c4d9c6526ac5","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":24,"box":{"x":69,"y":188,"width":809,"height":12}},{"id":"8b4df855-39cb-4f74-a285-a2a5c0b371db","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":24,"box":{"x":70,"y":203,"width":794,"height":12}},{"id":"309780bb-df8e-44e4-b7b6-d7cbb81c354b","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":24,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"5c13fabf-d1f6-4c0f-bf2f-101651b2e808","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":24,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"6acc0b72-44de-4dbb-b94c-31814e538a26","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":24,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"f32fe3e6-c05f-4fba-8e51-abd9b426d1bb","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":24,"box":{"x":68,"y":264,"width":809,"height":11}},{"id":"010d5b71-d236-4eed-9fce-88e9e9645829","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"f8eb04a9-4154-4f62-8639-0b209fd4050a","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":294,"width":441,"height":11}},{"id":"fa65d555-13ba-4bb7-bd30-19e0644c31a5","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":24,"box":{"x":101,"y":317,"width":777,"height":11}},{"id":"522d0e6c-35db-49fc-bf29-fc5cd1efd741","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"f6439524-d4b3-48a0-bef1-d5b704e00bb9","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":24,"box":{"x":68,"y":347,"width":820,"height":11}},{"id":"5f003cde-6fe2-4c72-b974-54bf8bcce677","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":24,"box":{"x":70,"y":362,"width":812,"height":11}},{"id":"498c4f9b-269a-4837-bae8-80b8b2caf5eb","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"ab3406c5-4240-4785-a86a-52bb34462b66","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":392,"width":192,"height":11}},{"id":"4b15eb8c-3786-4879-a916-ce2a61676b78","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":24,"box":{"x":102,"y":415,"width":785,"height":11}},{"id":"153eade6-4164-4a04-a499-a78a1b7a90cf","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":24,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"eda69a57-4547-414a-a08b-5b740f9566c7","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"1c2753be-8f37-4955-9676-fd7b31727e30","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":24,"box":{"x":68,"y":460,"width":820,"height":12}},{"id":"e71692db-e11a-4fb7-ae80-c772210ac258","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":24,"box":{"x":70,"y":475,"width":811,"height":12}},{"id":"871d42ee-31a4-4ed0-b664-a08034b6ce01","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":24,"box":{"x":70,"y":491,"width":767,"height":11}},{"id":"04fac655-6ba4-41ff-858d-ecddba5cbb60","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":24,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"8d04fe47-ccb8-44dd-af01-184f85541582","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":24,"box":{"x":70,"y":521,"width":803,"height":11}},{"id":"cd6d1f43-d47b-4e35-b54f-adcbec7d44fb","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":24,"box":{"x":69,"y":536,"width":840,"height":11}},{"id":"4d8286ac-d183-4e7e-86f3-3f18b462a5a6","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":24,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"105f6ef3-fdeb-4cc4-b56e-8ca0a2f3a96f","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":24,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"2ed4c4d4-a5ff-4cca-8300-062cad4b78ba","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":24,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"6cba6af3-bb3f-4b87-a7bf-c4661526bf92","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":24,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"6a4f1acf-2233-4251-99e6-e15ca915badf","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":24,"box":{"x":70,"y":612,"width":759,"height":11}},{"id":"5250b442-6697-4831-851c-9631bef3e752","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":627,"width":299,"height":11}},{"id":"8b4ffc89-9e88-4215-98f5-bbd208452d5f","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":649,"width":122,"height":9}},{"id":"5e3137a0-8c75-4fb6-bfe8-c1fd4968b406","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":24,"box":{"x":229,"y":649,"width":673,"height":12}},{"id":"ebfb3c21-0380-4a52-b57c-aa1a4fb24fbc","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":24,"box":{"x":68,"y":664,"width":831,"height":12}},{"id":"1ab90210-7a1d-4799-b5a5-8317abe44939","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":24,"box":{"x":68,"y":680,"width":820,"height":11}},{"id":"8ac54742-7967-4846-aded-ff7134879af3","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":24,"box":{"x":68,"y":695,"width":823,"height":11}},{"id":"fdd435cb-d0d6-41eb-b04c-06f82adcde4b","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":710,"width":830,"height":11}},{"id":"70e604a9-5473-4ca1-89b4-0a31ded1e52b","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":24,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"4df3494e-f83d-411b-9f14-333590872953","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":24,"box":{"x":70,"y":740,"width":807,"height":11}},{"id":"fe0a8184-9195-4323-93cb-6f0204f3c875","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":24,"box":{"x":68,"y":755,"width":781,"height":11}},{"id":"b8b2e565-a310-4cda-83de-5002b70599a0","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":24,"box":{"x":69,"y":771,"width":834,"height":11}},{"id":"c14723e4-f06a-4405-aed4-a8aaed5caa7e","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":24,"box":{"x":69,"y":785,"width":838,"height":12}},{"id":"891c5481-31dc-4734-b0ad-bc93e313c72b","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"0e1fdc96-7859-4baf-9154-89a534d1c5ea","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"848e8ff5-069b-431a-a4fb-9d37cfee8f8e","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":831,"width":815,"height":11}},{"id":"8ede6508-17f7-47f4-a0f9-581149580fbc","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":24,"box":{"x":69,"y":846,"width":774,"height":11}},{"id":"9f890023-d02b-4b62-a1a3-90dbaad7f525","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"bc31f8ad-725e-43be-8ebc-cf1e460188d7","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":24,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"84502415-07a3-445c-a2b8-5dcd1a4b8db3","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":24,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"e777a6f6-8736-4e2b-8f91-f8381fce2c89","block_type":"box","text":"During the twelve months ended April 30, 2026, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":906,"width":607,"height":12}},{"id":"089c5afb-53ea-4a57-bfed-21c4b7d5f7d0","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"3112c602-4cda-42bf-adc4-ce898b660a1e","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"707b7972-016c-4645-bed8-156dc255dc44","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":102,"y":45,"width":286,"height":11}},{"id":"73c5172e-91f5-4202-a855-47ff5616e86a","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":25,"box":{"x":394,"y":45,"width":464,"height":11}},{"id":"5ca1b877-e486-4024-9637-c0866d9e0aa3","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":25,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"c2b0f36f-7bbf-41fd-919a-d23a92f9176b","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":25,"box":{"x":70,"y":75,"width":784,"height":11}},{"id":"5d35dc17-5c1c-4f6c-a248-9a2e57a30f57","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":25,"box":{"x":69,"y":90,"width":803,"height":11}},{"id":"f2cef5b1-c638-4133-81b1-ef6d5c830333","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":25,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"bd40707b-1813-4057-8a43-8abda945f47c","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":25,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"1268841a-6faa-47a0-831c-80e476e7cb06","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":25,"box":{"x":70,"y":135,"width":809,"height":11}},{"id":"9b27eb55-8ffc-472f-8e74-370b45bf5dd5","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":25,"box":{"x":69,"y":151,"width":838,"height":11}},{"id":"b9a05d7f-f407-4457-b545-bbe972e2ae64","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":25,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"68bbefc1-8220-4f04-adaa-7764d42c7119","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":25,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"ff47ab71-1a8b-4481-bd09-2d672355bbc8","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":25,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"0bfca32d-9ce6-40a8-a952-801ccf15f6e6","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":25,"box":{"x":68,"y":211,"width":804,"height":11}},{"id":"a55d4a7e-fa90-4053-83ee-68aef788b9ca","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Code of","page_number":25,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"b4185074-914f-4860-a3eb-6aac5f3803f6","block_type":"box","text":"Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a Trustee","page_number":25,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"b8e42994-3502-40f8-b901-1875472d8fdf","block_type":"box","text":"at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures, notice of the","page_number":25,"box":{"x":69,"y":256,"width":828,"height":12}},{"id":"1ae2eac9-b080-414c-984d-288bf30172b1","block_type":"box","text":"proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the principal","page_number":25,"box":{"x":70,"y":271,"width":767,"height":12}},{"id":"2d433739-1ba6-432f-acf2-8505c8b82d30","block_type":"box","text":"executive offices of the Trust not later than the close of business on the fifth day following the day on which notice of","page_number":25,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"641140ef-0876-4640-a6ed-6c5f00ce31fd","block_type":"box","text":"the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever first occurs.","page_number":25,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"6d5caba7-2790-48c9-9097-bb66063431b7","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about the","page_number":25,"box":{"x":68,"y":317,"width":770,"height":11}},{"id":"ad752105-a5df-4e3e-b135-264eaea9cc53","block_type":"box","text":"shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":25,"box":{"x":69,"y":332,"width":791,"height":11}},{"id":"7a732266-0328-4e73-88e8-9020400b414c","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":25,"box":{"x":69,"y":347,"width":801,"height":11}},{"id":"dd391977-4f25-49bd-857f-cdf13949112c","block_type":"box","text":"written char ter for the Governance Committee. During the twelve months ended April 30, 2026, the Governance","page_number":25,"box":{"x":68,"y":362,"width":798,"height":11}},{"id":"010be406-ceb4-43e6-a93d-df2ad2d5fd2c","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":377,"width":208,"height":9}},{"id":"dce5984c-1693-41b6-9a42-0eac5284f288","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":400,"width":168,"height":11}},{"id":"43c12ed4-38e6-4ddd-9c88-28958e193e80","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":400,"width":629,"height":11}},{"id":"7d3a8e1b-eeb4-4fbd-8007-3c5576af8b9a","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":25,"box":{"x":68,"y":415,"width":828,"height":11}},{"id":"78e89f4d-f332-4a7a-9f34-701f9dba72c5","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":25,"box":{"x":68,"y":430,"width":771,"height":11}},{"id":"c75e97b5-fca6-44bf-aa5d-59ab69c5c462","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":25,"box":{"x":69,"y":445,"width":835,"height":12}},{"id":"5a257ab2-2ae0-4f01-94c3-310568b3a4d5","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":25,"box":{"x":70,"y":460,"width":754,"height":12}},{"id":"caa7c10c-5867-44b3-abe8-425383c5b3a1","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":25,"box":{"x":69,"y":475,"width":834,"height":12}},{"id":"509353f2-c059-4d71-bf9c-312708ba8d30","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":25,"box":{"x":69,"y":491,"width":815,"height":11}},{"id":"8241d7ba-8143-46b9-9d9e-d24a3802394a","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":25,"box":{"x":69,"y":506,"width":785,"height":11}},{"id":"0f2b52c5-8f73-45c8-8edf-0b45dddb15ea","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":25,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"237b74ee-e491-4db7-aa35-b4196f7c0292","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":25,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"c4bbff20-600b-4fc3-abcd-73282fe226bc","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":25,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"1371f0d0-5e1e-4e44-ba83-c679541d7331","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":25,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"36d28ebc-6ab3-4f69-ac71-eba070d5d0df","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the twelve","page_number":25,"box":{"x":69,"y":581,"width":818,"height":12}},{"id":"66148ba5-1561-42ef-bf70-7234729f4950","block_type":"box","text":"months ended April 30, 2026, the Compliance Committee met four times.","page_number":25,"box":{"x":69,"y":596,"width":527,"height":11}},{"id":"b0a35d01-5afb-4571-9591-9ca6e72da19f","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":619,"width":248,"height":11}},{"id":"49588de1-b882-495a-86f5-61ba81f8937a","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":619,"width":531,"height":11}},{"id":"974432d6-32d5-401a-b367-c6d01e129656","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":25,"box":{"x":69,"y":634,"width":829,"height":12}},{"id":"35bc32e1-46b1-446b-8de9-55275db03942","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":25,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"afeebe70-f70d-468f-a074-d85f99502e18","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed","page_number":25,"box":{"x":68,"y":664,"width":832,"height":12}},{"id":"be46407c-dd76-4c83-95e0-bbc98bed6fe7","block_type":"box","text":"upon per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"de0503be-5363-4d12-bfb7-c14fe151f070","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":25,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"473d9fa8-ecc8-427c-a66b-7f7de0423c35","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":25,"box":{"x":70,"y":710,"width":829,"height":11}},{"id":"c13c8f17-1d05-4505-9502-ed55d65a7528","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":25,"box":{"x":69,"y":725,"width":816,"height":11}},{"id":"3b7d2689-986d-4975-8f04-3f84531674d7","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":25,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"15a52c10-371e-419b-b230-46e16fac7b05","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":25,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"ccb673c6-45f2-4227-9197-e4d53a251171","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":25,"box":{"x":68,"y":770,"width":811,"height":12}},{"id":"1942e0cc-104f-42b3-8dee-9e883fafc2f7","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":25,"box":{"x":69,"y":785,"width":757,"height":12}},{"id":"377f60f3-98c8-4123-b562-cec9554f1aaf","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":25,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"c29812fe-90f7-4aaf-b97e-80ec268147d4","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":25,"box":{"x":68,"y":816,"width":800,"height":11}},{"id":"54d4ca20-7c7a-4d8c-a3b3-901896f2aede","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":25,"box":{"x":69,"y":831,"width":780,"height":11}},{"id":"db367b43-38e7-4d12-8c0d-d2f5fe4b86de","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the twelve","page_number":25,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"96f9aa9b-e2c9-4f7f-9601-f8af33cc8c0c","block_type":"box","text":"months ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":861,"width":604,"height":11}},{"id":"f080d1f9-3768-41a7-a561-8dad00b26cc2","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":884,"width":186,"height":11}},{"id":"1f4a9f2f-750a-4232-b8e1-7d4222b8258a","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":884,"width":598,"height":11}},{"id":"349db08a-7e61-4332-9752-a979d7c6fa6f","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":899,"width":817,"height":11}},{"id":"a4efbd96-9eca-48f0-8029-191a80f3ce4b","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d7d72dc0-1633-4c33-b79a-7fc60655f63e","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a32a1960-f015-452f-a35e-138d040e68d8","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":26,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"28fc3929-3cef-419e-8c78-8abe725593b4","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":26,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"3120b334-0e28-41ff-8086-7880002b983a","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":26,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"ab0a8af9-5d00-4b1c-8f93-dcf78cf5f42c","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":26,"box":{"x":68,"y":90,"width":816,"height":11}},{"id":"88cc678b-920e-48cb-89c9-b13408364d80","block_type":"box","text":"the twelve months ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":105,"width":608,"height":11}},{"id":"6e3df7d2-a6c9-49bd-b95b-15a582fee953","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":128,"width":771,"height":11}},{"id":"a33acc4a-4d60-453d-b7a0-1283e54832c9","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"bb3ab344-cc17-4c05-92aa-1e01a585a756","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":26,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"85aaa805-2d88-45fa-afcd-e8b9dafe8949","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":26,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"6463fcf4-20ae-4e1a-9c9a-86db79f69501","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":26,"box":{"x":70,"y":188,"width":807,"height":12}},{"id":"a14a4719-d160-4bac-8708-bd980b5b0658","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":26,"box":{"x":70,"y":203,"width":787,"height":12}},{"id":"5a761a43-d153-4781-b8a1-4ffc1fd34865","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"99f4fc61-27f3-47d8-9d8c-6ccfc698f879","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":234,"width":794,"height":11}},{"id":"6f9b34ee-393e-45ac-a15b-d1a9c64eb0ff","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":26,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"33fa7795-3cc9-42f9-8589-205be203e892","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":26,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"30e808b1-a942-4201-abce-47162598fb3b","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"5b223e95-746e-4dc1-b85c-3d00f862b55e","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":294,"width":473,"height":11}},{"id":"6a5b0a93-4db3-48b6-8c16-f0800155e16e","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":26,"box":{"x":102,"y":317,"width":792,"height":11}},{"id":"0827f2b1-52bb-4844-97bf-d8ff1f73a958","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"9358f5f6-c87e-4d84-9f4f-ea2b7775c1c5","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":26,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"851eb23b-9458-406c-9242-bb824851deb3","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":362,"width":759,"height":11}},{"id":"6e0a11ca-80d0-4241-a417-81f11f24c213","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":377,"width":685,"height":12}},{"id":"02b136a8-ea4f-4622-9efb-5971b84f4016","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":377,"width":47,"height":9}},{"id":"23baf7c4-0edc-4fd2-b8ec-6382e7b96825","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":377,"width":82,"height":9}},{"id":"2a5f8b84-c3c5-4c2d-8116-3919d4f9c442","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":392,"width":395,"height":12}},{"id":"69c46ec7-7cfb-428a-b316-ff5612269b71","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":26,"box":{"x":101,"y":415,"width":751,"height":11}},{"id":"6b8bdf2a-6a68-4851-8032-854cf24c69ae","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":430,"width":492,"height":11}},{"id":"de2acc79-aca1-4ed8-b55b-06e99fd75769","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":458,"width":409,"height":9}},{"id":"c809eb1a-c022-4bda-a38f-c75b5e99bae7","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":475,"width":154,"height":11}},{"id":"a1d8ca0b-ff37-46f4-974f-6701e78f1d35","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":26,"box":{"x":69,"y":490,"width":781,"height":11}},{"id":"326deca9-5b35-41f8-8319-bc5485138fc7","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":505,"width":604,"height":11}},{"id":"de3651b2-c185-4aae-a178-c024e33fff40","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":26,"box":{"x":265,"y":520,"width":623,"height":11}},{"id":"e6398811-9626-496a-a73c-c4a314a47884","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":26,"box":{"x":265,"y":536,"width":637,"height":11}},{"id":"4a123df2-7514-4d70-bb9b-1d30eb63a0cc","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":26,"box":{"x":265,"y":550,"width":631,"height":12}},{"id":"f8431944-3f89-4f42-9603-fa0eaa34c4f0","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":26,"box":{"x":264,"y":566,"width":626,"height":10}},{"id":"cf1c8370-43fc-4d41-bb92-0e7a0a2f3d48","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":26,"box":{"x":265,"y":581,"width":639,"height":11}},{"id":"3ec6c8a6-2c44-4691-afec-5741ee464a2c","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":596,"width":637,"height":11}},{"id":"ed718d95-b37c-415d-ac4d-7f6232654c5d","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":611,"width":586,"height":11}},{"id":"d3c84db3-0bbb-43e9-a96e-3a54b08d43cb","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":26,"box":{"x":265,"y":626,"width":640,"height":11}},{"id":"e2e269dc-264d-49d0-8b3a-f712d58e5a1b","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":641,"width":389,"height":11}},{"id":"76fb713d-4e6d-4302-8361-925cdb198c97","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":26,"box":{"x":69,"y":664,"width":806,"height":11}},{"id":"9f7ede42-a0f7-4c35-917d-46c0fc1166bb","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. 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She currently serves as Member","page_number":26,"box":{"x":265,"y":815,"width":634,"height":11}},{"id":"effa5f55-5126-4376-a1db-bb53422228a6","block_type":"box","text":"of the President’s Counsel for Commonfund. 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Cotty has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":164,"width":798,"height":11}},{"id":"39f74a56-2d8c-42fa-9364-347c75f9df56","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":27,"box":{"x":265,"y":179,"width":631,"height":11}},{"id":"4cc0ad2f-895a-477e-af72-c6d71cd7f560","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":27,"box":{"x":265,"y":194,"width":633,"height":11}},{"id":"fcda792e-f65d-4928-8c07-587cc4a65039","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":27,"box":{"x":265,"y":209,"width":628,"height":11}},{"id":"6fa86c7c-02ae-45e5-9301-47eee3750b37","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. 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These positions have","page_number":27,"box":{"x":265,"y":338,"width":638,"height":11}},{"id":"2086ed88-0a1f-4153-93e1-1e90c9a1724f","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":27,"box":{"x":265,"y":353,"width":626,"height":11}},{"id":"a2f1eb62-dbdd-4ce0-bccc-0e1ed090bc94","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":27,"box":{"x":265,"y":368,"width":563,"height":11}},{"id":"072efe42-473a-4f2b-bb53-654d37414ad8","block_type":"box","text":"Mr. Jarczyk also served as a consultant to the Independent Trustees prior to becoming an","page_number":27,"box":{"x":265,"y":383,"width":639,"height":11}},{"id":"92e2f8e0-127f-4b57-942f-65acc9cfda28","block_type":"box","text":"Independent Trustee.","page_number":27,"box":{"x":265,"y":398,"width":149,"height":11}},{"id":"83c9b335-8623-4b65-a251-903303c0861c","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":421,"width":806,"height":11}},{"id":"265bda5c-3885-44dd-9106-9cb73984139c","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":27,"box":{"x":264,"y":436,"width":584,"height":11}},{"id":"926677d4-41b1-41c6-9c59-6ca4d7d6366b","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":27,"box":{"x":265,"y":451,"width":622,"height":11}},{"id":"7287a51f-651e-4753-862a-7ee45ff6a5c5","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":466,"width":638,"height":11}},{"id":"6e8caf6b-a53e-40f7-85bc-3331c94594cb","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":481,"width":570,"height":11}},{"id":"dfd83877-2340-46e5-a3af-ddce04faa015","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":27,"box":{"x":265,"y":496,"width":642,"height":12}},{"id":"6b110d53-cb2a-4d5f-9c24-5b08bdbb4a8c","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":512,"width":626,"height":11}},{"id":"690f8de3-9fc5-4492-bd40-117e75ff5961","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":526,"width":630,"height":12}},{"id":"7e972a4c-1154-4c56-8958-15ac33fc4121","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":542,"width":602,"height":11}},{"id":"3fd93d1e-7bc4-43cb-b667-5d7ad17c3bad","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":27,"box":{"x":264,"y":557,"width":643,"height":11}},{"id":"e9dae4af-a271-40fc-83a3-47cf188b51af","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":27,"box":{"x":264,"y":572,"width":639,"height":11}},{"id":"77ef6387-258b-4563-9c3e-20ce57aa4316","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":27,"box":{"x":264,"y":587,"width":641,"height":11}},{"id":"c445f81f-e1cb-49ac-8cd8-c89e72e92db3","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":602,"width":208,"height":11}},{"id":"28e66719-b40b-4c2e-8527-f2379c895cbf","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":625,"width":769,"height":11}},{"id":"17ce054f-f005-487f-91d3-7fec7cef8bec","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":27,"box":{"x":265,"y":640,"width":621,"height":11}},{"id":"dec7319c-5d40-4114-b0bb-1bce65e0810e","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":655,"width":599,"height":11}},{"id":"af873550-1c88-4b0d-81e5-bb4db7fc243a","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":670,"width":641,"height":11}},{"id":"ffb49e50-c821-419d-9f3e-6da8faa79ea5","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":685,"width":602,"height":11}},{"id":"9b5f605a-090b-44fa-8c21-eafdab3a844c","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":701,"width":617,"height":11}},{"id":"8f267fae-61a1-496c-a98b-ade91220fd9f","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":716,"width":629,"height":11}},{"id":"ecb1d7a7-f734-4d2c-85d6-2e1da87a0878","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":731,"width":628,"height":11}},{"id":"1d611b4a-dac0-47bc-97a1-68d6fbe4c849","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":746,"width":251,"height":11}},{"id":"96e0c201-f7a9-44f7-b756-9e7f563a1f9d","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":768,"width":764,"height":12}},{"id":"841c20dc-4598-4b8d-9163-ae3ed4c206bf","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":784,"width":642,"height":11}},{"id":"4f64d53e-c859-414e-a5b0-a2bc2587a5e5","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":27,"box":{"x":264,"y":799,"width":593,"height":11}},{"id":"83e0a865-ec72-4b87-ada4-362d2d83f728","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":814,"width":603,"height":11}},{"id":"c8769825-c6d2-4296-8e25-235ae1a35d68","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":829,"width":629,"height":11}},{"id":"5a6ac650-833e-4a92-abb4-88b9970cf700","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"24005039-79f8-4895-8c1a-cf1bc160f0b7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e74e2006-dded-4e37-8129-613dafee2824","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"7ee3578a-d6da-4226-9896-5917682165a2","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"c0f607e3-60ee-484e-80c6-ebfa3b86a2e1","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":28,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"a25ad4d7-2cd1-4c79-936a-cbb0f96e3ce7","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":28,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"5b5cb0f5-91f9-4d6b-a9ba-5720a888b472","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":28,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"f42ff845-a34e-4a49-93e2-f6bf8620150a","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":28,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"aed38b2b-83af-401f-8b2d-dff4836a3172","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":28,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"d4e25e7b-ff96-4c8f-bf55-bbeba7fc2263","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":28,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"27ce61f4-66ed-4c05-890c-7fbe913c7752","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":28,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"c73d6705-93cd-4977-a6fa-b3f53ade0328","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":28,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"5ebe0666-f314-4be4-9e9a-9f15240327f8","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":28,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"116381f1-0b91-4648-830d-448652a04351","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":28,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"d1d2a9cd-6ba3-466c-868c-0acdddf1ccbb","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":28,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"85548e21-3fd3-48cb-b972-6bf390508bbc","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":28,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"0f68407d-929f-48fd-9183-4c72e7d1da1c","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":28,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"90a2350b-f526-4f19-82a4-bc18f09a50b3","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":28,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"0a8bd8b2-4e59-4cac-82b2-4117efa55ea9","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":28,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"2634722e-88fb-49b7-b79e-70c007bbcaac","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":28,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"2e7dcca4-bf4a-4e4b-b3fb-fdfde08c27c1","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":28,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"8fc46265-1c48-48e2-9de2-d4afeab72e5c","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":28,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"58f85aba-7b51-4520-b63e-aafe44916b26","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":28,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"2398cbca-9b31-488c-a0ab-47484bc0a0a4","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":28,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"9a06499e-7665-4614-b7b0-8196d1773b43","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":28,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"c4c78ff0-3774-414b-af72-37f61088bb0d","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":28,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"fe1517f3-9440-4b2f-ba3c-897cea905c96","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":28,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"63e7cfbb-c681-404d-9fdb-e2fcbbb6961e","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":28,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"a0a3c0b0-318e-44bb-8a15-cdf88facbbac","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":28,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"8f7b5fc3-44d0-4b59-ac6a-f844051b2b86","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":28,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"e747224e-ff2c-4e22-b74d-70a32f7843f9","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":28,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"6e3ca348-3740-485a-98de-9fd4cd7d1a53","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"e1403a98-bcc5-4a96-84e2-04edac12a6dd","block_type":"box","text":"Marc D. Stern Marc D. 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Billion","page_number":37,"box":{"x":333,"y":258,"width":562,"height":8}},{"id":"5a5f79dc-b470-4a85-840d-308e2e1b4d67","block_type":"box","text":"Richard Mathieson 34 359 47 0 5 9","page_number":37,"box":{"x":74,"y":271,"width":788,"height":7}},{"id":"3d30b08f-2923-4c48-8a10-deb1b09f629f","block_type":"box","text":"$41.64 Billion $49.97 Billion $78.44 Billion $0 $3.36 Billion $14.94 Billion","page_number":37,"box":{"x":329,"y":283,"width":570,"height":8}},{"id":"ff0e91d4-ea2b-410e-b2ac-3bb9cd2cf141","block_type":"box","text":"David Piazza 5 187 14 0 3 5","page_number":37,"box":{"x":74,"y":296,"width":788,"height":7}},{"id":"54ef54a3-d1a3-4f26-9601-d2e3c09067a2","block_type":"box","text":"$1.50 Billion $15.53 Billion $11.21 Billion $0 $3.83 Billion $6.52 Billion","page_number":37,"box":{"x":333,"y":308,"width":562,"height":8}},{"id":"90ee59ea-5afb-4a4c-b0b3-ea130780c078","block_type":"box","text":"Jeff Shen 9 260 13 0 14 3","page_number":37,"box":{"x":73,"y":321,"width":789,"height":7}},{"id":"339089c0-09d4-4930-bfbe-f263f780c745","block_type":"box","text":"$35.89 Billion $21.92 Billion $7.89 Billion $0 $12.69 Billion $4.39 Billion","page_number":37,"box":{"x":329,"y":333,"width":566,"height":9}},{"id":"ce4c089d-ba88-4eae-9661-36b0ea988e10","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":368,"width":304,"height":11}},{"id":"661d2be7-b353-4e45-bc4c-2f01efd66741","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of April 30, 2026.","page_number":37,"box":{"x":101,"y":390,"width":658,"height":12}},{"id":"e0279186-20a0-4a8e-b9df-0c43931f7dd0","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":413,"width":774,"height":11}},{"id":"b184976d-95bb-44b4-8d4e-38ae6f510961","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":428,"width":837,"height":12}},{"id":"93fe74d5-f368-4204-acfa-b71923af62f9","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":37,"box":{"x":69,"y":443,"width":823,"height":12}},{"id":"3a8d7270-22d6-408c-9371-f3976a5669eb","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":37,"box":{"x":69,"y":458,"width":799,"height":12}},{"id":"0f980c39-e1b6-4e2a-a646-810c2d79c080","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":474,"width":670,"height":11}},{"id":"e568c9fb-c264-46bc-b1dd-fb158e671b23","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":496,"width":148,"height":11}},{"id":"eb589acf-fa37-4ebe-890b-96b61044574f","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":496,"width":640,"height":12}},{"id":"e3b415a5-8e1b-4989-ad46-33b5e06f11d8","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":511,"width":32,"height":9}},{"id":"67262dd5-2ca6-4be9-a478-119abe9dbc83","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":69,"y":542,"width":277,"height":11}},{"id":"ec6b2de8-3201-4789-bbb5-43a7dd86083e","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":37,"box":{"x":102,"y":564,"width":792,"height":11}},{"id":"badfccfc-7c93-42cb-ad62-69d4eb4cca5a","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":37,"box":{"x":68,"y":579,"width":800,"height":12}},{"id":"1e2f557b-c10a-4e00-a984-50623698e46d","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":37,"box":{"x":69,"y":595,"width":777,"height":11}},{"id":"f9d979c2-b801-4615-83b6-202bc6fdbd28","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":37,"box":{"x":70,"y":610,"width":817,"height":11}},{"id":"078e6555-8c96-4dc4-8cfd-e0e6c0f5f07e","block_type":"box","text":"por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":37,"box":{"x":70,"y":625,"width":741,"height":11}},{"id":"eb05133d-eb57-4d74-b61d-cc2f49c8986c","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":37,"box":{"x":69,"y":640,"width":809,"height":11}},{"id":"91db8545-a13c-4f54-ab53-c9a3be233ad8","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance is generally","page_number":37,"box":{"x":69,"y":655,"width":806,"height":11}},{"id":"df837d95-9828-4420-b46c-125beaed7277","block_type":"box","text":"assessed over trailing 1-, 3-, and 5-year periods relative to applicable benchmarks. The per formance of Dr. Shen and","page_number":37,"box":{"x":69,"y":670,"width":831,"height":11}},{"id":"7c8bef7e-e5e2-4bb8-b0b4-920c83193445","block_type":"box","text":"Messrs. Fisher, Mathieson and Piazza is not measured against a specific benchmark.","page_number":37,"box":{"x":70,"y":685,"width":607,"height":12}},{"id":"cf66b29b-19f8-4d42-8373-9fca3ca40c98","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":708,"width":389,"height":11}},{"id":"d9ec08ca-85c1-4ef5-9063-3781fa6cc60b","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":708,"width":383,"height":11}},{"id":"fac4c4ea-7088-444b-b181-1afe297ddc46","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":37,"box":{"x":70,"y":723,"width":815,"height":11}},{"id":"b9228d16-5b22-4e4c-9a94-bfa1d925387a","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":738,"width":522,"height":11}},{"id":"5d9a102d-d498-4ec7-a9bc-11bc079b6482","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":37,"box":{"x":102,"y":761,"width":760,"height":11}},{"id":"948a35dc-ae61-4a11-b65d-5cfc6ece4709","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":37,"box":{"x":69,"y":776,"width":795,"height":11}},{"id":"2df56d63-bdbb-499e-8d86-10c9d5bfe8a3","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":37,"box":{"x":69,"y":791,"width":805,"height":11}},{"id":"b2249269-7161-46c3-9761-63b07be9149e","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":37,"box":{"x":69,"y":806,"width":822,"height":11}},{"id":"60f0a6f0-5424-4ceb-941c-d1eadb35bb41","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":37,"box":{"x":68,"y":821,"width":839,"height":12}},{"id":"4f044eff-da2e-4c69-a002-5f9e8bf81ab9","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":37,"box":{"x":69,"y":836,"width":802,"height":12}},{"id":"13d582a6-fb2b-43ca-b3d3-829d59b15435","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":37,"box":{"x":70,"y":852,"width":820,"height":11}},{"id":"70d54054-503b-4c61-97f8-0cc5163491b1","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":37,"box":{"x":70,"y":867,"width":801,"height":11}},{"id":"316fc6a7-182f-4ab2-b839-f7fb59a8b58a","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":37,"box":{"x":70,"y":882,"width":831,"height":11}},{"id":"91a4a522-a07e-4797-b2bd-246eab692169","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":897,"width":479,"height":11}},{"id":"51dc7051-7b79-4107-a826-0f4eec182c05","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"3c24b1b0-078b-4f87-a30a-4fe349253ef7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88c5a05a-ea25-4aef-b619-1ee57f51d766","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":38,"box":{"x":102,"y":45,"width":785,"height":11}},{"id":"7a09c05d-d56e-401b-8da9-d1232bc3c2b0","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":38,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f8b02afb-5111-4c06-a731-5af5e0fbb883","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":38,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"0c9eb816-a821-4c9d-b1c6-c8a901283a30","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":38,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"fda130e9-b9e2-4ff4-b9a6-8368fe3f822d","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":38,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"b90b5e9c-1506-447e-a9d9-b784e6959184","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":38,"box":{"x":69,"y":120,"width":414,"height":12}},{"id":"07f67883-b1bb-4d91-8502-f8f4d3cea8e4","block_type":"box","text":"Other Compensation Benefits.","page_number":38,"box":{"x":101,"y":143,"width":218,"height":11}},{"id":"605ef4b5-76ae-4ffb-9467-c667d4147d3b","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":38,"box":{"x":327,"y":143,"width":552,"height":11}},{"id":"43942707-f0d1-4cde-8152-2503754cdec1","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":38,"box":{"x":69,"y":158,"width":582,"height":11}},{"id":"6ceb7cee-dd7b-42e6-b183-811195e36737","block_type":"box","text":"Incentive Savings Plans","page_number":38,"box":{"x":102,"y":181,"width":167,"height":11}},{"id":"fe485ccc-0589-415d-90b8-eabdfd3e6cb1","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":38,"box":{"x":274,"y":181,"width":614,"height":11}},{"id":"5d640f9c-278e-4ce1-a144-5c071188e373","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":38,"box":{"x":69,"y":196,"width":831,"height":11}},{"id":"ffc7244e-521d-4e8b-82bb-f600cdb0b60a","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":38,"box":{"x":70,"y":211,"width":785,"height":11}},{"id":"6baa024c-b9e6-4aec-88a1-08feec5cf9ca","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":38,"box":{"x":69,"y":225,"width":830,"height":12}},{"id":"cf692991-7043-423a-b547-1be85ca1cdc0","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":38,"box":{"x":69,"y":241,"width":799,"height":11}},{"id":"a4baa438-4727-4d4e-940d-b463c2f6414f","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"e03553e9-3ef2-4f76-8aed-bde88c012e31","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":38,"box":{"x":69,"y":271,"width":798,"height":12}},{"id":"5520326d-6024-497b-a8a0-28e18746b3f1","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":38,"box":{"x":70,"y":286,"width":809,"height":12}},{"id":"d30516b0-5250-40f9-87f0-c9e8b764c002","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":38,"box":{"x":68,"y":302,"width":793,"height":11}},{"id":"e2ed4576-3023-451f-82cd-1e665ad768f8","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":38,"box":{"x":70,"y":317,"width":832,"height":11}},{"id":"2443fb5a-5d89-4784-92eb-2d8772df5f1a","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":38,"box":{"x":68,"y":332,"width":805,"height":11}},{"id":"f6bc3774-67e9-414a-985a-da249141bd48","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. Dr. Shen and Messrs. Mathieson and Piazza are","page_number":38,"box":{"x":69,"y":346,"width":791,"height":12}},{"id":"d211fffd-4407-45c6-8dd8-f755e52e249e","block_type":"box","text":"eligible to par ticipate in these plans.","page_number":38,"box":{"x":69,"y":362,"width":260,"height":11}},{"id":"4dfa4d2d-b3e9-4ab3-8432-6abbfeb82a79","block_type":"box","text":"United Kingdom-based por tfolio managers are also eligible to par ticipate in broad-based plans offered generally","page_number":38,"box":{"x":102,"y":385,"width":796,"height":11}},{"id":"bbd94cdd-f5e9-4806-8158-8fc398b1bf81","block_type":"box","text":"to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example,","page_number":38,"box":{"x":68,"y":400,"width":816,"height":11}},{"id":"e6d86c4c-22be-40cf-811b-80224d3d00da","block_type":"box","text":"BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to par ticipate,","page_number":38,"box":{"x":70,"y":415,"width":825,"height":11}},{"id":"3375c0dc-1721-4829-8a70-aa3e6a2696f3","block_type":"box","text":"including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP).","page_number":38,"box":{"x":70,"y":430,"width":809,"height":11}},{"id":"9d58f645-d375-4770-9322-98b984a5200e","block_type":"box","text":"The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The","page_number":38,"box":{"x":68,"y":445,"width":824,"height":12}},{"id":"a35a375b-5b0a-4fba-b64f-aadb8748db1c","block_type":"box","text":"RSP offers a range of investment options, including several collective investment funds managed by the firm.","page_number":38,"box":{"x":70,"y":460,"width":776,"height":12}},{"id":"f714bd80-02cf-4cb1-835d-ef27e2012483","block_type":"box","text":"BlackRock contributions follow the investment direction set by par ticipants for their own contributions or, in the","page_number":38,"box":{"x":70,"y":475,"width":790,"height":12}},{"id":"387e467d-9a6f-40cb-bf85-156241077eb2","block_type":"box","text":"absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest","page_number":38,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"78bc4520-7a5d-450b-98f5-86e177bc6425","block_type":"box","text":"to, the year in which the par ticipant attains age 65. The ESPP allows for investment in BlackRock common stock at a","page_number":38,"box":{"x":68,"y":506,"width":835,"height":11}},{"id":"278009cb-a973-44ae-8387-6d0b2ecca47e","block_type":"box","text":"5% discount on the fair market value of the stock on the purchase date. Annual par ticipation in the ESPP is limited to","page_number":38,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"f20d5ad3-7be8-4405-8688-e1ad29558435","block_type":"box","text":"the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on","page_number":38,"box":{"x":68,"y":535,"width":814,"height":12}},{"id":"e23771ec-0e9e-4831-accd-0e1254565863","block_type":"box","text":"the purchase date. Mr. Fisher is eligible to par ticipate in these plans.","page_number":38,"box":{"x":68,"y":551,"width":493,"height":11}},{"id":"87c6e094-a144-44a7-a965-7397b72b3fcc","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":581,"width":268,"height":12}},{"id":"5addf490-9f41-4aa3-953e-a86fe241ce34","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":38,"box":{"x":101,"y":604,"width":733,"height":11}},{"id":"c53506a3-e8ec-49c3-8280-02c612fd1010","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":38,"box":{"x":69,"y":619,"width":519,"height":11}},{"id":"875caca1-1c4a-4da5-b5bf-26e1a0abf951","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":657,"width":105,"height":9}},{"id":"36288a66-c3d5-4a4f-ba1e-2f70ed289f61","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":759,"y":647,"width":129,"height":9}},{"id":"b0d98aca-10d6-462b-8148-b8bb82eaade3","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":736,"y":657,"width":173,"height":9}},{"id":"8d7b31b3-b89a-41d7-804b-b108427a5f7a","block_type":"box","text":"Richard Mathieson .","page_number":38,"box":{"x":70,"y":675,"width":138,"height":9}},{"id":"18714425-c64b-4b37-a0e5-2e0f5a108638","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":214,"y":675,"width":627,"height":9}},{"id":"c4dbeb11-7b8d-4f77-ad1f-6107bf846797","block_type":"box","text":"Rober t Fisher, CFA . .","page_number":38,"box":{"x":70,"y":690,"width":146,"height":11}},{"id":"e866232b-21c5-481f-a7f7-40c8c66f81f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":223,"y":691,"width":618,"height":8}},{"id":"7ce7865b-7ac2-4d07-977a-10c6ff4363fa","block_type":"box","text":"Jeff Shen, PhD . .","page_number":38,"box":{"x":69,"y":705,"width":123,"height":11}},{"id":"74be8636-1ebc-4e42-89a0-b9c7d753d734","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":38,"box":{"x":198,"y":705,"width":622,"height":11}},{"id":"d3135432-3ed4-42d9-a874-d6cae523df85","block_type":"box","text":"000,000","page_number":38,"box":{"x":822,"y":706,"width":63,"height":10}},{"id":"df911611-c0e8-4d3b-8397-a56fec46957b","block_type":"box","text":"David Piazza . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":721,"width":635,"height":9}},{"id":"9384aa7e-f712-4c4a-a439-ab29bf6c3f5b","block_type":"box","text":"$10,001 - $50,000","page_number":38,"box":{"x":754,"y":720,"width":138,"height":11}},{"id":"0eac6922-a4eb-4fcf-b5c8-cf631b9ff014","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":752,"width":403,"height":11}},{"id":"55214672-0a51-4b81-ab65-7172dff4a384","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":775,"width":727,"height":11}},{"id":"3586529a-8437-4684-b065-ca5b7438ab42","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":38,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"983402c7-8f32-4448-a9d5-eb0368fb5706","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":38,"box":{"x":70,"y":805,"width":837,"height":11}},{"id":"304db171-b5ea-4957-a0f6-2d44e7326612","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":38,"box":{"x":70,"y":820,"width":810,"height":11}},{"id":"59193522-31dd-467b-8adf-6a630fae38ae","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":38,"box":{"x":69,"y":835,"width":782,"height":11}},{"id":"1593700a-b9f3-463d-b6a0-db8d2b460410","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":38,"box":{"x":69,"y":851,"width":830,"height":11}},{"id":"048c770d-76ff-49a3-8e1d-c18ebaf289ce","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":38,"box":{"x":69,"y":866,"width":828,"height":11}},{"id":"f09bf66f-0320-43c2-a097-dece0a24480f","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":38,"box":{"x":68,"y":881,"width":834,"height":11}},{"id":"c5d1bdf8-861d-42c1-a622-75ee0e36370e","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":38,"box":{"x":70,"y":896,"width":777,"height":11}},{"id":"afca8a06-4410-4636-be0a-dd9c1fde82cd","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":38,"box":{"x":70,"y":911,"width":821,"height":11}},{"id":"e5397682-8c7e-4104-9104-5fe5901b8ddb","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ab239e24-6db0-4af3-be9a-530d050d606a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d669915-430e-4d24-9815-65ee516c2e0d","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":39,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"fc48198f-f60b-454c-b37f-8767b4def300","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":39,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"6052ba3a-5f1f-4964-93ca-ce51493f5a22","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":39,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"226c2e6c-f3b8-4297-bbdc-4687098fb01d","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":39,"box":{"x":69,"y":90,"width":760,"height":11}},{"id":"bc505572-e1ef-4bfa-81e7-e5d76a672d06","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":39,"box":{"x":69,"y":105,"width":834,"height":11}},{"id":"6b79250f-b1f2-4130-93b6-7086ffc252e8","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":39,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"249e4970-0c73-48d3-8eb3-82e561372a4e","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":39,"box":{"x":69,"y":135,"width":822,"height":11}},{"id":"45c88a0c-8b37-495f-817b-acf71e160374","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":39,"box":{"x":70,"y":150,"width":835,"height":12}},{"id":"5fc95a21-51e3-4edd-8f65-bf98e82b860c","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Dr. Shen and Messrs. Fisher, Mathieson","page_number":39,"box":{"x":69,"y":166,"width":836,"height":11}},{"id":"29706734-bb35-4433-891f-561c1a5a82f7","block_type":"box","text":"and Piazza may be managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund","page_number":39,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"bdbbff05-8f15-43cf-84e3-d47dc3e11cbd","block_type":"box","text":"and/or long only accounts, subject to incentive fees. Dr. Shen and Messrs. Fisher, Mathieson and Piazza may","page_number":39,"box":{"x":69,"y":196,"width":781,"height":11}},{"id":"5bcb9cee-1dd5-4c1a-9a69-c71234978649","block_type":"box","text":"therefore be entitled to receive a por tion of any incentive fees earned on such accounts.","page_number":39,"box":{"x":68,"y":211,"width":631,"height":11}},{"id":"d998b838-058b-4000-8ae6-85130b46f81d","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":39,"box":{"x":101,"y":234,"width":788,"height":11}},{"id":"41ce009e-8526-4098-a0d4-6c522491a3f5","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":39,"box":{"x":70,"y":249,"width":839,"height":11}},{"id":"82258af6-1f1c-416a-b49a-98e86168220d","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":39,"box":{"x":68,"y":264,"width":823,"height":11}},{"id":"36f79df0-d908-4d0f-b137-845b5fde313e","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":39,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"fc8095de-986f-4016-bacd-6db726bfa823","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":39,"box":{"x":69,"y":294,"width":777,"height":11}},{"id":"dddc5bc0-15cc-4003-85ff-517927c96878","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":39,"box":{"x":70,"y":309,"width":826,"height":11}},{"id":"93a8ba47-d6c1-4851-a1cc-b48a42162213","block_type":"box","text":"Accounting Services","page_number":39,"box":{"x":68,"y":340,"width":150,"height":11}},{"id":"73649aef-6d21-45d4-9826-b49f8f533b18","block_type":"box","text":"State Street Bank & Trust Company (“State Street”) serves as the accounting services provider for the Fund.","page_number":39,"box":{"x":102,"y":362,"width":776,"height":11}},{"id":"d1ef8466-57a2-479a-9bde-1b5be8916b4e","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":39,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"b2b5f0df-d74b-4817-8390-c4d7d81f715a","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":39,"box":{"x":69,"y":393,"width":779,"height":11}},{"id":"04591e4a-a40e-4034-9d47-61094d489d02","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":39,"box":{"x":69,"y":408,"width":796,"height":11}},{"id":"a1278a5b-0d4e-4e4f-ac2b-8e4d314cb9d8","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":39,"box":{"x":69,"y":423,"width":760,"height":11}},{"id":"9ad5d3f2-550a-4d08-93be-da9efe0eeacd","block_type":"box","text":"administration services.","page_number":39,"box":{"x":69,"y":438,"width":170,"height":9}},{"id":"ccb25eee-8117-435c-9e39-19133945d547","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street and the Manager for providing services to","page_number":39,"box":{"x":101,"y":460,"width":792,"height":12}},{"id":"44f3ff0a-0dd9-4d8e-a751-f93071a1ff19","block_type":"box","text":"the Fund for the past three fiscal years:","page_number":39,"box":{"x":68,"y":475,"width":281,"height":12}},{"id":"bb37906e-4d95-4509-b45e-f864fec716c9","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":718,"y":504,"width":56,"height":7}},{"id":"676f7a02-92e7-4f6b-b6aa-29f7f145a613","block_type":"box","text":"to State Street","page_number":39,"box":{"x":702,"y":514,"width":88,"height":7}},{"id":"ce0d421f-f9d4-4db3-b1f5-c0be073a289c","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":837,"y":504,"width":55,"height":7}},{"id":"44a458cb-11b1-4580-babc-d2340823f91e","block_type":"box","text":"to the Manager","page_number":39,"box":{"x":819,"y":514,"width":90,"height":9}},{"id":"26cf6304-150d-4734-af0e-7d10eaa3a3d6","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":532,"width":463,"height":11}},{"id":"f32a331a-b3b3-4c25-8bc1-ff5b80340cc1","block_type":"box","text":".................","page_number":39,"box":{"x":539,"y":539,"width":132,"height":1}},{"id":"577d5fd7-c187-4f50-aebd-d587f368750c","block_type":"box","text":"$15,925 $0","page_number":39,"box":{"x":715,"y":531,"width":159,"height":11}},{"id":"d94d5377-cfcc-4ae5-a55c-f89d89c11352","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":547,"width":463,"height":11}},{"id":"93373818-2161-4ed2-b67a-57a07b74a271","block_type":"box","text":".................","page_number":39,"box":{"x":539,"y":554,"width":132,"height":2}},{"id":"60261dd7-c099-4334-bbf5-5bb7ae51576b","block_type":"box","text":"$15,468 $0","page_number":39,"box":{"x":715,"y":546,"width":159,"height":11}},{"id":"17497a16-ae53-4368-b468-eb73803b4b4c","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":562,"width":463,"height":11}},{"id":"e6f30fa9-24bd-4ad0-b366-c0c2077b448f","block_type":"box","text":".................","page_number":39,"box":{"x":539,"y":569,"width":132,"height":2}},{"id":"8ca44239-b22b-4957-8602-ee89735ba682","block_type":"box","text":"$15,360 $0","page_number":39,"box":{"x":715,"y":561,"width":159,"height":11}},{"id":"43730382-ae57-4306-8acc-a273d972c695","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":593,"width":72,"height":9}},{"id":"2bc2be9c-e212-40d6-8532-574f64f35790","block_type":"box","text":"State Street Bank & Trust Company (previously defined as “State Street”), which has its principal place of","page_number":39,"box":{"x":102,"y":616,"width":756,"height":11}},{"id":"b693d8d2-a584-4320-89ee-7522d6e0f02e","block_type":"box","text":"business at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, serves as the custodian for the","page_number":39,"box":{"x":69,"y":631,"width":807,"height":11}},{"id":"a8b74abc-9c75-4212-85f8-4b9a4b489698","block_type":"box","text":"Fund (the ”Custodian“). The Custodian, among other responsibilities, maintains a custody account or accounts in the","page_number":39,"box":{"x":70,"y":646,"width":834,"height":11}},{"id":"4e6ac342-830a-46da-8957-c59de6b8ec42","block_type":"box","text":"name of the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or maturity, and","page_number":39,"box":{"x":69,"y":661,"width":783,"height":11}},{"id":"630be155-73ab-452a-9e39-49bfcadc4944","block_type":"box","text":"collects and receives all income and other payments and distributions on account of the assets of the Fund.","page_number":39,"box":{"x":69,"y":676,"width":771,"height":12}},{"id":"a7902a02-cf4f-4b68-8f16-6df4416bb50c","block_type":"box","text":"Transfer Agent","page_number":39,"box":{"x":68,"y":707,"width":107,"height":11}},{"id":"35655db3-d57b-49be-a412-52a3d2c3a8ec","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":39,"box":{"x":102,"y":729,"width":784,"height":12}},{"id":"a41d6511-9e5b-49a9-ab13-3906eb835760","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for the Fund.","page_number":39,"box":{"x":68,"y":744,"width":713,"height":12}},{"id":"321c779b-b9c0-4a3b-83f3-ad9004245fd8","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":775,"width":129,"height":11}},{"id":"b882ac08-9d50-446e-a3ff-6aad7d415148","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":39,"box":{"x":101,"y":797,"width":758,"height":12}},{"id":"8e638350-edb9-4590-932b-d85f9a1579b4","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":39,"box":{"x":69,"y":812,"width":817,"height":12}},{"id":"e02e14d6-f974-4bb2-8b96-58fbfea74c73","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":39,"box":{"x":68,"y":828,"width":743,"height":11}},{"id":"f889695e-9450-4b61-ace9-4265f7a0bab5","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":39,"box":{"x":69,"y":843,"width":825,"height":11}},{"id":"d0e2c441-63c1-41da-bab3-7ea21500dd39","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":39,"box":{"x":68,"y":857,"width":818,"height":12}},{"id":"a41db1ae-ade0-499a-9739-fbd2f8668955","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":39,"box":{"x":70,"y":873,"width":761,"height":11}},{"id":"d4cfb2b7-c872-4c90-8e68-ec1e1a70533d","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":39,"box":{"x":69,"y":888,"width":768,"height":11}},{"id":"b8d89f8f-69b7-47ea-9678-55a020c35447","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":39,"box":{"x":68,"y":903,"width":825,"height":12}},{"id":"19d5cdab-ffad-4836-a134-1fea92b16c4f","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"d97747ff-c692-4bcc-9352-14acac5ee2dd","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be3c6a7f-f871-40c4-9502-d49e26e3675e","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":40,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"b74bf516-3a78-45d5-9a99-bfd254da26d4","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":40,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"c4943e78-c680-4f2d-9e42-6a4cd2c9c632","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":40,"box":{"x":68,"y":75,"width":801,"height":11}},{"id":"6ed3adc4-d6a9-4388-9040-dc40191de6c5","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":40,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"91f97c2b-64b4-42b5-9ca9-d2ef7afbca2b","block_type":"box","text":"charged interest at a variable rate.","page_number":40,"box":{"x":69,"y":105,"width":245,"height":11}},{"id":"bdb22098-7a30-4518-9943-a9ed73798199","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":40,"box":{"x":68,"y":135,"width":491,"height":11}},{"id":"395ddd8f-f13a-428f-9933-70a1e052f3f3","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":40,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"168f7faf-d7cc-4b7d-b128-27c16ebdc780","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for the past three fiscal","page_number":40,"box":{"x":69,"y":173,"width":813,"height":11}},{"id":"bd182655-80f7-4984-8784-a52b4737fb7e","block_type":"box","text":"years.","page_number":40,"box":{"x":68,"y":191,"width":42,"height":8}},{"id":"1756bcbb-0a4c-4a6d-9dea-5d2cf09ce33d","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":647,"y":217,"width":103,"height":7}},{"id":"23216591-3062-4298-8e64-4216f75fd52e","block_type":"box","text":"Gross Sales","page_number":40,"box":{"x":487,"y":242,"width":69,"height":8}},{"id":"f1fcd63c-0ad8-4630-be0b-43f66b410672","block_type":"box","text":"Charges","page_number":40,"box":{"x":498,"y":252,"width":47,"height":9}},{"id":"aff1e4af-94b6-4ffc-b1af-0daf52f33be4","block_type":"box","text":"Collected","page_number":40,"box":{"x":494,"y":263,"width":55,"height":7}},{"id":"0fc08fe9-db4a-42bc-8075-ecfb7aa47678","block_type":"box","text":"Sales Charges","page_number":40,"box":{"x":585,"y":242,"width":84,"height":9}},{"id":"eabba376-c532-470e-8785-c528e16cf9c3","block_type":"box","text":"Retained","page_number":40,"box":{"x":602,"y":252,"width":51,"height":8}},{"id":"9d50b11a-6cf8-4f7c-bf26-f83672aab623","block_type":"box","text":"by BRIL","page_number":40,"box":{"x":606,"y":263,"width":44,"height":8}},{"id":"888932d8-f940-46ef-bf68-fcd8abcd2492","block_type":"box","text":"Sales Charges","page_number":40,"box":{"x":699,"y":242,"width":83,"height":9}},{"id":"78853600-952e-46ff-969e-ba0b1a05f778","block_type":"box","text":"Paid to","page_number":40,"box":{"x":721,"y":252,"width":40,"height":8}},{"id":"6cd56b17-86f1-4a64-9b5f-779d0a151cff","block_type":"box","text":"Affiliates","page_number":40,"box":{"x":715,"y":263,"width":51,"height":7}},{"id":"ccf641ed-9bcb-4abb-a4a7-5bf7812e3d13","block_type":"box","text":"CDSCs Received","page_number":40,"box":{"x":812,"y":232,"width":97,"height":7}},{"id":"243c262e-c3de-4d7c-8ff4-bf13afa20e32","block_type":"box","text":"on Redemption","page_number":40,"box":{"x":817,"y":242,"width":87,"height":9}},{"id":"4cc15a81-a6c9-40db-b000-65432b164176","block_type":"box","text":"of Load-Waived","page_number":40,"box":{"x":817,"y":252,"width":87,"height":8}},{"id":"b2f24849-103c-4895-89e7-f754f1d8c6fd","block_type":"box","text":"Shares","page_number":40,"box":{"x":841,"y":263,"width":39,"height":7}},{"id":"83c2ae13-a5d2-4bbc-8eac-ef91ae63967b","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . .","page_number":40,"box":{"x":70,"y":280,"width":256,"height":11}},{"id":"aecf0df5-ff27-470d-8d26-31a9237a3a4a","block_type":"box","text":". . . . . . . . . . . . . . . . $ 26 $ 1 $ 1 $0","page_number":40,"box":{"x":332,"y":280,"width":538,"height":10}},{"id":"68063351-d41a-4ad8-9da4-87dc539f9ead","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . .","page_number":40,"box":{"x":70,"y":295,"width":256,"height":11}},{"id":"1b004e3a-ced8-4fd5-9897-0f56852cdc69","block_type":"box","text":". . . . . . . . . . . . . . . . $ 0 $ 0 $ 0 $0","page_number":40,"box":{"x":332,"y":295,"width":538,"height":10}},{"id":"811cc08b-7fb4-42d4-81d6-b41d49c93fee","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . .","page_number":40,"box":{"x":70,"y":311,"width":256,"height":10}},{"id":"f49f591a-0bfc-4d6c-adc5-463553b96367","block_type":"box","text":". . . . . . . . . . . . . . . . $1,746","page_number":40,"box":{"x":332,"y":310,"width":216,"height":11}},{"id":"df1244cc-a030-4597-bc57-24d6cb3d6d47","block_type":"box","text":"$151 $151 $0","page_number":40,"box":{"x":609,"y":310,"width":261,"height":10}},{"id":"6987222d-48ca-49d5-8912-91689fa8c1ff","block_type":"box","text":"The table below provides information for the fiscal year ended April 30, 2026 about the 12b-1 fees the Fund paid","page_number":40,"box":{"x":101,"y":334,"width":807,"height":12}},{"id":"bf4e6ce8-ed8e-4b4b-9a69-b25c3ae941f2","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plans. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":40,"box":{"x":68,"y":349,"width":804,"height":12}},{"id":"d604f7ad-eabe-4e75-bbdf-010cb5777389","block_type":"box","text":"shareholder servicing activities for Investor A Shares.","page_number":40,"box":{"x":69,"y":365,"width":379,"height":11}},{"id":"3d94bb55-45ec-4d8a-95eb-5f3bfef4e692","block_type":"box","text":"Class Name","page_number":40,"box":{"x":69,"y":403,"width":68,"height":7}},{"id":"2ca27e62-eb58-461e-9752-901d23f57fe0","block_type":"box","text":"Fees Paid to BRIL","page_number":40,"box":{"x":806,"y":393,"width":103,"height":7}},{"id":"e132b0b4-3d58-49d4-97bf-0bec3bf1138c","block_type":"box","text":"Investor A Shares .","page_number":40,"box":{"x":70,"y":421,"width":134,"height":9}},{"id":"d63ad172-4da6-4b0d-a403-c7cc714b04af","block_type":"box","text":"......................................................................","page_number":40,"box":{"x":210,"y":428,"width":564,"height":2}},{"id":"2305c87c-6ddd-45d4-8824-5cee3387b71c","block_type":"box","text":"$855","page_number":40,"box":{"x":839,"y":420,"width":37,"height":11}},{"id":"97387ae3-214f-421c-bd48-e76365ffb7d6","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":452,"width":318,"height":11}},{"id":"b9f88049-15e8-411e-abfb-43ec146895a7","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares of the Fund based on the value of","page_number":40,"box":{"x":101,"y":475,"width":805,"height":11}},{"id":"5e6f110d-7fb4-4eca-80f3-da470014d0af","block_type":"box","text":"the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on April 30, 2026 is set","page_number":40,"box":{"x":68,"y":490,"width":825,"height":11}},{"id":"9b7e68fc-6d89-446e-bfeb-f0004dd8970a","block_type":"box","text":"for th below.","page_number":40,"box":{"x":68,"y":505,"width":83,"height":9}},{"id":"a33cf7fd-005a-4132-b674-b6b2afed7a8e","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":807,"y":533,"width":102,"height":8}},{"id":"1b71e78f-a859-4f29-bad1-498ced682498","block_type":"box","text":"Net Assets","page_number":40,"box":{"x":70,"y":551,"width":76,"height":9}},{"id":"41ca725b-1948-4bf7-8322-c29349652f36","block_type":"box","text":".............................................................................","page_number":40,"box":{"x":154,"y":559,"width":621,"height":1}},{"id":"7bb70e02-b734-4d48-adb6-b67209779efa","block_type":"box","text":"$463,152","page_number":40,"box":{"x":822,"y":550,"width":72,"height":12}},{"id":"3bd2ae34-dd96-4e79-8bd5-9d42d71051d4","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":566,"width":444,"height":11}},{"id":"296dccc6-9cd1-4c1f-bc20-cd2b637873aa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,981","page_number":40,"box":{"x":521,"y":566,"width":373,"height":11}},{"id":"9b93fd36-2819-426e-a24f-b3229ed87ac2","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding) .","page_number":40,"box":{"x":70,"y":581,"width":583,"height":12}},{"id":"d3434078-a09a-425d-8ec4-8e98e26c5c95","block_type":"box","text":"...............","page_number":40,"box":{"x":659,"y":589,"width":116,"height":1}},{"id":"73ca2058-6e94-4aa7-902f-c2f406d98dbd","block_type":"box","text":"$11.88","page_number":40,"box":{"x":842,"y":581,"width":52,"height":10}},{"id":"6ed474e0-03ef-42f2-b47e-fc13b64376cd","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":40,"box":{"x":69,"y":596,"width":534,"height":12}},{"id":"ed45fa7c-42d7-45b3-be8d-6a25f93810b6","block_type":"box","text":"1","page_number":40,"box":{"x":604,"y":597,"width":4,"height":4}},{"id":"12bf8c09-c9bc-4797-9c8c-46d6b074080b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $0.66","page_number":40,"box":{"x":611,"y":596,"width":283,"height":10}},{"id":"994a20e7-8592-42d9-ad0f-de8b641fcc4c","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":69,"y":616,"width":706,"height":11}},{"id":"48c0e398-2343-4a58-9625-7c7a7523ad81","block_type":"box","text":"$12.54","page_number":40,"box":{"x":842,"y":615,"width":52,"height":11}},{"id":"390ec834-d863-4900-ab40-d15e789e997d","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":648,"width":3,"height":4}},{"id":"8e8127e6-9c35-407c-bb89-ac6956101f22","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":40,"box":{"x":94,"y":648,"width":541,"height":9}},{"id":"bd53ff62-c6b5-48c7-b586-0c1c828ac8c3","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’s net asset value computed as","page_number":40,"box":{"x":101,"y":669,"width":796,"height":11}},{"id":"4581171c-32c0-492e-b1b2-9128088ce0e6","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":40,"box":{"x":69,"y":684,"width":833,"height":11}},{"id":"3d0dc6a6-136b-48f4-9c92-7d9abdbf5411","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":40,"box":{"x":69,"y":699,"width":813,"height":11}},{"id":"b86e9f21-e6be-40e1-b135-bc550a9648cb","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":714,"width":377,"height":12}},{"id":"347c62e5-f88a-4e8a-a6f5-2cd28c734880","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":745,"width":302,"height":11}},{"id":"6fa26954-09c8-4eb5-a873-22538ba56629","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":40,"box":{"x":102,"y":767,"width":609,"height":11}},{"id":"80a9ac4c-6ad3-4764-a21b-12deb0444602","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, for the","page_number":40,"box":{"x":102,"y":790,"width":800,"height":11}},{"id":"a5ca783d-ad1b-4b68-a4c1-4291590f06da","block_type":"box","text":"past three fiscal years are set for th in the following tables:","page_number":40,"box":{"x":70,"y":805,"width":416,"height":11}},{"id":"c86e5013-788a-43ef-a5d7-dd6bbe417571","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":511,"y":833,"width":125,"height":9}},{"id":"c031ebf3-d37c-44d8-9ce2-3248f04ec230","block_type":"box","text":"Commissions Paid Brokerage Commissions Paid to Affiliates","page_number":40,"box":{"x":521,"y":843,"width":388,"height":9}},{"id":"a00e934d-f110-4751-9dc8-25ab1477afaa","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . .","page_number":40,"box":{"x":70,"y":861,"width":272,"height":11}},{"id":"8f58c199-feff-4aa9-b7ba-9df926e86a1f","block_type":"box","text":".................","page_number":40,"box":{"x":348,"y":868,"width":133,"height":2}},{"id":"241ba0ca-19d2-4b9a-a176-260d3b5f1964","block_type":"box","text":"$26,616 $0","page_number":40,"box":{"x":543,"y":860,"width":254,"height":12}},{"id":"59ecf356-79b1-4f58-9bd2-ea4093b9a800","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . .","page_number":40,"box":{"x":70,"y":876,"width":272,"height":11}},{"id":"909009c1-c807-4fe3-9075-c0ddd1d6c959","block_type":"box","text":".................","page_number":40,"box":{"x":348,"y":884,"width":133,"height":1}},{"id":"4d3e0d44-704a-4245-a9ef-0e8cbe195508","block_type":"box","text":"$23,591 $0","page_number":40,"box":{"x":543,"y":875,"width":254,"height":12}},{"id":"3fadae64-9bfc-48b9-a1db-c6a9a245e286","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . .","page_number":40,"box":{"x":70,"y":891,"width":272,"height":11}},{"id":"38b5e031-d1f8-445b-8277-2232b2f74f98","block_type":"box","text":".................","page_number":40,"box":{"x":348,"y":899,"width":133,"height":1}},{"id":"b433b3a5-100e-4382-8704-bd50c9bd8779","block_type":"box","text":"$18,172 $0","page_number":40,"box":{"x":543,"y":891,"width":254,"height":11}},{"id":"debb1dfc-cc65-4e03-9602-6f66f753c68d","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"086ddbf1-34e3-4444-83cd-b2035f8613b0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0cc896e-ffe1-406c-8e5d-2a99a58898b9","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":41,"box":{"x":101,"y":45,"width":770,"height":11}},{"id":"88b4d77a-ddf4-4644-8591-4290614bbeb9","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":41,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"0678b619-14a4-426f-b1cb-0181dd140d3f","block_type":"box","text":"the approximate dollar amount of the transactions involved for fiscal year ended April 30, 2026. The provision of","page_number":41,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"fff3048a-b93d-49b7-9cce-49847896e065","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":41,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"f645f033-c3dd-4465-b047-582770f23d6f","block_type":"box","text":"with such brokers.","page_number":41,"box":{"x":68,"y":105,"width":130,"height":9}},{"id":"3cfad561-d647-46ac-a8b4-ddd27927270c","block_type":"box","text":"Amount of Commissions","page_number":41,"box":{"x":325,"y":133,"width":141,"height":8}},{"id":"5b9da193-fb97-401b-9ca8-02be3ec49ecb","block_type":"box","text":"Paid to Brokers for","page_number":41,"box":{"x":341,"y":143,"width":109,"height":8}},{"id":"10cd22b4-52a0-4f67-954a-d74270f847d1","block_type":"box","text":"Providing 28(e) Eligible","page_number":41,"box":{"x":327,"y":154,"width":136,"height":8}},{"id":"e7537a0e-60c9-4a96-ad1e-702430cc7f5a","block_type":"box","text":"Research Services","page_number":41,"box":{"x":342,"y":164,"width":107,"height":7}},{"id":"7c96b376-15fe-4c63-9cc1-11f719f4609c","block_type":"box","text":"Amount of Brokerage","page_number":41,"box":{"x":528,"y":154,"width":124,"height":8}},{"id":"3edac491-82e0-498d-9bed-ad26be2139c9","block_type":"box","text":"Transactions Involved","page_number":41,"box":{"x":527,"y":164,"width":126,"height":7}},{"id":"8eb2838e-31da-41cf-bfff-21cb4e991243","block_type":"box","text":"$11,669 $27,046,345","page_number":41,"box":{"x":364,"y":181,"width":274,"height":11}},{"id":"1d6e8fee-df64-40f6-ab79-3760f14556dd","block_type":"box","text":"As of April 30, 2026, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":41,"box":{"x":101,"y":205,"width":764,"height":12}},{"id":"7ccbee6c-a05f-4607-b349-8423c0462c8d","block_type":"box","text":"under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":41,"box":{"x":69,"y":220,"width":792,"height":12}},{"id":"d35eb0f5-a281-455e-9736-1a14fc71cdfc","block_type":"box","text":"April 30, 2026.","page_number":41,"box":{"x":68,"y":236,"width":108,"height":10}},{"id":"920b5d5f-ab42-46e6-a64b-17a19c1cda31","block_type":"box","text":"Securities Lending","page_number":41,"box":{"x":68,"y":266,"width":135,"height":11}},{"id":"8ce958cc-853b-4fcb-bd57-d196643689bc","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":41,"box":{"x":101,"y":289,"width":807,"height":11}},{"id":"762822c0-6731-4bd5-9a44-7f02e2248e53","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":41,"box":{"x":69,"y":303,"width":817,"height":12}},{"id":"a951a468-9202-46d9-94ad-4d02f00906d9","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":41,"box":{"x":69,"y":319,"width":813,"height":11}},{"id":"32cf9fcb-dfcc-41f7-9fc9-932cd7e74b8d","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":41,"box":{"x":70,"y":334,"width":838,"height":11}},{"id":"3c3b0999-8a82-4bc4-8675-99d11c589c14","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the ”Securities Lending Agency Agreement“).","page_number":41,"box":{"x":69,"y":349,"width":813,"height":11}},{"id":"3be25da0-e20a-499b-8b04-d67242de55d0","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":41,"box":{"x":70,"y":364,"width":646,"height":11}},{"id":"cea66d66-4f29-40f6-9e54-651757dee083","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":41,"box":{"x":101,"y":387,"width":735,"height":11}},{"id":"a91540fa-b12b-407e-b737-169efa1857ea","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":41,"box":{"x":69,"y":402,"width":834,"height":11}},{"id":"692b8390-3b37-42e7-a3e5-42852edcc836","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":41,"box":{"x":70,"y":417,"width":822,"height":11}},{"id":"e9af4376-7b21-40fc-acd4-8e44aa9ffc3b","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":41,"box":{"x":69,"y":432,"width":787,"height":11}},{"id":"e6d4fbe6-2fc9-4d9a-acd3-4b3e8a854a08","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":41,"box":{"x":69,"y":447,"width":783,"height":11}},{"id":"510e9df2-d6b2-4a4a-b8f9-10021651888d","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":41,"box":{"x":70,"y":462,"width":800,"height":12}},{"id":"b895dee3-2ed2-4b6b-ac57-d92cd14ead03","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":41,"box":{"x":70,"y":477,"width":813,"height":12}},{"id":"b5e1433b-2043-47df-9427-12d0cfbdad23","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":41,"box":{"x":70,"y":492,"width":830,"height":12}},{"id":"887b970f-80b8-438b-b00b-1846a2840d6b","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":41,"box":{"x":69,"y":508,"width":773,"height":11}},{"id":"681c0ad6-8279-4b24-95b1-504184c4ff84","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":41,"box":{"x":101,"y":530,"width":776,"height":12}},{"id":"3159ad38-aa20-468a-aefd-ca798b64b0c0","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":41,"box":{"x":69,"y":545,"width":831,"height":12}},{"id":"bef6a55b-7134-4c34-9865-6297f29ee140","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":41,"box":{"x":68,"y":561,"width":812,"height":11}},{"id":"3ef77d38-0942-4129-8320-0798ed817d5f","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":41,"box":{"x":69,"y":576,"width":799,"height":11}},{"id":"5b480185-d9be-48b8-b383-e59d7911c158","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":41,"box":{"x":68,"y":591,"width":835,"height":11}},{"id":"9530f0e9-44c9-43a6-9ff0-7278f79bae4d","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":41,"box":{"x":69,"y":606,"width":818,"height":11}},{"id":"7c716b9b-4c62-496b-b0e4-11a19119ccd4","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":41,"box":{"x":68,"y":621,"width":789,"height":11}},{"id":"d365c050-0db7-4f54-b964-75ede95735ec","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":41,"box":{"x":69,"y":636,"width":829,"height":11}},{"id":"8616e790-ec1d-41b2-bc0a-0feea5813f51","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":41,"box":{"x":69,"y":651,"width":839,"height":11}},{"id":"6f4385a0-8ab0-49a1-bb74-af01251ed909","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":41,"box":{"x":69,"y":666,"width":802,"height":12}},{"id":"ae4e7f8f-3c00-430b-87b2-a2226749a1e2","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":41,"box":{"x":70,"y":681,"width":830,"height":12}},{"id":"4c6356cf-4449-4f26-b6d2-39510553dbb8","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":41,"box":{"x":69,"y":697,"width":838,"height":11}},{"id":"47b6cfa3-0402-46fd-ba66-17d156e1e014","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":712,"width":258,"height":11}},{"id":"e5637e1d-3da1-4b0d-bf57-ec810d0fafe1","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":734,"width":774,"height":12}},{"id":"c6bb3d38-41a7-4b63-95be-db815d3542e4","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":41,"box":{"x":69,"y":749,"width":790,"height":12}},{"id":"792c5a54-bdee-416f-a41b-c82018c0209a","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":41,"box":{"x":68,"y":765,"width":809,"height":11}},{"id":"3b7e15ed-7c3f-4469-b6ee-8f19f35f9264","block_type":"box","text":"Fund and BIM.","page_number":41,"box":{"x":70,"y":780,"width":100,"height":9}},{"id":"9f2fb40b-2d48-4ab8-b8b0-bc2f58f63a0a","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Fund retains 82% of securities","page_number":41,"box":{"x":102,"y":802,"width":783,"height":12}},{"id":"1599ab2e-cea7-41e4-8dfe-7a1f325745e3","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":41,"box":{"x":70,"y":818,"width":815,"height":11}},{"id":"90ae1833-fc4f-4f88-83f1-f78bd5b5e4e6","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":833,"width":463,"height":11}},{"id":"4f53ddea-054a-4555-85c0-1124637804af","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":855,"width":753,"height":12}},{"id":"07035955-5551-42e1-bcd5-4b657f2a2d3f","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":41,"box":{"x":69,"y":870,"width":778,"height":12}},{"id":"6d51ce4a-46d1-4f42-bd0d-6887c940760d","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":886,"width":817,"height":11}},{"id":"20d75e59-474f-43a5-8a95-19fdbf4472d0","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1ae09f42-3ec7-4ce7-b0d3-40d56e744553","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e031ada-c420-490d-8a26-ac8ff846b1b4","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":42,"box":{"x":70,"y":45,"width":794,"height":11}},{"id":"dd7b228b-c84b-4d38-a157-aafedb443db3","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":42,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"ab5a8cef-31db-4ef6-994d-913a85abae3c","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":42,"box":{"x":102,"y":82,"width":683,"height":12}},{"id":"6cf8f653-d4e0-4c2b-a9e2-65a9c903426f","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most recent","page_number":42,"box":{"x":101,"y":105,"width":807,"height":11}},{"id":"326ab358-7e78-4980-a079-300146b37305","block_type":"box","text":"fiscal year ended April 30, 2026.","page_number":42,"box":{"x":68,"y":120,"width":234,"height":11}},{"id":"ff254b9d-d856-4fe4-8dd4-2378b60d775c","block_type":"box","text":"VIII. Additional Information","page_number":42,"box":{"x":68,"y":151,"width":195,"height":8}},{"id":"7b0e7474-1640-4382-b606-0788668263e5","block_type":"box","text":"Independent Registered Public Accounting Firm","page_number":42,"box":{"x":102,"y":173,"width":348,"height":11}},{"id":"88853b46-cdf4-4669-99a4-76fcaf4f3af9","block_type":"box","text":". Deloitte & Touche LLP, with offices located at 115 Federal","page_number":42,"box":{"x":452,"y":173,"width":421,"height":11}},{"id":"ac256cda-9f21-4705-8058-7c96229a9f56","block_type":"box","text":"Street, Boston, MA 02110, serves as the Fund’s independent registered public accounting firm.","page_number":42,"box":{"x":69,"y":188,"width":685,"height":12}},{"id":"aba24c20-059d-4096-8cca-7cc1e5e471cf","block_type":"box","text":"Counsel.","page_number":42,"box":{"x":101,"y":211,"width":62,"height":9}},{"id":"db0ddeff-8016-468a-aea6-68abb26e0467","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":42,"box":{"x":170,"y":211,"width":736,"height":11}},{"id":"7c04c258-bee9-4daa-811c-bbd3c19d9f2e","block_type":"box","text":"the Fund’s counsel.","page_number":42,"box":{"x":68,"y":226,"width":139,"height":9}},{"id":"3c0c4ab3-40c8-4dcb-9eb8-8fc62660e739","block_type":"box","text":"The Trust","page_number":42,"box":{"x":101,"y":249,"width":68,"height":9}},{"id":"ec370f96-21d1-4be4-81ba-fdfb377f2983","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":42,"box":{"x":101,"y":272,"width":807,"height":11}},{"id":"ba336691-a432-43a0-96ba-afee2349addb","block_type":"box","text":"Investment Company Act as an open-end management investment company. The Fund is classified as diversified. The","page_number":42,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"18071b4e-1cf3-44d8-8aef-49f113967e48","block_type":"box","text":"Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per","page_number":42,"box":{"x":68,"y":301,"width":792,"height":12}},{"id":"ec98f508-f165-4109-852f-87341034c46c","block_type":"box","text":"share, which may be divided into different series and classes.","page_number":42,"box":{"x":69,"y":317,"width":441,"height":11}},{"id":"da522372-52de-4e69-aaa4-057474a4f33a","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":42,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"1e6623c3-2475-49ca-9770-4e1045f0e75b","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":42,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"aa98e93f-e44b-47c3-a22e-57fa4a33ef0b","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":42,"box":{"x":69,"y":370,"width":814,"height":11}},{"id":"9014a819-bb46-4a9a-869a-4c2c81b6da12","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":42,"box":{"x":69,"y":385,"width":794,"height":11}},{"id":"e8e6cb03-7860-4167-8ab8-40474a8f79ca","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":42,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"05e56088-8f1d-4ac9-83b4-5257af3c82c6","block_type":"box","text":"provides for indemnification out of proper ty of any shareholder held personally liable solely by reason of his being or","page_number":42,"box":{"x":70,"y":415,"width":827,"height":11}},{"id":"cd176b76-e5ce-4161-b8ec-104759cf0234","block_type":"box","text":"having been a shareholder and not because of such shareholder’s acts or omissions or some other reason. The","page_number":42,"box":{"x":69,"y":430,"width":799,"height":11}},{"id":"2a0c28f7-b000-498c-9108-d65934797e3f","block_type":"box","text":"Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made against","page_number":42,"box":{"x":70,"y":445,"width":832,"height":12}},{"id":"53c7038a-2569-4275-af49-b71b2d0672d3","block_type":"box","text":"any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":42,"box":{"x":69,"y":460,"width":662,"height":12}},{"id":"88ae07e1-27e8-4faf-89fe-4db9a5533fb9","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":42,"box":{"x":101,"y":483,"width":777,"height":11}},{"id":"b5421987-7a53-4c76-8530-38177023080a","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":42,"box":{"x":70,"y":498,"width":828,"height":11}},{"id":"04318f55-2b49-46d4-970d-052d13c2096e","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":42,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"0c94b26e-453b-4ef3-b3c4-3efb7beed662","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":42,"box":{"x":70,"y":528,"width":762,"height":12}},{"id":"e060ba03-a0f1-45f1-aabc-9fa514abdc76","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":42,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"bdc15ba7-e09e-4641-ac82-598de51ed111","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":42,"box":{"x":69,"y":559,"width":567,"height":11}},{"id":"0e710cab-cc87-408f-b015-cb734d753d88","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":42,"box":{"x":101,"y":581,"width":792,"height":12}},{"id":"78ccf695-2590-4141-ba9e-5590741e6e4d","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":42,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"41e4ddee-3393-4a28-8ede-53795cc37941","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":42,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"35f1e4ab-29e3-4505-9af5-91083edfde30","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":42,"box":{"x":68,"y":627,"width":811,"height":11}},{"id":"a231998d-6bdf-4277-b26a-f912da7df6a4","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":42,"box":{"x":68,"y":642,"width":315,"height":9}},{"id":"3c3f63ea-9f63-4947-930a-124071529814","block_type":"box","text":"Principal Shareholders","page_number":42,"box":{"x":69,"y":672,"width":162,"height":11}},{"id":"29e9d22d-b3ed-47d1-aed0-dc551c687eac","block_type":"box","text":"To the knowledge of the Trust, the following persons or entities owned of record or beneficially 5% or more of the","page_number":42,"box":{"x":101,"y":695,"width":803,"height":11}},{"id":"99ae1f13-109b-448f-a614-c03d8dee6abf","block_type":"box","text":"Fund’s shares as of August 3, 2026:","page_number":42,"box":{"x":70,"y":710,"width":261,"height":11}},{"id":"7b954146-2ba8-4fa5-be48-7d5632f11cdd","block_type":"box","text":"Name","page_number":42,"box":{"x":69,"y":738,"width":32,"height":7}},{"id":"72c126f4-25fb-4787-b00e-3fc1f31eb431","block_type":"box","text":"Address Percentage Class","page_number":42,"box":{"x":558,"y":738,"width":325,"height":9}},{"id":"6c137c80-2be4-4fac-9724-31b1f243ec47","block_type":"box","text":"Pershing LLC 1 Pershing Plaza","page_number":42,"box":{"x":69,"y":756,"width":571,"height":11}},{"id":"e30b3bd1-60d6-4e4e-a459-c55aeee81df4","block_type":"box","text":"Jersey City,","page_number":42,"box":{"x":542,"y":771,"width":78,"height":11}},{"id":"9fa1918c-db43-4931-9860-61022193a24e","block_type":"box","text":"New Jersey 07399-0001","page_number":42,"box":{"x":495,"y":786,"width":174,"height":11}},{"id":"4d3f7fb5-a81a-4c7f-8617-93130c7dc35a","block_type":"box","text":"46.53% Investor A","page_number":42,"box":{"x":735,"y":756,"width":168,"height":9}},{"id":"f610519c-ef7a-4fec-beb6-8c7d08b6d346","block_type":"box","text":"BlackRock Financial Management Inc. 50 Hudson Yards","page_number":42,"box":{"x":70,"y":809,"width":572,"height":11}},{"id":"d1d268e5-da0b-467a-919b-fbcd9fb1d2d4","block_type":"box","text":"New York, New York 10001-2180","page_number":42,"box":{"x":465,"y":824,"width":234,"height":10}},{"id":"d566a20a-b7cd-409d-ac32-5c509cf9fba9","block_type":"box","text":"28.13% Investor A","page_number":42,"box":{"x":736,"y":809,"width":167,"height":9}},{"id":"bb51042a-03aa-4b21-9830-b71e73d15418","block_type":"box","text":"BNYM I S Trust Co Cust 301 Bellevue Parkway","page_number":42,"box":{"x":70,"y":847,"width":590,"height":11}},{"id":"38921945-89ba-40e5-9f16-2873dc7fccba","block_type":"box","text":"Wilmington, DE 19809","page_number":42,"box":{"x":501,"y":862,"width":161,"height":11}},{"id":"7479e758-ef02-47b5-add9-2752f180f40c","block_type":"box","text":"13.09% Investor A","page_number":42,"box":{"x":736,"y":847,"width":167,"height":9}},{"id":"64e9876b-04ff-4aba-98a0-1f52031793ff","block_type":"box","text":"J P Morgan Securities LLC 4 Chase Metrotech Center","page_number":42,"box":{"x":69,"y":884,"width":607,"height":12}},{"id":"a7ff2ecb-8110-4106-b244-e2fc3b1bf36b","block_type":"box","text":"Brooklyn, NY 11245","page_number":42,"box":{"x":511,"y":900,"width":142,"height":11}},{"id":"c8832808-38af-4475-889c-783367e30f1a","block_type":"box","text":"6.66% Investor A","page_number":42,"box":{"x":740,"y":884,"width":163,"height":9}},{"id":"a5308515-512c-4290-8e8e-2dea8b14a393","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6b892d93-415c-483f-a436-2b776c1dada8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b66670bf-c119-4bd3-9366-6de6a9a884a5","block_type":"box","text":"Name","page_number":43,"box":{"x":69,"y":49,"width":32,"height":7}},{"id":"79030224-4a60-40fd-b27f-b408bb57fe75","block_type":"box","text":"Address Percentage Class","page_number":43,"box":{"x":558,"y":49,"width":325,"height":9}},{"id":"4a22b2ef-7507-4866-87ed-47b8d94081b8","block_type":"box","text":"BlackRock Financial Management Inc. 50 Hudson Yards","page_number":43,"box":{"x":70,"y":67,"width":572,"height":11}},{"id":"1e27dd5b-fcb0-467a-ad56-c61811dd3553","block_type":"box","text":"New York, New York 10001-2180","page_number":43,"box":{"x":465,"y":82,"width":234,"height":10}},{"id":"3db5c68c-7b6d-4054-905c-81492262a36d","block_type":"box","text":"99.22% Class K","page_number":43,"box":{"x":736,"y":67,"width":159,"height":9}},{"id":"f3d5ac9d-04f4-4548-a9f5-99b860d4393a","block_type":"box","text":"BlackRock Financial Management Inc. 50 Hudson Yards","page_number":43,"box":{"x":70,"y":105,"width":572,"height":11}},{"id":"0f04a60d-f4dd-4fca-9bb2-76a4dd06283d","block_type":"box","text":"New York, New York 10001-2180","page_number":43,"box":{"x":465,"y":120,"width":234,"height":10}},{"id":"d6ff1485-3aec-4e03-b003-5b3c2d5ed7a7","block_type":"box","text":"93.52% Institutional","page_number":43,"box":{"x":736,"y":105,"width":172,"height":8}},{"id":"6d2c7b1e-1459-454b-a3e6-4809a656c5d8","block_type":"box","text":"IX. Financial Statements","page_number":43,"box":{"x":69,"y":151,"width":179,"height":9}},{"id":"6e55fa95-9017-4d43-bd51-948d840e9f9d","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":43,"box":{"x":101,"y":174,"width":726,"height":11}},{"id":"d9fc22c9-a518-442f-a5bd-dd7bd37fd640","block_type":"box","text":"Statements and Additional Information for the fiscal year ended April 30, 2026, as filed with the SEC on Form N-CSR","page_number":43,"box":{"x":69,"y":189,"width":831,"height":11}},{"id":"a992f7af-0141-4171-aec1-7eed4f207a31","block_type":"box","text":"(the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2026","page_number":43,"box":{"x":69,"y":204,"width":800,"height":11}},{"id":"a464dfc8-5a32-47bf-9f6f-ebb1bb81d30e","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":43,"box":{"x":68,"y":219,"width":833,"height":11}},{"id":"51d9e50e-008b-46f5-b545-e8a4a39103f5","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":43,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"ca5ff99b-b12f-4cea-bd09-b988bdb784d4","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon such repor t given upon Deloitte &","page_number":43,"box":{"x":68,"y":249,"width":790,"height":12}},{"id":"e19634a9-697d-4a5d-8fa4-5c0dc0ddc397","block_type":"box","text":"Touche LLP’s authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual","page_number":43,"box":{"x":68,"y":264,"width":837,"height":12}},{"id":"1816534a-597f-46e3-ba5f-ae295d60609e","block_type":"box","text":"repor ts to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may","page_number":43,"box":{"x":69,"y":280,"width":839,"height":11}},{"id":"69467f50-e679-44f4-bb96-4318ccc36d93","block_type":"box","text":"be obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this","page_number":43,"box":{"x":69,"y":295,"width":826,"height":11}},{"id":"83629057-dbb2-4641-a934-088ad85b638a","block_type":"box","text":"SAI.","page_number":43,"box":{"x":69,"y":310,"width":26,"height":9}},{"id":"1f8bbc62-0a0e-4f12-8353-29b0e3f1575a","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"7c8eb5ab-d274-45c7-9c8b-841effa328c0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d981390e-2660-4d71-a89e-b332d5b85691","block_type":"box","text":"PART II","page_number":44,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"a8109cae-b4ef-49b0-bff6-69ef3365ade2","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":44,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"9a52c590-21e2-4a93-82b5-cbc69983ea4d","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":44,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"ff026f1c-6955-418a-b17f-bd7183a4d634","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":44,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"69396d25-8acd-448f-a11e-73591975c5cf","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":44,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"01fce543-2974-46b2-934c-0a86e3b909ca","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":44,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"abaa220d-05c4-40fc-ad89-2096fa7d733e","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":44,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"a6e0b6e4-6ccb-4b1b-b65e-0a3eba19748e","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":44,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"dc9858b5-4964-4a24-bb5d-8cba5fef919b","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":44,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"86ecbefa-35c3-467f-97e6-bd389089c0c9","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":44,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"706d689d-8e04-4edb-991e-299a767efad2","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":44,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"12ae4e66-ac85-423e-a552-24eb02e5fcfb","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":44,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"40238ad6-d4ed-481b-ba48-52f6564a4653","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":44,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"3fbd28c4-8b76-4f78-946a-8e43257db9b7","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":44,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"1c8cf54b-640b-4a41-8ff7-3712694a7d9e","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":44,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"4a853d13-272a-4708-9d36-7c3dfe55cac5","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":44,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"5afab80a-328b-4bfa-96c3-bf014514d4db","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":44,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"d7459969-6c2d-460b-8d9a-f0d156642d41","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":44,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"1f27e10c-7db9-445b-a8dc-75011e7ec4ee","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":44,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"f6d5c018-177d-4170-bad9-71cfb1f267eb","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":44,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"d65c5c7f-18c2-492e-84f0-646d470c726d","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":44,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"466ff3f7-ba4c-4f71-9d8d-1f56d59e1228","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":44,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"e3e8329a-a383-4938-ae6b-28679fe9363d","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":44,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"663b4617-cd54-4108-95a0-6f2dc8ffc8c7","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":44,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"ad4fb72f-bbf2-4790-9339-583b4915ad17","block_type":"box","text":"par ticular Fund.","page_number":44,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"f077a3f6-7150-4621-8df2-424f9e51a902","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":44,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"dd8455d0-371a-48ea-96d4-fd86c1ea20d8","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":44,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"fd76d32c-8bf6-4a0c-be1c-ef975db1c823","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":44,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"d2c11e48-717e-4f2e-af8f-f2f882a7885c","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":44,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"e4fdc8ef-dc00-44e0-964b-3e088130d6ad","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":44,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"6fac1aa5-ae5a-4bac-a29d-0e8f2bf28af1","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":44,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"1bea7585-1600-4b8d-a39c-b5f0a8aa0588","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":44,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"5b81423e-4a29-4856-94ed-68846bc1f4ae","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":44,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"a2743a86-62e0-4ebe-91c0-920b197d19dc","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":44,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"c5af2d5e-180a-4965-8ca6-f92f8bf596fe","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":44,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"7859e79a-2896-4854-acbd-b58021633ca0","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":44,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"0abada99-b1aa-4279-890f-b5743527bb9b","block_type":"box","text":"Asset-Backed Securities.","page_number":44,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"4caa6522-209c-47a0-9cdd-741511b5bdc6","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":44,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"e1c68b1e-9fcd-42e3-8a3e-63fe2f9f7548","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":44,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"2e620112-86dd-410e-a0e7-b2788dabbe9d","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":44,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"f2f4112b-3237-4b67-9e7d-53b8cbfe452a","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":44,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"352db7c3-94aa-4c7a-8172-96c3e70d1e54","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":44,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"25efc8d2-72e8-4526-b6ec-3ab0e8cf129a","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":44,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"fc1715a3-9015-4ea1-9294-d132dbc141ef","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":44,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"d298e729-2e81-4978-a045-049a3419566f","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":44,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"8ab30d8b-e95b-4399-ada6-9c54ddf06820","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":44,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"8771363e-9215-4a35-9a8a-b835f177d52f","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":44,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"484dfef9-d17f-422e-a9db-db7ada649bc9","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":44,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"6f6b4eea-0cc5-4bd4-8026-d54d2d5e7db9","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":44,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"f1e3a757-b949-4c0d-aeb5-5b551bc0543a","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":44,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"9dc83212-2dbf-4a84-abd7-287b677e556b","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":44,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"30c7217c-bfd4-4097-b35e-b67d701db717","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":44,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"68dbc444-a308-4053-ac0f-c036f03ba8a0","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":44,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"fc4f2de1-0da2-45f4-9564-b3f7796aa6eb","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":44,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"d5f0670e-dc57-4030-9ac1-4966dbcba422","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":44,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"79d5966c-a9df-4ab4-b580-9fe276077698","block_type":"box","text":"II-1","page_number":44,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"c53830bb-2faf-4f70-9aff-6a0d96b1e0bc","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e65d81c-3e06-43b6-b612-4e8e8f7e3f61","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":45,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"48775dd6-6502-4f83-bb53-90ab82a8d8e8","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":45,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"1131b7e0-0814-4bca-a625-9d27da580edd","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":45,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"ccbb0733-1336-495b-b273-ea9586de8899","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":45,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"2ec20bf6-fcb9-47f0-9f13-577c9b7d3183","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":45,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"70b2c720-2987-4027-94b0-ebc60d821873","block_type":"box","text":"Asset-Based Securities.","page_number":45,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"56bb2f12-ea51-471a-8e6f-b2e7b2eb064e","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":45,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"1c4f9626-4c09-477b-b00a-5cc6bcbef827","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":45,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"5cb659a0-995b-4682-92d0-abd425eb08b7","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":45,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"36ddac60-a174-4b33-a85f-cf21aae81543","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":45,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"1292b370-4c5e-49a0-ba8c-aac8ce607807","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":45,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"6d925b6b-ab61-4b5c-a74e-48725913ea6f","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":45,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"3405af39-0728-43f6-bc7f-df718eeef22a","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":45,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"e1636446-e1fd-4129-9204-f11eeb4f57ff","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":45,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"5248c5ef-aa93-4537-a14d-c678074d66d8","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":45,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"d75f4933-85d4-4a65-8aee-c79da3c136b2","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":45,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"f0adc09b-d29e-4cef-9257-b3b0b079505c","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":45,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"654e0cac-a49a-4652-abfe-90e8852674ab","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":45,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"68bbb522-e0ed-4e97-997e-68aac7cf2ae5","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":45,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"857e938f-2e5a-40fb-bbf5-6fbc38f2cc95","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":45,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"eddcb381-be43-43fa-950c-c8d99eaae40b","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":45,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"290d4b07-d0ec-4adb-a885-9400e6bd6388","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":45,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"954b7033-d25b-45f4-bfd8-59a2c18ee84b","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":45,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"a629a88a-a38b-4272-bd8c-2233ac589f1a","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":45,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"08c23982-9732-4db8-87f1-2fa9fe5e8919","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":45,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"3bbb0563-6089-4521-ba01-02998af59cad","block_type":"box","text":"appreciation in the underlying asset.","page_number":45,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"c2cd97e1-946c-4c5f-af0e-429fd402f75f","block_type":"box","text":"Precious Metal-Related Securities.","page_number":45,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"ddf4c30b-d6df-4e8d-9ed3-b6d543df721e","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":45,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"df8e976e-d88e-4e8c-8fb5-3e8111857f0a","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":45,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"a6de3ad7-6e0a-4421-9d3f-63bb93f0d675","block_type":"box","text":"e.g.","page_number":45,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"34b5d2a2-f4b9-4bba-8b33-987c2384f9dd","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":45,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"f3ea09a2-bc26-43dd-9764-025d2d6a39d5","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":45,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"0a6df22e-30fd-4bd0-9b84-03ad93c9e8ab","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":45,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"c04753e7-b141-4e26-aa2f-f0170d546ce9","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":45,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"c1ba3cd6-d053-49e6-b760-7f00495133df","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":45,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"b5d8717a-cd57-4b8f-ad2f-992472254fce","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":45,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"90a42445-8a94-4d6f-9060-6984a414f950","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":45,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"e9bc15fd-46a9-4068-bc30-cf2ede3dabfc","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":45,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"109d02e8-7e47-4040-ad33-9d936a5557a1","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":45,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"5659fb2d-05ba-4504-a862-5782643e4c3a","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":45,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"86eb897a-dc72-419f-8a57-f7d7f413308d","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":45,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"b681c290-d39b-44ae-b7aa-c66b1b56d079","block_type":"box","text":"South African gold production.","page_number":45,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"e772b650-085f-484f-baf8-88cd2fd355ce","block_type":"box","text":"Borrowing and Leverage.","page_number":45,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"a0efe30f-06f0-4fbf-9877-688bf8fae7fe","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":45,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"c857c21a-20f5-42f9-8e0b-12b11ddfc873","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":45,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"25369ce3-410b-4840-ac0a-167efc6fd8e3","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":45,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"a5f1f688-0340-4069-b4e6-68d020bf8bfc","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":45,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"c79dc15c-a882-4fba-9e3f-ed2307246f16","block_type":"box","text":"other securities transactions.","page_number":45,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"bbfaa826-9770-4eaa-9e1f-caaa0714eb96","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":45,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"a6e10edc-6164-43ee-b88f-04cf29e1e4be","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":45,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"aaa4907d-463d-4e9f-9dc8-61db8b0f165c","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":45,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"6db5231a-461c-4dd1-81a8-3b21d309cfab","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":45,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"59583937-c1f6-4366-b700-80cab70d9346","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":45,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"54e06ff7-d12e-46bc-aa25-715809ac0643","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":45,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"fb53f009-a5a9-4948-9b3d-224645282110","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":45,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"2283a298-ea61-433c-b31a-981cddda1e03","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":45,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"0c0f7a4a-8ff4-4aa9-8ccb-4a283bf5807f","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":45,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"8d34e34d-ffea-465d-a41a-22098698cfb0","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":45,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"619f9b81-9260-48df-9dcb-fd9ccfc8a2c0","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":45,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"d9315774-bd08-4f5f-861b-429759b1072f","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":45,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"bfa179fb-432c-4574-bbc5-4bcf0b6e7f2c","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":45,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"e3d3f392-ff5c-481b-85a5-17ad816a3dbd","block_type":"box","text":"II-2","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"96312cf2-61a9-4c02-970c-deec8a9e22f2","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee3e5103-5865-4533-b03d-838fd11c65cb","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":46,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"bd46c2b0-1e90-4a55-8d11-750a6a179811","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":46,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"26e6c385-b103-411b-bf5b-ee7d901231eb","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":46,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"940e3ad4-f32f-487d-8c56-8df408113825","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":46,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"bff1231c-e691-448a-b47a-da27fd58e791","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":46,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"7cb307fd-d18a-4507-bf93-71d45b159693","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":46,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"e70dba52-29b1-40b1-a639-bfb8fb26a177","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":46,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"2324b4ea-a813-46a5-9988-ecbc4ff82a0c","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":46,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"3d0ee673-63ab-4901-b94f-23ce1f565380","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":46,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"14d073ae-3992-4c3f-9349-dbf54a6cfebd","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":46,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"93448743-7e72-4549-87cc-c9a650d743c7","block_type":"box","text":"Cash Management.","page_number":46,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"037fbc59-22ff-47db-abab-0dc77efe5b97","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":46,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"88cd791d-13d0-4745-b61f-383e56aba7da","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":46,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"695afdea-36a9-445f-9db9-984c373cb496","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":46,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"49270de0-9a8f-4545-b5e2-863195ac9e58","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":46,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"5efab986-a57b-4c7d-9f93-d14cd425941c","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":46,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"9e63ecaf-5001-4f87-86d8-a42e8ddc21e2","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":46,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"80c307ef-0fa9-404b-9946-0464915d8336","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":46,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"ca9ab718-894c-4061-867e-398b427e3f7b","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":46,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"8e3ea2e4-7fdd-428a-8a26-3979f1a89630","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":46,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"c68ec9bd-a65d-4228-ad09-f50ea82fbe28","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":46,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"9a4def18-2c51-45c8-ac59-15873a45d264","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":46,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"c1065923-4c1f-43ce-bbac-68a8f908f6e1","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":46,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"115dfad8-6b7a-4069-a64f-ed6a9832e88a","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":46,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"8c784893-de7c-41bb-8b91-5dbc51916567","block_type":"box","text":"Collateralized Debt Obligations.","page_number":46,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"9f1b75cd-4b96-404c-97fb-84f8c8c0d723","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":46,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"c02a5ccb-aa30-4691-9037-3404742942a3","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":46,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"d409c4ef-6cf4-4844-96a8-131453d28f34","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":46,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"0a775342-be75-465a-ab43-cbd89f399e73","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":46,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"5f20afc3-78fa-4f6a-ab22-2f070e00bd1a","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":46,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"6768b207-03c1-4a03-a0a3-7fe13e63d221","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":46,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"11fe41ce-3f24-42b5-9b7e-93d81909cfc2","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":46,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"58d7e297-3658-4429-b5cb-9e16214f243e","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":46,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"57691dd3-5bd9-4d7d-8313-328a6e06713a","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":46,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"7d7a9572-cb87-436f-b10c-6634461ef5ff","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":46,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"48ecb984-b46f-47e4-a9c7-2e90ba2a1b5b","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":46,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"53760d37-759b-4be8-876d-6a3f5094ccf5","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":46,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"4511dcb7-3cae-417c-b4d3-e5970530716e","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":46,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"a7f7ac9a-2824-45d7-8ea8-0fd1996adbc7","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":46,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"e75f7d41-d268-4719-b463-a5dd2f0d4c1c","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":46,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"aca5712e-779d-4dda-8d4f-f37fef07c717","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":46,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"ed2ee1bd-bb9f-4f4f-8b48-10df07ae427f","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":46,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"a0d573c4-622f-486a-94b6-0dd73b24d9bd","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":46,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"a26ac0a1-5e1f-4993-b1d1-234542d29ad4","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":46,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"ca7284c0-764c-41ce-a1f8-0f835336c0ce","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":46,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"f4804cb9-9816-4c2e-8d03-d6003e9461ef","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":46,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"26ef3d05-0959-49f0-8959-f9f3dca797ba","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":46,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"d58bcdc6-89be-4646-89c5-99fd09e3cc2c","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":46,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"cb480be4-4f07-4328-a4d3-258ff2a65302","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":46,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"977ff978-511f-47ac-9a3d-570ce6058bc2","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":46,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a6ed87da-49b0-4479-bcf6-d4c2ab93de07","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":46,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"7f5fc217-2a65-422d-adcd-06f2f5497198","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":46,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"1e9ee70a-fe9d-44dd-9de5-1b736be9c4ac","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":46,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"31d3acbe-47ca-4e4f-813b-58106ebd59bc","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":46,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"c2d61b02-f627-4aa3-8e1a-4c0cd2d8ba15","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":46,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"e542f259-0064-4c13-a92c-d95e8cdb8f2f","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":46,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"19956388-784a-43c6-a264-e4ac9d602af4","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":46,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"aca6e753-78f4-464e-87e4-e306cfa10b04","block_type":"box","text":"II-3","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"dbcffe1a-2b2f-4cf6-bec5-b0fe559fe300","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d7ff280-8dcd-4f34-9f07-b54ceef72b8c","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":47,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"a7c43aec-b829-4589-b8d2-78c028dbf243","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":47,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"f27e1dd6-1064-41e9-869d-c673dfd37251","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":47,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"d8db5fad-a4c8-44a4-ac99-4a90170052c4","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":47,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"81d91bed-0620-4e3e-8760-9b0cb1294b62","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":47,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"d6d3d923-3f60-4872-8553-36fa9605dbf2","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":47,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"97d397b6-c0a1-473d-8144-2dcf22273af9","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":47,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"a6949f7f-b0d9-4579-b2e0-6312da64d9d4","block_type":"box","text":"Commercial Paper.","page_number":47,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"cc64a667-e452-4fe7-a8e8-1f1624125b67","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":47,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"11936b30-b2ea-4ee1-97b8-d20431436dac","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":47,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"827e03b3-bbce-4fdb-a665-895432e8087f","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":47,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"4b2c01b5-cfcd-4376-a25c-556e51d0e480","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":47,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"60fcccbd-d69b-4983-ae7f-e36bb56ad17c","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":47,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"694d3285-84a9-4471-8d71-4e522fa879db","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":47,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"dd8e719f-ae12-450d-8d8f-42a7484d9557","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":47,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"ad5019aa-10cd-47c1-8380-650e6034d79b","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":47,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"f3c3a2fa-d479-4b33-a40c-b36d2d04ba3f","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":47,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"b682dc7d-a338-4e5b-a01b-c9b3e43d4cff","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":47,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"7a3b7377-c865-40d6-a018-24810ad6e89f","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":47,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"87e67ff6-1038-4a18-b763-8254113ef310","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":47,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"2d92e1f9-f14c-4db4-a461-0b924c5c716d","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":47,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"5fcdd12d-39e3-4ea3-a4df-54daf719bfad","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":47,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"991c7747-f6f4-410c-8e6e-f951e65d76aa","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":47,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"9ae11193-86c5-4b94-876c-c5d88433a146","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":47,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"8fa8ad1e-fc35-4934-821c-3590ff8c2226","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":47,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"91c55fd4-e9ab-41b2-a3e8-06541b7eac9b","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":47,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"9f2a9146-3997-4440-9120-02576ec09e95","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":47,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"6ffc12eb-0ba0-423f-a515-bd13441f4b3f","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":47,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"a86858d6-ec84-42f0-8323-02e403b12145","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":47,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"af8392a9-3bf1-46ae-9df6-3aab747e5ecf","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":47,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"d6585244-e34d-4150-9b14-0b5e417d1d3e","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":47,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"76a4c955-753e-46b9-b335-672eb4689cde","block_type":"box","text":"variable.","page_number":47,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"df81b08f-1a91-4096-9094-13b9a4c67ea4","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":47,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"6aaabaa3-5e37-4666-a02b-0183659626f1","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":47,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"72c6350f-cc31-4d48-8962-e4c73da5e335","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":47,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"170c3e63-7586-4078-8ed2-4a29fbc890dd","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":47,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"4bb41976-f067-402a-b2ad-425d353e6ba9","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":47,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"27aa25b1-5e9b-439a-9a90-14bac95c0538","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":47,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"4c6f9b1d-43c7-415f-9e7b-1ddf1d1170d1","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":47,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"2363306c-85c1-4acc-80d0-31b09720659f","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":47,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"f20830eb-fab7-4ec6-a0de-6a64fba2540e","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":47,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"4ef3abbc-de4f-4e0d-8e92-455fc12ed466","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":47,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"e36506b6-7e58-4818-a8de-c09fece0baa6","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":47,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"65aa6ca8-ca05-4aff-bc10-6c2a6fed3b14","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":47,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"3e76f983-3544-4708-b398-97b93c952845","block_type":"box","text":"correlation with stocks and bonds.","page_number":47,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"1c601be3-d9ec-4b7e-9949-70d8e70a788b","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":47,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"aa7371b3-197e-4855-9c2e-143aaca691c9","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":47,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"76ab1abd-dafb-4de8-99e7-7669c151e55f","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":47,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"96d8c376-d12c-44e7-b997-ba1f1245e32d","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":47,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"b5d6cb5d-0f7c-4c1f-afed-84163a81770e","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":47,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"25b6ca6e-35c5-499b-9d74-1400382b0daf","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":47,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"09f1424d-f912-47fc-9041-9e1b92f3a99f","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":47,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"3c53ceac-fc7f-4d39-90c3-2fae7c8ba80a","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":47,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"67ea6e3d-061b-4f5a-8f73-d74a9506bb07","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":47,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"544d2440-682d-49d5-b91f-53f3b6af7431","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":47,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"1e33d340-83fd-44bf-beeb-d461bd8180f6","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":47,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"2ef1d724-ea5a-4c64-a3d6-3cf6135b6edc","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":47,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"dc4fdb15-af3d-4460-a6e9-c0ac9ffa680c","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":47,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"603b64db-7d90-49d7-820c-23cd1704b076","block_type":"box","text":"II-4","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e8e1a3ce-9530-44b3-99da-2081b853a648","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c349881-f26b-4435-8436-25bd2cddcd8d","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":48,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"160945a3-dde9-4456-911f-2098f4aefe1d","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":48,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"f37dd4fb-ff6c-41bc-9bd0-5dd38484dc28","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":48,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"2908291c-27e6-4bd8-a926-8ca291017ba9","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":48,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"27d06cb3-1b24-4457-ad38-cf5c5b977a79","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":48,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"f94d19bd-c8f1-4851-8fac-ed5596d8df43","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":48,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"559f101c-5d49-4537-8ec6-e38fb9a75f75","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":48,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"c80afceb-1a81-41ed-b4a9-fa708644549c","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":48,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"4a3ab589-acd0-4ce3-814b-29300c351bf8","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":48,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"5ba36db1-4406-4ab1-95b2-5420d8d2a106","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":48,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"79a3d6b3-a37f-4d34-9cc8-07513bf7c993","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":48,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"55403b48-5b43-4558-a619-c849023925b9","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":48,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"92dd83e0-9534-4a7e-bf7c-b427cc86d162","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":48,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"d781c878-a51a-4482-a4d2-d7622e9775b4","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":48,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"5cc1846f-14e0-4d9a-a19d-4012f34fdcde","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":48,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"0d36cc44-fa42-466b-973f-29de11917c0b","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":48,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"dee751e7-952b-47ac-bdfb-de14559e58fc","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":48,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"8a4b05fb-1446-4c61-964d-71bcac033668","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":48,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"1fed484c-a8e4-4b65-a213-00ba4b8a0d75","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":48,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"68f4d38c-eed3-4986-a204-8c2cbd66f7a0","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":48,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"8a59a6c6-0417-478d-8b52-b4b291cb6b3d","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":48,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"96674c9d-3f24-4fed-adcb-3d81ffc6c079","block_type":"box","text":"the Manager believes are relevant.","page_number":48,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"ef5940d7-4dd7-460a-a83e-b9d93e2cf3d2","block_type":"box","text":"Limitations on Leverage.","page_number":48,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"81528f3c-84f0-436b-916a-d3128d451710","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":48,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"be9be3c1-d599-4020-8e78-e9c21c042438","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":48,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"11cb4508-54d1-43c8-9812-16657819ef23","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":48,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"82beb645-0e27-406f-8796-77f0b53b2417","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":48,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"6b5bf3d7-0bd5-423c-bf6c-5902e37d4c5a","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":48,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"f51897e9-eee9-40b8-8628-cb492595c705","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":48,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3b78bfbf-de4b-4b41-b34e-7581d2f4dcab","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":48,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"f5ed06d2-57c8-4818-9ef8-a1e1882fd863","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":48,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"ef525c3d-d344-434f-9b14-5972a6c7dc40","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":48,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"1b0f6ea0-8b51-46c2-9da4-2315585e7480","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":48,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"c589744f-9bf1-46d1-a457-70df0a120b58","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":48,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"38a9ddf0-f20b-43da-9bde-f727134b73ae","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":48,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"ee143c04-f2ad-41cd-9043-17034aae16fb","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":48,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"37993f1d-1a51-46c5-b631-99cc7746e0ba","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":48,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"2bb2827a-4f23-4969-8b52-5d94028af4ad","block_type":"box","text":"Counterpar ty Risk.","page_number":48,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"3233c910-3eb5-4ce4-abb1-d0717a9ea4c6","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":48,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"5944e2c0-d3a9-4c5e-8d1e-154ada77ca91","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":48,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"2234fc85-6345-4ad0-b1e1-6eece4882248","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":48,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"9cb156ae-521c-4a6d-95dd-4f9df1d0d8f5","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":48,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"2410dd76-731d-4621-8a0d-e394dac7e281","block_type":"box","text":"e.g.","page_number":48,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"9c2aa602-b85a-4872-be36-23b8cea34da2","block_type":"box","text":",","page_number":48,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"8cf91d7a-bc5e-4f44-b271-925c9488c94d","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":48,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"c29ce892-a1fe-4c88-aa63-62e81d2f2c06","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":48,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"fbf9deca-33c9-4bb7-b340-66f8a7a183e1","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":48,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"b7285f78-bcee-49c0-8c63-8ad24bdc193d","block_type":"box","text":"obligations under the structured note.","page_number":48,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"1da07281-9a22-45b4-a31f-df2663a07ba4","block_type":"box","text":"Convertible Securities.","page_number":48,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"1368e419-5f1f-4732-870a-f2b30ed40bb1","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":48,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"9b28e261-27b4-4d85-8386-b57d91d58e5c","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":48,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"d80a476b-190c-4a0d-9efe-05efa1c7338d","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":48,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"d79612c2-9020-48f8-8dd8-e0bf7dcdf85f","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":48,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"14f40c8e-b975-4ed6-8c13-dd30e50ec116","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":48,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"5922d63d-691e-4aab-a2e8-74c32faaa5d9","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":48,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"6b734c09-c57f-46bf-8323-ea9a968df056","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":48,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"f40f991b-7fd3-4845-a809-39ce41651cfc","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":48,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"996417f9-7fe4-45ca-8a32-d7b0457fe459","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":48,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"18d08dbd-4e28-4773-b790-e6e7dbb9db54","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":48,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"90161a01-b36b-4cda-8cf6-20f7fdfe084a","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":48,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"72a19a30-7bf4-4cdc-b8e4-24c1d79c47de","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":48,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"6d9153dd-60b2-47d3-a3e6-edbdbc8b16b1","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":48,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"29a890c3-53a8-44ad-9c90-1bf3fa0ab6e1","block_type":"box","text":"II-5","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e6b333d9-ee66-446f-abd9-b115a5f37afa","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7f876a1-a980-4fb1-90e0-aa1520a51434","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":49,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"9e543baf-1216-44c1-bcc6-f82775b195e3","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":49,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"25e85869-f354-46bc-9176-9bc0f1a20957","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":49,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"b1ef70dd-377e-4e06-9e7d-9d29f23ce995","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":49,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"9e9b9e83-961b-4c6a-8313-c248c53088e2","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":49,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"dfa07960-3413-49b2-9e9c-8922e4edd6a0","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":49,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"793fb276-31e6-41ea-a071-610a8a027e48","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":49,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"dbbb8af6-09f4-47e5-9d42-fbfab40f7cb7","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":49,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"3b8e0990-0c0b-4aa2-88c4-1e514f5dc9ff","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":49,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"1832e002-b316-47d7-bb8d-ed3a82fa4e16","block_type":"box","text":"things.","page_number":49,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"e951297b-a781-40e8-8b71-5386db394936","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":49,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"8a1aa153-e4cf-4c6d-9c23-d9dcee6d11ed","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":49,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"aa3ac067-90c3-424e-9b0a-ebf1791d7677","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":49,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"f7a95c88-5bdd-4ae2-b04a-e47f98708b46","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":49,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"296c2ded-4e67-476c-bbd4-46dfa8213f3e","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":49,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"4283e4ed-abf4-43b6-96e8-04c732ffbc97","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":49,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"24d19f55-4e5f-4d8a-b4c7-618f7cd76e3c","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":49,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"3a94e9b1-6e53-444d-b4d9-fc73473ad6c1","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":49,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"7f27020c-39d0-4811-84e4-2e7c55e3c08d","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":49,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"9b0f8fa5-f2e9-466a-8ad1-96d02b38f6c0","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":49,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"ae0ab0f8-0241-4377-8873-ec0e094dc74c","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":49,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"e3b7fbca-6ac3-4c3e-bdf1-7e7b0ace5562","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":49,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"503b3963-e447-439c-8f98-48e80782df3d","block_type":"box","text":"i.e.","page_number":49,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"8093d7dc-6c67-41cd-8a4f-417e6539a6e6","block_type":"box","text":", strictly on the basis of its yield) is","page_number":49,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"74e64ebe-38db-41d1-8761-273bca0b0433","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":49,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"b779b26a-31b4-47b4-bc38-c86e148af808","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":49,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"4d2edddb-ecf7-4c40-ad5a-a0d487b1ed10","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":49,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"8c909288-c9db-43a7-a804-3787fb3d2507","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":49,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"53959399-47c6-43e8-bf02-ba538fbbc4b6","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":49,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"6b118e40-f31e-4af7-8a92-64413f20d24b","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":49,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"d74154ad-f1e9-4837-8ae5-9d0f3b30298f","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":49,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"995e33ed-af87-447c-85e6-7f0754f891cb","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":49,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"130f7080-77bf-4b1e-aa12-f526350ea6f0","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":49,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"6aa3e41c-0d7d-44d0-9141-75bd7ad5fdcc","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":49,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"6af69f5b-3bb3-4031-a9ae-f6e9f77d9197","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":49,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"7bf6bcf4-0667-47ce-a7ca-68470cecff87","block_type":"box","text":"than the securities’ investment value.","page_number":49,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"2783453a-0d58-4682-bbe3-5e4a755f3994","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":49,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"9766c8f2-5301-4512-a329-119a300e99f0","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":49,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"750377e9-c145-4387-8bc2-15816e626300","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":49,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"8c73c513-c39c-4433-948e-b1000748d260","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":49,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"bef0e46d-1d60-4a05-a990-c007c0760d0a","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":49,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"3a02b7e2-a808-4984-814d-773e9104128c","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":49,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"090e5645-22a2-46de-8b4c-10f8dcfe4e83","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":49,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"d3d5969d-e0e5-4d2e-a166-368796682fe5","block_type":"box","text":"security under cer tain circumstances.","page_number":49,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"0c767bee-eac5-45f7-9be6-ece4b9358abf","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":49,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"59e055f9-5c7d-4810-85e7-ba0aefa7b803","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":49,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"75b7ff6f-ffba-47a8-8fc6-90ad1a961190","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":49,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"af2bd79f-e177-43aa-93f2-288ab4ecfce0","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":49,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"b7d98237-64f2-4375-8732-68830ced24d6","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":49,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"2c6b3af1-a7b4-41bd-947e-199a2485d69d","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":49,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"a6eb415d-52a9-4308-9f0e-f2dd50b5375c","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":49,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"a1967fcc-f624-469d-936e-eb9e816a292d","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":49,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"f074224c-cb54-4427-addc-4701b03ad65f","block_type":"box","text":"i.e.","page_number":49,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"5c29825c-217d-495d-9bc0-6fd43ef884d8","block_type":"box","text":", fixed-income (“fixed","page_number":49,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"1d656933-78ea-422a-994e-fc3417d8ee64","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":49,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"1ea9ea3f-fe22-48e6-9185-48c22ca8fd08","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":49,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"f117cd28-f2e1-4701-b28b-fbcc251609db","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":49,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"6e3431ce-b7db-4d1f-9fd0-fe9d38f5e0a6","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":49,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"05f77d02-ff20-41ce-b23f-1b4ffba6b6d5","block_type":"box","text":"II-6","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3b11133b-420e-4e86-bf22-d9871cf5602b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eea9bbfc-8ecb-42ab-9756-3c6e72aa69ce","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":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"9d88a666-a13a-41ff-938d-1c82e0ae4945","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":50,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"b05ce798-1e1d-4856-bce0-ac5c39e81cce","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":50,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"b5eb473a-a9db-4443-a0a6-164181512b10","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":50,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"193da320-e765-4f2f-b74c-6e6cda1a4edf","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":50,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"f9a4678d-1d53-4bb2-ac27-27570d3f2901","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":50,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"aa0a072e-85ce-44dc-8f30-adfac0f299e3","block_type":"box","text":"component.","page_number":50,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"1c32ad8a-3c9c-4192-8708-f3bea7c0a2a8","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":50,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"1210d6ee-e94a-4aad-8cb5-59da7f678a73","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":50,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"95c3a7da-43f5-44e5-81c3-0f01b6e9794d","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":50,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"488b8021-c5e9-4726-94ee-7ee3aa16af5a","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":50,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"2be49647-4328-45d8-96df-ece35da2e899","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":50,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"a979fc58-9641-49b2-b6e9-b62a3b362f11","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":50,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"0fe576cf-5b56-4970-bc76-815498770e55","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":50,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"0b7f4c18-aaa1-44b1-b6b4-f7b3a6ed53ac","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":50,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"0d05ae0e-9541-4a81-b44f-2fa36e78badd","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":50,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"ee7a6d96-f70e-4e7e-9f68-bb0004586cd4","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":50,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"ff3f2c63-ee9f-4828-bf0f-bd2cbb2caedb","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":50,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"8b16ec64-7822-4c68-b0b9-8a2c65c8274e","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":50,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"ec17b049-196e-44f0-9796-4c6fed1bfd10","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":50,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"918d2c3f-65e2-4983-9027-0db7252b5e42","block_type":"box","text":"favorable market conditions.","page_number":50,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"6901a4b6-141d-4e16-8a6d-50be30a688a3","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":50,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"cdba8fea-ef12-4739-951c-e108fc148bec","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":50,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"23796eec-e12b-4fa8-b739-949c41306900","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":50,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"5e520fc1-c23c-4836-a7e6-172461c296ff","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":50,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"1b874492-ddad-413f-875e-dc80cdd90be0","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":50,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"498b0f1d-1f69-46e7-b1e6-95c77d6d8247","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":50,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"e08ea611-745e-4ac2-a802-41eb948d4465","block_type":"box","text":"Corporate Loans.","page_number":50,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"ae72c704-66a5-44c8-ab72-e62e0801f632","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":50,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"122cdb48-5d63-4449-9a02-e71693629864","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":50,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"4d5548a4-75be-4926-ba62-4e20a11d61d0","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":50,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"f3549e60-647b-462a-8c5b-7d66856a6206","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":50,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"b2ce10ef-e811-4f61-aaa9-b5552a1badb0","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":50,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"59601d14-8047-4a70-8a4e-7799c9819346","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":50,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"ebf64c11-e19a-4c84-ac47-da186b294cee","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":50,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"3f4371fa-6bbe-4392-bc27-a818cf7245a3","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":50,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"3108f674-27c7-4079-8b1f-a93c453a2574","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":50,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"4ba71746-4515-4da9-8559-7805e31de9a6","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":50,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"89ca5713-7289-4353-b835-dcd10903b6c4","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":50,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"4dd162e7-7dd6-44d3-9e9e-49f45c211250","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":50,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"00cb0c3c-2507-4f45-9e78-898acffc1a57","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":50,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"b230884b-e3ec-4c85-96c3-ce261228b48f","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":50,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"71048b76-ec9e-47df-b0d5-06059b64570f","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":50,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"8bdfbdf4-c85a-41f2-bace-d6db76d10470","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":50,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"c9686df4-97d7-4be4-8301-49a830b68129","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":50,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"4bdae1df-a7ac-4b98-b8d5-f5c8132c0f56","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":50,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"9a05dae2-8e6b-4046-8c50-b25a67a391ca","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":50,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"2c03804c-0b9d-47b5-ab44-e0728384bbde","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":50,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"9b09faa5-78dd-45b2-9ca3-4c06f6b78ade","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":50,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"1076fdd5-ff70-49b1-a213-40b0dd96a88e","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":50,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"b1db77a1-7b25-4c5d-b646-00c1b2961f0c","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":50,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"df574bdd-419a-4000-a7ab-612788a4a93c","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":50,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"02f75bc8-6291-40f7-9402-4afa3e96e9f5","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":50,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"97743b39-a37e-4ef1-b45b-35afcac8043b","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":50,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"6f9d1295-8c4a-4d98-bc61-4396ecabc246","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":50,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"ebabcd44-e26a-49f9-8f79-959e7e3af226","block_type":"box","text":"of the borrower.","page_number":50,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"fdf78bdb-3490-4ba9-b6e0-0b6bccb62315","block_type":"box","text":"II-7","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"fee57c26-4821-4f3b-a454-d23de2f39fa8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"830b293c-650d-4540-87d4-4c87942d89e8","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":51,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"cd68370b-cb6a-4be2-902a-c0dd7f5440fd","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":51,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f173c5a9-de66-4451-9577-ebb2b913193f","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":51,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"87c0f197-9317-42c9-85f8-960be5bc7398","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":51,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"8af88845-bd0b-4b75-9fc5-15b1cb36e3ce","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":51,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"ce763e83-c0c5-4777-965f-5fc9e2c94bed","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":51,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"b68bd481-7f88-463e-8d9a-e18f41c0bdb1","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":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"e585edbc-0c2a-4f95-bb2f-5e713e60624e","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":51,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"fd60fad6-0265-4fe7-80c3-1f08b3b7f7cd","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":51,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"b3a00860-acde-4f77-93ec-39d3b3ff9a62","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":51,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"f6726d38-f43e-46f9-bec6-541a497d7b5d","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":51,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"562c02ae-129c-4d42-b726-01b03415e760","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":51,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"3a2e9560-eadd-4b25-9191-8ead6f147cb5","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":51,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"bb7fc9c8-ce8a-47fd-8e58-c8061ec9b620","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":51,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"90c4cc6b-ba31-49c0-87a3-a3eeb83fe93c","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":51,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"32c98ac9-d664-4c27-99a3-7eab0bece008","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":51,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"25587003-0c52-4c92-ac97-bc7e5df6e672","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":51,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"e82a72b4-8e2b-41d0-9e4b-1d1b1b8f847b","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":51,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"80876181-607d-46db-a633-9c9cdd6b47ce","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":51,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"79c330a8-0694-4835-a641-ef253c2b81b5","block_type":"box","text":"state law.","page_number":51,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"a7ac71be-c3e7-4a5a-8ce7-bbcf882e5862","block_type":"box","text":"Direct Lending.","page_number":51,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"69c5017a-ea87-4e8f-b995-286ee385571c","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":51,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"e04da5cd-209e-4955-aa19-8d740531485a","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":51,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"2858c955-f0a2-4c08-8363-c103c7c56341","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":51,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"51c25865-2e7c-4b63-b53e-a9742b552da2","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":51,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"2b93f16e-28b8-496f-ae01-796c3e2b93a5","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":51,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"f397295e-d228-495a-bf47-84d1043bb71f","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":51,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"03496189-4e62-4cb4-820c-57d5fc933263","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":51,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"0eacbfca-e16f-4835-a0c6-7f898e3328d2","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":51,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"ddf60ae5-b443-4332-9726-993e3453e6fd","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":51,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"91988c8f-2980-4a71-874f-53d559dd87eb","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":51,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"42de1e2f-771f-4912-a865-3c8d178db257","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":51,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"734da1d9-dcce-4b2a-8f3b-8c8ed41bf3a8","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":51,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"36bfedb7-f105-4e0e-90f9-9b9975de9225","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":51,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"298befb0-7fec-4f88-93c5-78e397282f52","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":51,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"3cf4f7d1-34c2-49c7-8f77-9a2ff8b5ad57","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":51,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"256b2dc4-eb96-48ec-a068-c1f2048d4306","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":51,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"d0d8d110-c09f-4ba6-89dd-23fef7d09c34","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":51,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"f090a7c2-7033-40cf-98df-3651b6b4b8e8","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":51,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"8da79218-5de6-48ce-b076-8591b434931b","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":51,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"f4e8f296-4c37-4dc0-99bc-368dfd9d8423","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":51,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"32bb9036-2583-4432-ba86-c6ca6ff7833f","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":51,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"bc00535c-3183-4bbd-8573-4103d1c85785","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":51,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"b6ecbaac-720e-4a23-80e8-8700272f653b","block_type":"box","text":"Credit Linked Securities.","page_number":51,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"92930ff0-1c5e-4d89-b781-7f66ebf5ea35","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":51,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"b3266609-aba8-4dd4-8fa5-1d750558d2b8","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":51,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"b7c94132-e16b-4366-adcd-dbd0ddd89c7c","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":51,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"cb860c58-34bf-42a7-8dd2-680f4a0357bb","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":51,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"7ecd6d06-128f-4037-bfef-97be3239badf","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":51,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"e0c8c820-ed9f-47f1-8640-701211230edc","block_type":"box","text":"traditional income producing securities are not available.","page_number":51,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"2482573c-f22d-418c-af21-f452c43d1214","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":51,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"824dae7e-dd61-4d52-b314-c0e67076a37e","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":51,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"c629d49e-699d-4560-9be8-81a5e0da1415","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":51,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"59b19716-4aec-4b54-99ad-af459fb60008","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":51,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"bcf1d3f6-9922-4924-9587-a264a772444b","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":51,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"12f1273f-c868-4aea-8c62-15969d5b0d1e","block_type":"box","text":"II-8","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"343c8239-1028-4d01-814b-1ed6ac03fc54","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8eb2ef3-95f0-4fcc-b238-19b8cb5dc65b","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":52,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"1bdfcf02-b039-42b0-b941-efed6c66ff11","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":52,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"f45a4637-1319-4d19-9101-104b8bace728","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":52,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"5ff2ec97-e68b-47d7-8887-adb4d5fd9111","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":52,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"e0f9bd54-c4d0-4d89-a728-efa86376f814","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":52,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"2c9eb6e8-9aad-44f3-ac02-8099510a9fd1","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":52,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"8eaa8cdf-df69-4e1f-8405-40ab314f9cc2","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":52,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"e6b60f38-f5e7-4df7-8c75-59c371335bb9","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":52,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"bdec85a0-f251-4b57-bcca-075f3f050b1f","block_type":"box","text":"investments.","page_number":52,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"44101a72-d540-4d55-8e90-542587654cc2","block_type":"box","text":"Debt Securities.","page_number":52,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"45868078-f9d5-4bbd-95c4-b5d6a305305c","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":52,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"e381baeb-7843-47ba-8f1e-902893d26dfb","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":52,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"e390e632-cf92-425b-a06f-302d980b0a35","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":52,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"e3c36677-4f8e-4780-9997-c9ca47533133","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":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"ed254152-cfa0-494e-8e40-32af5b4aacb9","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":52,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"91928502-ce8d-4fe5-ae0b-de83c63abd04","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":52,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"ca9af44f-a36e-4644-8511-8f1b4730ab29","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":52,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"bd50bcf3-e4ee-412d-a7c5-1322054fd773","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":52,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"7cdfc478-524f-4224-a1de-5a6ccdcde598","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":52,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"80adb058-4fcb-4253-bc74-d77e61120d7d","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":52,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"809c3eea-02a8-496a-b99b-31df5353e4a2","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":52,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"099880fa-a412-41f4-b824-8ac5affb0e98","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":52,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"d7c26fee-1f14-458b-b390-21613b70cb0d","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":52,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"c1afe5ee-e5fe-441b-a9e3-ed2242eb169b","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":52,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"ba2dd874-262a-4079-bc60-7f0a763919ea","block_type":"box","text":"lose value. This is known as extension risk.","page_number":52,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"fa73af9f-0581-4264-9da3-92a1c87cf591","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":52,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"0fa19e61-f58e-4bdd-ba8e-b07a970668fa","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":52,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"a353b187-f82e-40c0-b423-e33fbf510584","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":52,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"49963d04-d272-44f4-9cbd-8c9d56eb94e3","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":52,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"e1ff7393-03d5-47c4-acea-ef1823b7c9cb","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":52,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"3f02c3a8-28a5-4002-a2ff-962cbddd20a7","block_type":"box","text":"Floating and Variable Rate Securities","page_number":52,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"e30161fe-6dc2-46c5-b092-b6df4fe26d76","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":52,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"9e81aa82-a3c9-4b65-9b43-665a498c1f68","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":52,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"f871f902-3f1f-48bc-b020-865bb87f246f","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":52,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"6ab05725-c869-455b-8def-3842f904b1d6","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":52,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"8e40c332-b124-4f8e-ab69-eccf5c56e456","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":52,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"0a84b2fe-cc07-4c39-a63e-5f483cba3b8b","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":52,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"f7b05581-428e-4f83-a4d4-5a4c1a59abfd","block_type":"box","text":"market interest rates.","page_number":52,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"1031d19c-645b-42c9-9c73-1f4a882e61c8","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":52,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"213229af-a64f-46e6-964f-a52b23222119","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":52,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"c503353c-9317-41e2-8ebe-811c884714fb","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":52,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"7fd14e7d-7f34-4886-bf84-b8f11026f673","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":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"c6277eaf-8094-4682-a7b2-ec8d07131d87","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":52,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"9bd4b0a2-22fd-4a31-9b0d-efd0b51f4407","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":52,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"86393563-5f64-4c7b-aafb-0db7cf69f3d4","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":52,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"71134003-caf8-4270-b9a4-7ae68c461bb1","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":52,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"351735ae-da53-4613-aa56-cc3b5d08b3ff","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":52,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"c0728f37-2087-4c7e-b547-2b7f29f6b670","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":52,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"f6f75802-3a7e-4b59-a2b6-7c543b6897c9","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":52,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"67cd89a4-1c1f-4e9a-a978-bfc907cdb0b5","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":52,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"ae4e3196-f874-409e-87b1-5dd6b78312f0","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":52,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"53857b22-529b-4aa7-ba85-324e2c6d1ddb","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":52,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"c62ba4d8-fafe-48eb-b5d7-0bbccee34e84","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":52,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"eea36b59-56b3-409e-a245-4ba88e9f29cb","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":52,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"23bf46e8-41ee-4241-929f-03d79d2502aa","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":52,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"913d9289-b73d-4f14-a56f-5281c5188243","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":52,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"9059ab2f-e92c-4c3a-a87b-71a64d2742cc","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":52,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"891cd7b2-f6be-458c-8a7c-a644a51b2539","block_type":"box","text":"II-9","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f68b180c-c164-4eb0-85af-f550db483499","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ca422ca-cbfc-4868-a4ff-fdf20609f40c","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":53,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"dcd543ef-448b-409c-96ee-3fd7582df528","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":53,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"25466a02-c904-4bcf-8412-b123737e034e","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":53,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"7edabf46-5a7a-4ab2-be25-a1c2bd128352","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":53,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"c5e68b43-f451-410f-b8ed-191d29a0f31d","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":53,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"7daa0011-7f2e-4e66-9d93-b02b9c8a3490","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":53,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"c36592ee-6c7e-4901-8e0c-cb564ffe08db","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":53,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"af1630d4-e7c9-432a-a876-e82e04413c61","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":53,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"d72dd970-b6c3-48db-a075-e533ffff1722","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":53,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"0f91dc2b-3685-4a4c-a04e-3d2d075240ae","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":53,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"527823de-8d7a-4191-b338-9981abe0521c","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":53,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"b4445cc4-9463-419b-8bc3-ff7544cd97e1","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":53,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"9c3f9e11-c703-4a35-9991-16d53c1f722f","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":53,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"583f21e9-20ec-4958-a538-30202f19a903","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":53,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"b89c64a7-05c8-4967-8306-08e77828f53d","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":53,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"3d7d4c41-f4bf-4763-a888-0012f10043ba","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":53,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"2e5f724e-fd39-4d29-8dab-b308c905a2b0","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":53,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"83968790-2e09-455e-bee9-3618a1225e7d","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":53,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"89599e39-33a4-42d6-9839-c4674125a8c9","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":53,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"c11292f6-a6ce-4c9e-abe9-0f19bd6fd202","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":53,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"56ab1818-a9ce-40d4-b40e-61bc405b2949","block_type":"box","text":"United States.","page_number":53,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"3bd79a5b-58d8-478d-aec4-6bd681779b29","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":53,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"a86a4473-6b4d-4c08-9c9e-2013a52c1782","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":53,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"baa22876-8d65-4074-8272-e219937d73ce","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":53,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"25ea29ef-6ae3-43cb-96f1-1b2575dfe2d7","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":53,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"d00d27f8-4e83-41bc-b1e4-a3aa059858e9","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":53,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"1cce442e-f1ab-4a9b-b8a7-b5dc28fbb916","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":53,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"ef29fa55-0a9c-4d21-8fbe-707903bf4d3e","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":53,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"9456b6ee-d74f-40ac-9ba0-aca101c2e5d4","block_type":"box","text":"i.e.","page_number":53,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"3a4e31e7-427e-4a22-a2e6-c062fd3158ce","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":53,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"a7aa84d8-bc10-47da-8aca-2f816f1f7bf3","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":53,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"4039ef3d-8113-459c-9a72-41866d98041a","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":53,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"3a4fe52a-a3c9-43bf-984b-d28b9a518cb5","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":53,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"2ecf8a36-cacf-45e2-a684-7eebc927f25a","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":53,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"75a6256f-e159-4a44-9340-f2f6677c95f6","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":53,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"88cc6733-d94a-4e4c-bc4f-809d5f7b740f","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":53,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"b9a8818b-fe4f-4c76-b13a-d5629c253418","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":53,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"95eb8f44-3405-4ef3-9d20-50bb9869b6a1","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":53,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"54bd9526-6952-4d26-aaf1-cadbee2a20c9","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":53,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"2a1a9a19-ab48-4327-8e8a-0aa666b30231","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":53,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"53cf50ea-70bf-41a2-b89a-b2cabfe10a06","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":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"5ac33bab-a26e-480f-86fe-1dfddd7543af","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":53,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"e9048b98-88b5-4c41-ae02-a1dea22c34ad","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":53,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"db0b1a5c-6713-4d5e-b1f3-4ad9876999f0","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":53,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"cba7d322-5682-400d-a004-ba0f9edd7bcd","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":53,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"7c85b477-d9bb-4bb9-9401-8bf9f6ace03c","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":53,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"c60edf9d-8ac9-468b-9fe7-13697c5d35f6","block_type":"box","text":"risk than higher rated securities.","page_number":53,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"bc741afc-6daa-4acf-b9cb-ba93554c4a25","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":53,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"28f80ae9-426c-410b-834e-43785d84b12b","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"c4378bed-8bb9-4518-802d-a40ad9eb550f","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":53,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"28589121-562c-41c8-909d-f2987a814053","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":53,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"b079fe9e-ba4a-4983-824b-6f9360d4f804","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":53,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"609a5cca-02cc-4dbd-875c-eb71fc983897","block_type":"box","text":"unavailability of additional financing.","page_number":53,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"9a2d24f0-87e5-442f-85d4-434671aece12","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"574d7d68-06df-43b2-8b72-d68cea4091d5","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":53,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"c9545ecc-49ca-4338-9ccb-c92ebc614473","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":53,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"7816aca4-face-4f7e-934f-8687a3a4bf61","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":53,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"131e6f08-229a-4f50-b187-176b3ae1ddd9","block_type":"box","text":"II-10","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b49bf60-3448-4224-858f-376cdb9e60af","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9e9423a-c8b1-4b0c-b878-d8b7e080b511","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":54,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"ea0f2f31-12b5-4de7-ab40-c616d8c54493","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":54,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"76e9e5a3-871b-45f6-b6c1-61b8a48766a0","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"e0671736-d310-4095-b6f5-a7d7e8a70089","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":54,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"f5e2b2da-c276-46c0-a489-8c15dc572cc2","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":54,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"70b113a3-4b99-4b48-a167-15c91536ba32","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":54,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"0d5fef19-9328-4afb-b21f-45a67aed246b","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":54,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"290d2d65-8fa6-4e9c-9a8b-cac2a2d5c3c4","block_type":"box","text":"investors in higher rated securities.","page_number":54,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"1e8855f7-7a4c-461e-9026-0a283e690872","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"343c1137-d346-4fba-a31e-367f4c4d5bc8","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":54,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"20acb4c4-2eca-40af-950d-d252286492d8","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":54,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"b9f07a81-e23f-4f4a-a73d-c4fd325f44ef","block_type":"box","text":"lower yields and may lose income.","page_number":54,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"ebc3c8b8-96e5-4d80-8b50-d99fe4b2e84a","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"e7195dff-33a9-4c99-8a45-f87a6c53dead","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":54,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"6290796d-0bbb-419a-a70c-a99ed380eea9","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":54,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"a66ec4bb-43db-4446-a70b-af425c77b205","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"5b9adc9c-ff0a-4c8d-8792-e9adaa6b2c6d","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":54,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"ceab973c-3ef3-4676-a38c-c91041ad3ac7","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":54,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"4b3d3290-4be8-449c-ad42-b90381e372f6","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":54,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"f47b9cbf-a584-45d5-b53a-b4eb47f530fb","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":54,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"be3bff62-c43d-4791-9c28-9633955f8ee3","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":54,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"c351ee37-6241-4ff1-a4a2-866e931b462b","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":54,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"8b2c3f55-7182-4253-986d-61e7fcf15f66","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":54,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"7587f16c-a1a1-4f24-9a08-4a909789dfb4","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"3e9c2091-16eb-43e3-93a1-c290a6b8747f","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":54,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"68f0f16c-f0ec-46d8-906c-df316dd2267d","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":54,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"828f361d-df97-40a9-b450-a7572e541079","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":54,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"c025d5de-852f-4f9f-bc34-e1ef6728e9f4","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":54,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"f5729d49-c029-4178-a269-aad74125cee6","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":54,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"0986fa7a-499f-4064-8afc-4a3169f1d905","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":54,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"8bcddb02-4866-4bd4-9c3f-1881b1574827","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":54,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"8c5297b5-e23e-48a4-a184-9385ce2d075f","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":54,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"5eef7f2d-4af8-4a0c-8a97-cdee4bcf2ddc","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":54,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"195b6a59-7e08-4c17-afd1-a243b72db9f2","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":54,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"f748f6ad-9029-43e9-a00a-d98192cf4ee8","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":54,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"c80c4c7a-6db5-4c0f-9a2a-bece4bec0173","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":54,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"8dd212fb-7140-4ee5-879e-0ae101466f68","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":54,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"c562cefa-ad82-4c0e-887f-b295b9242055","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":54,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"5d45c255-9a6f-4894-a21a-80f6afa8668a","block_type":"box","text":"role in determining such valuations.","page_number":54,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"f1b70c2b-77f3-4db3-94d2-64b748dc50f1","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"09ae5897-398d-4012-8a74-fadb04b21ec6","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":54,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"47ababec-a8aa-4b8b-bb76-26d6df1ce74a","block_type":"box","text":"a defaulting issuer.","page_number":54,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"b83ff194-198f-4f52-bdc5-33ea154010b3","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"63a47004-0a0d-4058-a6d2-2e74ae4f613e","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":54,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"f2862c30-2ef4-4f5b-ac39-d8ceee842c81","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":54,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"b677c475-093e-426b-b2cc-6e9305c0b02c","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":54,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"6ac2601d-bd6f-43e6-a103-cc50555f666d","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":54,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"91adfcfc-c7ce-4c68-bc95-958b765c34f2","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":54,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"4347c503-ffd2-4bed-bb03-173d0f944308","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":54,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"bc6a8938-a716-4e3a-a0e9-64ac3692dc60","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":54,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"67149144-234b-42f8-b7af-bc2583b7be08","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":54,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"bb03bf35-26c6-4977-981c-1ffb088d87ac","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"3f1adab6-3745-419c-8066-818d248376dc","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":54,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"f6fb883f-c117-45e4-bab6-7827fb6f982d","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":54,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"017057d0-567d-4737-9286-73855b663da7","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":54,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"d4bef1ef-a4ad-4c41-aa74-05d2b67448c8","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":54,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"215b2dd6-8582-463e-a2a2-ebdbd53e6782","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":54,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"f3bf1502-1541-4ada-a056-fae9bc76539f","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":54,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"83aa0d77-fdaf-4038-a450-f17ebe5b2d8e","block_type":"box","text":"higher-rated securities.","page_number":54,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"e1eceb59-c148-42ce-b918-0711e05b880e","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":54,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"ec801b13-f5d0-43b4-920f-fe8768c70b1d","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":54,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"c6686cde-c7f4-49f9-acb7-8d4747466112","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":54,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"d09a1eae-0d3f-44a7-9897-a161c3c11f46","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":54,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"ff4e62b9-e563-4e3e-9335-21d471bcdb72","block_type":"box","text":"II-11","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0289869-ad70-4e89-af2d-bc0d4a7509d8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c9902b0-8065-4cad-b509-df42dd29fec0","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":55,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"ed6c3946-9a47-44f7-b328-0341de58a380","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":55,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"45e930ff-b576-486b-9b21-4929562282ad","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":55,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"6cb0190b-9321-4087-83e6-1e7484d7211c","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":55,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"c7ac7076-0118-4ceb-a670-70f7825852db","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":55,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"24887b47-3246-4159-b53a-abb3b9466fd0","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":55,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"f483ddb1-1382-41e9-87b0-205c8eb30098","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":55,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"d9800cb5-2885-4ca3-bf2d-b1b3ebcc0946","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":55,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"ffac198d-ac0f-4c4c-aa41-feaccb1c1f29","block_type":"box","text":"Mezzanine Investments.","page_number":55,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"9d70cdab-1a2d-4523-ab8a-5ca1b5fa1860","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":55,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"25d6ff29-fb72-46ad-99bb-7943ccf317ad","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":55,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"ad3d1435-3fb7-4dd2-98b4-bb30bf89407d","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":55,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"40cd72e4-ff9d-49d7-b487-4a0178eaef28","block_type":"box","text":"e.g.","page_number":55,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"229dacd1-2b66-4671-b28c-b726017d0be9","block_type":"box","text":", with","page_number":55,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"9dc92f8c-8cb6-414a-a074-bad7fa0f655a","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":55,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"78c61705-2fa0-44ad-9d9c-1897f130e41f","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":55,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"d590ad3a-fddf-413f-9628-cf2cf203dcdb","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":55,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"a40b09da-19f2-40eb-83a0-93fb1a6145f6","block_type":"box","text":"other obligations of the issuer.","page_number":55,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"ac9c7082-e8ff-4ea1-8052-a63fc29183bd","block_type":"box","text":"Pay-in-kind Bonds.","page_number":55,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"1bf6ea7e-e720-4d28-94ee-bbca810557a5","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":55,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"798e0761-48ae-4ce0-ad32-8cf751014736","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":55,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"4c594df4-3bae-458b-8c8d-cff33e933b83","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":55,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"f2f5cc93-6ab1-4cdb-9535-16b8fb8bb038","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":55,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"03ffb9df-0746-4048-b8db-8419b8e3528d","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":55,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"988f2b1f-f059-4cda-b10f-2611a2e6b4cd","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":55,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"745b3794-09ef-48a9-8bd3-c4294add6179","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":55,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"c4180d73-0c58-4525-a71a-a210bd4c719d","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":55,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"7a289dce-945c-485b-ac6f-b4ee42050e40","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":55,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"aca4ecb6-ab24-453e-812e-636442c21732","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":55,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"6f815702-a32f-4167-a80f-fb5a2d01f424","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":55,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"612e4c55-1328-4a84-a984-1459cab70540","block_type":"box","text":"Supranational Entities.","page_number":55,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"c61012a8-425a-4f33-a4be-bfcd25bbb53e","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":55,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"f4fa5536-0aa7-4013-8210-580641b9a9cc","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":55,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"0297c1ef-2b1e-44eb-82d4-f2fd8da57ec3","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":55,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"1967b45c-7e43-4b78-994b-9d777e18a23d","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":55,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"b3cc6a98-48fc-4ee3-acef-09bcb4fc7e7b","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":55,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"2f0318aa-dbec-416b-85dc-608b0bfebbd6","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":55,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"69a49ebb-54fe-407f-8b94-57040e4bebfa","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":55,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"1516660a-15f5-479a-83a2-af3a2cea3ae7","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":55,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"a7a3255d-6334-4bf9-852a-1f49f0f51ad9","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":55,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"998374ed-ae8c-4a3d-bf0d-baec0e86c4f0","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":55,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"b1b5fdcf-34a8-411f-895a-ba8e8b39844e","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":55,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"6e8d552e-91d3-43c7-ae27-d662878140ad","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":55,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"eadf4eaa-da27-4cec-b977-bbcb2b2fc36e","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":55,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"62b05771-3e1f-4202-a740-5dc55cb696b3","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":55,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"6ac475f7-7d2b-481e-88dd-bc31b01aca6a","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":55,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"8f9940e7-7b8b-4149-b470-c6166457871d","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":55,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"b11fcc8a-915e-41fb-845b-09951ff1f1ac","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":55,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"d04d23d5-0ed3-4096-bfc3-f9f4a1c155c2","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":55,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"5f1cf0e9-7d25-44db-879f-bff241b3d342","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":55,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"8b8f3c48-9bfe-4d16-ac74-230696682fd9","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":55,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"f6f0e032-2f37-4b97-b1f6-e1f7686a6aa2","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":55,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"e5c8c743-234d-4a02-926e-7b59354b6d22","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":55,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"03dde4af-2b22-4a81-92f3-736745af4723","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":55,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"a86c15f8-13bb-45de-b893-b0f3af0c6e4d","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":55,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"32481e3f-5673-427a-acf4-5b8d8bf26533","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":55,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"4e0e14f7-a7d5-4fcf-9d36-c828754d7f07","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":55,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"01a4bce2-5398-4e95-a02a-8155481ce205","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":55,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"5be7b140-1eae-4b48-a778-3451152af859","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":55,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"3b5a5719-4a7b-4023-9496-77cf55a8d45c","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":55,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"291d6dd5-e270-4531-a058-180b5166604c","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":55,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"ea999035-700d-4f98-b31c-f5872710eda6","block_type":"box","text":"II-12","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a458d313-0708-4b4b-80c5-e759aefe8dc7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32b4e756-299c-47a2-96ed-a2da88e97783","block_type":"box","text":"Derivatives.","page_number":56,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"9ca233da-a830-4363-83af-a58d97486777","block_type":"box","text":"General.","page_number":56,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"676132eb-33d3-4eb6-be2b-2aa2d3f62512","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":56,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"4eace31f-850a-45bb-961d-19ac6d556ae2","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":56,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"21f14476-a185-4cbd-94d7-2c1211818843","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":56,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"93d690a5-fa4b-46fd-8bd8-41a05a087772","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":56,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"e9f17ff1-5d7b-4d18-a85f-f7e2eff34206","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":56,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"5e11a6ad-b78f-4f57-9800-54060479e387","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":56,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"312bb1e2-7853-41dc-a85f-5dc818c6f1d2","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":56,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"e0b02b33-ba3d-4f1b-9842-9aa370f63f1d","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":56,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"18e65f62-3998-4a72-98da-487c7b1fed11","block_type":"box","text":"i.e.","page_number":56,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"643fee97-c6bc-483b-825a-05c7fae245ab","block_type":"box","text":", the payment","page_number":56,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"f1d203ce-70ca-4778-b135-58802de347c8","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":56,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"5fc67090-ef27-497d-8eaa-82962c646386","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":56,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"01146e4d-2151-41d5-b60c-e6abcf86a1f1","block_type":"box","text":"Hedging.","page_number":56,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"dec28088-993b-4192-b4cd-698b4850f4a8","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":56,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"d34756ce-e609-4b41-bac2-bdef3e24b392","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":56,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"b64e9a91-e1e1-4bd3-8d9d-40ad5f6b37cb","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":56,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"d04e2f56-151a-4465-a3af-009a985d4317","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":56,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"95d9d7f2-93a3-4069-8837-6a1872cb2497","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":56,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"f30a2918-f73b-4777-b714-d128f1b46f50","block_type":"box","text":"correlation risk,","page_number":56,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"e9d9894a-6e26-4b2d-9f68-eb9aa3306210","block_type":"box","text":"i.e.","page_number":56,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"dbdd6ca6-b2d4-4731-af53-14abbbf320fa","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":56,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"3d4774e4-ea43-452a-ab57-e037f4714283","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":56,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"53efa60f-65c1-4844-bc09-83471ef652a1","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":56,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"7310f263-abd1-41b9-90e8-f961e9b52183","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":56,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"c9c37b5a-a9f1-473c-9af2-997fb30a32a5","block_type":"box","text":"Speculation.","page_number":56,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"e8ac0226-9999-4f6c-b36f-18479ad975d6","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":56,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"4844a747-2863-4890-8ba4-b8521ad14ff1","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":56,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"6c5655dc-d193-4c1e-a6ca-65807aba95aa","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":56,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"877aa90d-4a22-43c1-a3f8-4e8a3aff6919","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":56,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"07487eaf-57f9-4e51-a462-78c789d73367","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":56,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"1cacd963-4ad3-4409-a116-12ab841cdfa2","block_type":"box","text":"Regulation of Derivatives.","page_number":56,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"742398ee-8d9e-4c37-b700-6294ac208b9b","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":56,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"60f19419-b88f-4175-8e05-48189bac37b9","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":56,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"788e559c-6653-42af-b1d0-8bccdba79482","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":56,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"b6d61409-f3ae-423f-98f2-dde130eb5564","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":56,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"481a5da6-2584-4a10-ac95-c51e5343c71c","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":56,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"325e3d6f-bc59-40b5-aba4-258705212fbf","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":56,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"6c9ac895-5db3-4bcc-978d-256cfe3c28f2","block_type":"box","text":"coverage”).","page_number":56,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"e710f8e6-29e9-47d1-b2a6-51a6ae5729e4","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":56,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"01f9e796-50a6-4cc1-b46d-17ba73a656fd","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":56,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"84a65f9c-d017-44cb-9184-b95d879a1e01","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":56,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"d2d1385f-a006-466e-a375-005e1ff0eb2c","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":56,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"e46ea82c-1047-452f-9aae-8a808e2f2bcc","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":56,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"0909c729-333a-4c8b-b494-2ff85827aa43","block_type":"box","text":"financing transactions (","page_number":56,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"d2d50b33-0f7b-4670-90ed-91b36e5c65af","block_type":"box","text":"e.g.","page_number":56,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"aae13648-e7c9-4769-be57-f0859ccfd9bf","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":56,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"eb50bda9-95ee-457c-8379-725d7e043bd9","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":56,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"1fbb38fc-556b-4c6f-a0ce-43002db99397","block_type":"box","text":"securities (","page_number":56,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"e1dd3533-6622-447a-a1ec-3b7f8801cf23","block_type":"box","text":"e.g.","page_number":56,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"27f5b8ff-b60b-4cfe-9d87-d77f55bf953c","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":56,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"d27790a7-37cf-47b9-acad-5f3ca691d3bb","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":56,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"6c0e3586-fe25-48fc-a513-a81587cbc557","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":56,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"9d4142fe-f725-475c-850a-b93a33d7142c","block_type":"box","text":"Commitments”).","page_number":56,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"fe57d60a-7ac3-47bd-b2b9-3382ac5f867e","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":56,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"789c9e9d-c2e2-4fb4-a945-01a41e8db7ea","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":56,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"d40e8c33-5825-415f-8ae3-8be841d489b6","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":56,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"243fbd5a-e29f-4d95-a993-428c5e9c62e2","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":56,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"fa44717f-dd10-4fd9-bb37-6774a48fcce1","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":56,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"ed1eaf21-a313-494a-8e2a-bc87c2b960ee","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":56,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"013852d7-b2ea-4c65-9a7d-3fa5553aef50","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":56,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"1e09ac13-c0ff-456c-9939-8a493f90113a","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":56,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"52ec92ca-aa04-432f-b292-23bd4e77d408","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":56,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"749fc179-37f6-4bf8-b8c0-64ba81223ddc","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":56,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"2a62a995-56de-47fb-a12d-c4af83895cac","block_type":"box","text":"II-13","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ec3723a-d091-4d97-8492-bbf1c1ac28e3","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d43eea30-d4ed-4492-a113-c3fb23fe214c","block_type":"box","text":"Dodd-Frank Regulations.","page_number":57,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"6aad0c8e-a729-4368-a891-8a7f8bbebcd6","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":57,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"2e354641-f678-4863-a06e-76b399388e88","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":57,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"8e16a835-0d6e-4bd4-ab91-abb3a261d7cf","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":57,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"7d9e30bd-c02b-4f0c-a65b-05740176fc8c","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":57,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"092b1a31-79a0-459d-9b67-3f3d94c8a3c2","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":57,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"8e78c06f-d775-4d12-9151-9f82199890d7","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":57,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"afb4d5e3-b2d5-4a12-b50f-b73357f9c4fb","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":57,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"9524fc71-bea0-435e-bbcf-40eac75c25d3","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":57,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"9b701a5c-aad0-43cd-8bdd-c5743d73cea0","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":57,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"1d5b75a5-b023-4b83-854c-f8c43b4c0cd0","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":57,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"6d968b7c-b241-449d-99b4-29b7b4d4a242","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":57,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"99250e9b-64eb-429c-9172-447544a5f8e7","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":57,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"54940177-c21e-46f1-aea4-fc95a0b90098","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":57,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"ff8b223b-3f7e-400d-8cd4-85ebdf2bf578","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":57,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"2826aa27-137e-40b0-acc0-97a9f7314e63","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":57,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"a17aad4c-6918-4666-82f0-e01444284d2c","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":57,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"25517abe-2cf4-41a2-ab8e-76f1e32b006a","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":57,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"84e4db2a-b4a8-48ab-a7cf-e0ebe15a1a2d","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":57,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"b3eb2dd8-05fd-4ab2-845d-5c5f5a926f6e","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":57,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"2b3b5953-97c1-4601-b4b3-2513eff7ec29","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":57,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"e70d78e9-7ed8-4fee-a518-7690d622d4c3","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":57,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"d2277e8e-73e6-4f05-91c3-68d93d026ec3","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":57,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"21f7438f-54be-4b34-a458-35ec1b3b3f17","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":57,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"38469080-b6c9-4d43-864f-725ca885aba8","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":57,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"2d2b27c1-c69a-48c5-988e-cbdadd54dc8d","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":57,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"366af4bc-d604-4ac1-8d07-4479fcc80479","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":57,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"42dd8ba0-610b-440e-8034-977507fa00dc","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":57,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"f275f528-3973-47d5-a7c4-011b9dc86969","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":57,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"ca960042-6de2-4df7-ac8c-7b597ac8183b","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":57,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"a1edc6f1-1ecd-4456-a17d-b09022a32a60","block_type":"box","text":"member.","page_number":57,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"b15a1932-5ac0-4447-8bfc-754d03b97287","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":57,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"e6579dbe-a53e-49f2-bf60-db6d365d2ed5","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":57,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"f8b57a6e-cb32-4c77-a7b5-bc880f3b543a","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":57,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"db02ab8f-5861-446f-abd9-de42fdb0471e","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":57,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"ec814100-b816-4693-bcc1-610f8c80b6c9","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":57,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"dc4c3a38-9bee-4eb6-a8f7-58a3da8e7fbd","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":57,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"40d1c603-0104-4cf5-899b-cc4a60fe14bc","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":57,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"a205011c-2a9c-4c5f-bc70-d9c49b46b1d3","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":57,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"04df4e79-661a-42ce-849d-43eeb4e44798","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":57,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"ef98f1b9-c1dd-41e8-aa37-424c84ea64e6","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":57,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"9cbf8122-fc40-4e34-b3ec-2fea50261ae7","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":57,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"ecebd784-50d1-47b4-86bf-d460fe2ff6bb","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":57,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"5abedcc8-5525-43be-aa63-d35ee2eed615","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":57,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"cd0f09a4-68ac-46b3-a61e-100507985afb","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":57,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"dc675d90-6f19-4d95-9c61-e03c5136bb7f","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":57,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"dfe0c13d-da09-49f2-be88-1f8848fb7236","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":57,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"14789c9f-7698-4647-8c26-084287581086","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":57,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"1d4dc34c-426b-4c7b-8240-3e0bc2a504a5","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":57,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"c94339e3-655a-4cba-bcd5-01b11cf43bbd","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":57,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"cc071221-0d52-4a0a-b0bf-c81f2ad75233","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":57,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"0f1921c8-fe1d-41b6-9c7c-088230caf5f5","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":57,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"6ee2c8ad-abab-4ddf-81b7-d6ff9578c35c","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":57,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"b5a75d48-178c-4db2-a484-d4afd62ea9a0","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":57,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"7c3124cb-03ed-4ae4-b2a8-e34c738ee4de","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":57,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"f8e4c477-fe3d-4089-95cf-707a8c1dfe96","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":57,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"f5e352d8-fedb-41f9-a43f-4f7b51fbe428","block_type":"box","text":"II-14","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01cbe9d6-1522-4f54-a23f-932bb7c21fed","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4b7f436-cede-4063-abaf-8fe69273f770","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":58,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"0ead2373-fb71-4e50-9167-7c3d4147b7f7","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"a5df9099-0120-4cfe-a080-26617e0430c1","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":58,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"d9c8b36e-fdf3-45fd-952e-335ef9b6e98a","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":58,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"aced30f6-cf26-4f6f-adfb-22b4c86b8d61","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":58,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"69e66d8f-460c-4918-9b77-ba745a472f15","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":58,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"9028bd31-c91f-4d96-ac69-7b14add996c2","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":58,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"9a351aba-fb5c-462d-adf9-a00343ad3547","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":58,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"8cff6003-701c-464f-a198-2b0f544ada9a","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":58,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"6126a76d-3ac7-4161-af98-6f2699aaf4b4","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":58,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b67903a6-c06b-4545-ab73-3819dc8044dc","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":58,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"e1cc8f1e-c69b-40ee-b50f-4825208a5324","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":58,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"86fe15c5-3960-4ce6-bce1-ca7d5d5f98ba","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":58,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"64bd4d3f-b521-4246-a52b-41df8a0f5389","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":58,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"141f4a33-90c2-4807-b681-07decd210ca6","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":58,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"a315640c-3da9-472a-bdb0-9371ab9a8d90","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":58,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"0585fea7-03ae-43e3-a360-463c82a74331","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":58,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"22436da3-495f-41d5-a11e-74249258b543","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":58,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"cce5e48b-139a-4dde-831d-1c4d8a7876bc","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":58,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"e6b75233-0d45-48b6-a9bd-f1761cfc7bde","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":58,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"1b5edc3c-fd78-4673-a060-cd7c3a80f2ed","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":58,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"5e52accc-e071-4549-bf27-2029fd601ae8","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":58,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"429d9e39-b416-4285-9400-b18dd7958feb","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":58,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"fae6abbe-ecf8-44ed-a744-97766ce84c5e","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":58,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"77e8c660-df1d-489f-a991-1b2de5f97923","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":58,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"9804ebbd-5f2f-4324-a189-1965632b3cd2","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":58,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"88adf817-7838-49ad-b069-aecb8a37ed63","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":58,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"62376ee1-856b-469d-8c4a-1e4aef7fca1d","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":58,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"49f862f4-63dd-4c11-9576-5d0779a483de","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":58,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"0ab51959-096e-4ba3-acf6-2b6d85d6509e","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":58,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"fa19a72a-78e2-4a5c-b99d-7bdcd74106fb","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":58,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"0e90895b-ba58-44cf-abea-a18a2d23ed4d","block_type":"box","text":"collateral received under such contracts.","page_number":58,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"e9cfa611-3596-4607-81c6-5208ad63860d","block_type":"box","text":"Risk Factors in Derivatives.","page_number":58,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"fd79ea59-62b0-4ac0-bfce-14fc6cd3fedc","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":58,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"c705e9fa-2593-4964-bfcc-3069cabbea83","block_type":"box","text":"Correlation Risk","page_number":58,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"d6b1fa11-cdbb-48ee-a51c-8414b1791671","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":58,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"4309a8e1-ab1f-46bc-83ea-c739aae89b95","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":58,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"864b998d-2b76-446c-80e9-c2ec2dcc65b2","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":58,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"d420a049-09db-4a75-a67c-e5e70ccc98bf","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":58,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"ec46d328-02de-4a59-8e84-c392f6489827","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":58,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"1eed8773-148b-4cfd-96a9-f8945095293f","block_type":"box","text":"Counterpar ty Risk","page_number":58,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"332f8a1a-7490-4e0f-af47-812a6dce204d","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":58,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"eb70897e-a24a-42c3-81d5-775c017359a8","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":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"3eda4f9d-fbfa-4fe7-a265-2d22088bb36c","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":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"460ecb45-1e41-46e8-b1f7-c6fe8ec8adf1","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":58,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"1fff33e8-0a66-4f24-9792-76004f70ceb3","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":58,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"dfa05378-12a8-49db-bd50-d1fd649519fb","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":58,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"400ab9ef-c8ef-4eca-9685-bcd44445ff2b","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":58,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"890982a8-6f36-4b43-b31e-3b61c39057fc","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":58,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"75262058-0eeb-456e-8ab0-638406a06030","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":58,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"177e485b-cf56-4b78-916c-e652ab1bd558","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":58,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"3e7fd23f-55dd-440b-9d40-b5e92e7124a1","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":58,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"ca4f5b27-ba58-43b8-999a-b96c021e0065","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":58,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"116d4832-2915-4265-908e-cd49a4663d0b","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":58,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"84d050b3-b76b-4471-8b93-4af5d6c727df","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":58,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"4d778310-1007-40ca-a190-bac56544060a","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":58,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"a3967790-7b9c-435a-a4a8-f675512f7071","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":58,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"a556472a-9591-4619-a1fd-2e14da33fecb","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":58,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"c60e4d8f-b329-4e60-be98-e6dcf0f1e7ec","block_type":"box","text":"II-15","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70f35629-bf81-475a-b1a5-fa92d32988ce","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68351ed3-21df-4e76-a03f-4884ec8d4643","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":59,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"afee7756-e416-48fb-b0ba-670d9a39d24e","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"f9d4559e-5a79-4e53-badb-eb7058a16b10","block_type":"box","text":"by the clearing member.","page_number":59,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"8df990bf-b38b-47bb-a9d1-fa9814c1df3d","block_type":"box","text":"Credit Risk","page_number":59,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"e804db8a-e8b6-48bf-871c-d48dd6bc7f1c","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":59,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"1ddfe82b-8e75-480d-988d-29a466e46ad8","block_type":"box","text":"honor its financial obligations.","page_number":59,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"261e82cf-a940-48c0-a352-3072618a8bce","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"67f5b064-cea8-4f98-9924-a4ee6d40c4c1","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":59,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"814f7d5a-7d7c-4afa-af28-a9dc51130a77","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":59,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"5105dd87-2ceb-4382-a3f4-8008e0070934","block_type":"box","text":"Illiquidity Risk","page_number":59,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"49c69195-facb-4c25-bd7a-9a182379310b","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":59,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"8a16166e-a7b9-4894-981c-a06be25f15e4","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":59,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"5e2740fd-b961-4663-a2aa-21d7b76dcb7b","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":59,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"f982bb14-d6c4-4cbd-8773-bc437d818815","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":59,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"821bf712-3df3-49aa-a9e6-312c91d33381","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":59,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"1f10e11e-abef-4dd7-be63-3f9255d36504","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":59,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"9fb1ce2b-cf62-47c8-98fa-623f511da1fe","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":59,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"d81663d0-91e3-470b-8ad3-6b2b66019d83","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":59,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"53281396-3923-417a-bff9-a9e643e431db","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":59,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"83cd6105-2559-464f-88d0-90cc5d499f18","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":59,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"e6748281-86ca-493a-b0f5-94823dd8362a","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":59,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"e1b4b723-ab16-48f5-921d-4f9c25ea47cd","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":59,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"b886ea90-c4d6-42b4-a6d1-d6d8c2acff65","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":59,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"241a8217-2af7-4f67-bf3d-29839cd0c48d","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":59,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"7bfe8f92-27f2-4e09-8410-13fde63893fc","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":59,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"ade3e413-736f-405e-9ec7-1c785ccd8572","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":59,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"913b57df-8cd2-4d59-b3c1-cc15df8162de","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":59,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"5ccfbff4-1951-4170-b765-8060d937b16c","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":59,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"09bcc148-ec5b-4b2d-8e6d-ba4459fb63fd","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":59,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"1fc5f746-ddff-419a-b9d1-43d3637bd455","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":59,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"925d65f8-e2cd-4959-a763-c7e259b26ae6","block_type":"box","text":"may be disadvantageous to do so.","page_number":59,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"a4f8243c-bd9a-4b94-9d97-8beb8a3cd4fe","block_type":"box","text":"Index Risk","page_number":59,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"50e07f2b-43f2-4168-a84c-4b9fc4e33dc7","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":59,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"299bbd3b-40ff-4f09-960b-e0827dd4a926","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":59,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"6653b489-fa05-401e-b841-ba2ae926b6a3","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":59,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"1fc20d53-1297-4ed4-ad3c-71bd2c5abbf4","block_type":"box","text":"Legal Risk","page_number":59,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"f2888d96-13dd-4d30-a0ee-0b4fc462ffc2","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":59,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"56c30929-caf6-435e-8136-7b0d976f9515","block_type":"box","text":"or enforceability of a contract.","page_number":59,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"368eba88-a138-4301-bac0-df9d6b951b7e","block_type":"box","text":"Leverage Risk","page_number":59,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"08b0c858-8e18-49bb-aafd-ddb56da968ec","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":59,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"61af6e83-dbcc-44ea-a1da-121894b2f228","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":59,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"5df22727-7dee-4fa9-a75f-ecfcba9259e6","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":59,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"bcf537a1-b908-4935-88af-10e8a6f674bf","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"7f2c980f-aca0-4890-8070-e8dc0fd910ce","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":59,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"05ff8bc0-1218-4cfb-8a43-cf69166921cf","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":59,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"a093b7c2-f6eb-494a-9a18-c79b60a4daba","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":59,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"d618b4bd-62d5-4e5f-8d41-63d1653ab9e6","block_type":"box","text":"affected.","page_number":59,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"0b4f287e-1972-4177-95a1-97403dfb8cde","block_type":"box","text":"Operational Risk","page_number":59,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"193c473c-5072-4916-9046-cbfedda1c33d","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":59,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"73237048-a5e5-4281-a82b-a33482b1a4ec","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":59,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"0e5989c9-ffdb-4aca-a3bb-00e9fb25dab2","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"d2a33152-2ad7-4a14-9171-7946300ccba0","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":59,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"a769b29c-32dd-4c56-a9d5-5f55d95e1209","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":59,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"819edf73-e6f9-40d2-8086-e80f3cd09d67","block_type":"box","text":"complex instruments or quote prices for them.","page_number":59,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"d00158b2-b85e-445c-9db9-2e10e63d5c89","block_type":"box","text":"Volatility Risk","page_number":59,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"c5fee34f-9383-492c-9ece-d230dc588b9f","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":59,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"55430a61-2b28-49f6-a8a7-e9b6fe20e066","block_type":"box","text":"Types of Derivatives Transactions.","page_number":59,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"37f921fd-dbb0-4b22-aa6f-2566657ccf2a","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":59,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"cab041d0-05db-4926-9a1d-a1eb0b22c0b9","block_type":"box","text":"including the following:","page_number":59,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"6f870b58-6ab6-4137-b0df-4e4474ef112d","block_type":"box","text":"Futures.","page_number":59,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"85063442-c394-4324-b103-5ee680d2be9c","block_type":"box","text":"II-16","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"97ae6db8-6bea-4adc-8c56-caef7df46492","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a807be50-46cd-431a-9bed-d73879fc94f8","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":60,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"d24cfe23-d9b7-4566-9392-422e11ca0c3a","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":60,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"7ca6d03b-a998-4a35-9857-c912ba0c1647","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":60,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"a8613ea8-1a70-460a-a952-5a4734b6f9c7","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":60,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"e05364fb-af13-44db-84b3-a27dde662741","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":60,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"1e27309a-bed2-4403-ace2-ef0172f96a74","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":60,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"3ef3d458-7908-4912-8632-0d9a5121fab6","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":60,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"a4d71a93-c7c5-4ebe-b7ec-1b42b82e71ec","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":60,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"d5bec10d-d78b-4ce3-a173-9ee3a9e58fcd","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":60,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"5c2901dc-e915-44ad-8484-aeba01e66ca1","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":60,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"913fe2b4-6c84-4b10-9f24-c2026c4bc833","block_type":"box","text":"of the futures contract.","page_number":60,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"fff6084e-4f33-487e-85c3-15ebba04daab","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":60,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"b5fd24a0-5ad4-42ef-886b-8c56fa2dcfe9","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":60,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"15224fca-6a46-48e1-8fad-5e9e4ec71cb5","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":60,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"a90b10d4-61cc-4ec7-9eba-7bd4ff1ab38a","block_type":"box","text":"relating to the futures position.","page_number":60,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"a174a593-7447-4d95-b67b-76b5842e2f30","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":60,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"ad8d502b-7e83-461e-b4c9-0eb57499b7a9","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":60,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"89621c7b-a6e9-4649-b0f1-56ad5599115b","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":60,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"950d2861-44d7-4102-b9b0-db0df87b2a23","block_type":"box","text":"Regulations” above.","page_number":60,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"ad493de0-5fdb-4037-9b4f-d9dbc67df7ac","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":60,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"7590ad32-b25f-4009-aa62-d44e85ddfaa1","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":60,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"450fccbc-6511-4ae3-b5cc-8958b63deceb","block_type":"box","text":"(","page_number":60,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"efc3533d-724d-4f56-8f34-b7e0143393f1","block_type":"box","text":"i.e.","page_number":60,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"d39eb673-7863-46e2-aa4a-83ae3ef9cdb5","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":60,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"3907db07-7b67-435e-853f-a65399d0b360","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":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"77e6d0d7-d9bb-4757-924b-e7cf1f5bc42a","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":60,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"2e9eafb0-c32f-49f6-8c33-e3e61f579430","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":60,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"4aa83a50-d101-409f-98a5-df11ff97242a","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":60,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"90f0e4fa-0c9b-4081-981b-5fa53f5a79f2","block_type":"box","text":"Fund intends to purchase.","page_number":60,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"21183545-b058-4cb2-9421-8db07028c144","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":60,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"91e72ffd-06ce-48e9-b4bf-d853a9122173","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":60,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"cc3e06e0-b28b-4c21-b236-898f638b060a","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":60,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"6dbf794d-27ab-4c8e-b720-ff4766165a65","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":60,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"7280ebfe-44a2-4c4a-8f73-ed6e24c006ae","block_type":"box","text":"illiquidity.","page_number":60,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"76acbe99-643c-4483-bb82-2674de4c8b71","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":60,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"8c5c62aa-b446-4e19-981f-0857127cf8dc","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":60,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"4b7b05f4-50ea-42e2-94da-0812586da52a","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":60,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"52c28131-4284-4d39-95c0-b173c219d78b","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":60,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"13b51a1d-dc94-494a-81f6-d55146ff6e9c","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":60,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"7d43053f-4c20-4926-8c7c-0d2a1fe958a7","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":60,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"d992d2dd-d3d7-41ab-8c18-0848b72a9931","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":60,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"4fae53d3-e9b3-4ace-89a6-82a77ed7491d","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":60,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"c8ea72fb-88f8-4656-8ca7-75a7e0c7c811","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":60,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"056c1f98-5f71-44b6-b495-e33b04938e08","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":60,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"2c20ff07-247e-41fa-b77d-5612b0540ed5","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":60,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"40e05abb-1b0b-4127-b60a-aec15da74d3b","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":60,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"b390bb19-6d23-46eb-a7cc-20eefcf082d7","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":60,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"2e1cdac0-0f33-47da-bd7f-0ae1e5c47fa3","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":60,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"adee972c-44ff-4ddb-a947-9bc7adee7281","block_type":"box","text":"Swap Agreements.","page_number":60,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"948ebb62-f66c-45ee-971e-beb1806ef118","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":60,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"1019f742-0ed7-4b45-a957-2e75f882bfdc","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":60,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"0d380a99-6ffb-49be-a6f7-9d65f2231f3a","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":60,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"86a616c2-8f31-4e31-96b5-3f97283a1484","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":60,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"1405c6ef-d30b-403e-9b32-0c1b75cb8b63","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":60,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"9fa3f84d-25ae-4d6c-a5a1-c5364add7234","block_type":"box","text":"a “notional amount,”","page_number":60,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"9edd4c16-56e9-469b-8b7f-ec05b13ea61f","block_type":"box","text":"e.g.","page_number":60,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"1164199d-7153-4a15-b511-6015484e514d","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":60,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"e560f608-51f6-4f9d-995b-5d0aca19412f","block_type":"box","text":"II-17","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8fda153-5888-4b7d-9ad0-3194a3e74a68","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ea3611b-0106-46a4-847f-9338b60119e0","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":61,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"d4dfb7e6-df11-4bfb-9aaa-b1e26ff45be4","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":61,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"d8f39d11-2721-4a51-b3c9-3c3f21dae332","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":61,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"07dd82cf-fe8e-41f6-b8fb-16fac32645b8","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":61,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"fd07a1e2-9a56-4e2c-a67d-fa7d8ea0ca4a","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":61,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"82814da8-d6e8-4a7b-8f11-2f9e8dd7733e","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":61,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"6046338c-0d97-4652-a64c-78969f51a2ee","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":61,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"d723cc06-84bb-4a81-8f88-e832fc0c07aa","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":61,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"0a4a30a7-5d01-458e-85b7-d7b1ad7ca951","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":61,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"b3fc9de7-81b7-46b7-8e53-8390e891fe1a","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":61,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"1f4d6313-e9dc-4ce2-b627-e741e7eac582","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":61,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"cf8f9c35-f702-4b2e-8620-e219e9f6367e","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":61,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"b9e1b8fa-ae93-4998-9de7-62d806141848","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":61,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"9286aebc-aca0-449a-a10a-d8b6c2c18742","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":61,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"80914427-e936-4dad-bd89-51d1e881650a","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":61,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"6a05aa89-faa1-4368-bfa5-0856faed8a41","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":61,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"2c408bb3-daaf-4ecc-962c-835f667510a6","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":61,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"320b1ec7-860a-424a-bfae-ad77a65afd76","block_type":"box","text":"index CDS.","page_number":61,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"bb596a20-b3f1-4de1-90cf-bb866e22bcee","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":61,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"4cdf6d82-7b9f-4ffc-8607-a2d7bd9a72ec","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":61,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"c528819e-3303-4ecc-ad80-587363df99a6","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":61,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"959362ad-9e9e-4da9-9df2-0c80b91eb26d","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":61,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"a64d615e-3300-4a1c-b15e-991ed989fd07","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":61,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"10f3fcf4-81b7-4815-8026-e165ede8bb5a","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":61,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"7c89d8ab-d4ae-4510-9616-db5353343a4e","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":61,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"fbe2f714-b59c-49d5-b342-9f6f20835f67","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":61,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"7166ee42-dd93-4392-87d3-bf0392ca02e8","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":61,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"79fd8eee-886b-4129-a090-edec15ef82a4","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":61,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"e2f39f2a-79ea-4bd9-8fd6-910a9d0e06ac","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":61,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"bad5d9dc-c1a0-4a00-8b92-613a26472f7c","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":61,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"812a2f2e-5bbd-4856-96d1-3a650421ace4","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":61,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"d8715b3d-e56c-4b36-94fc-3606c7dc891b","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":61,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"0464c9ed-ed54-4ad0-9324-2e2023523f8f","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":61,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"320ae608-e3c0-4e41-911f-d58dd2d3970c","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":61,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"aa93c3f3-0e5d-4e92-b8ab-577fcc1f03ed","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":61,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"3e8bbbad-bc1b-49c0-b1e3-fc199e1ff5da","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":61,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"cfb24293-9f22-4c97-88ce-e5a5b8b66ab1","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":61,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"d8d27633-dc42-4cd2-b6e7-a3c12b983bd6","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":61,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"a61399dd-64c9-4e9d-a521-037456ada342","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":61,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"62683cb8-9e61-466c-98a0-ebb2164acb92","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":61,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"b06f1dea-c1a9-4400-bce2-8cf2afee3dae","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"91ae248d-3d11-441b-8b36-07d627c25898","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":61,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"afcb8a23-d414-46f9-9299-d9a7c1f42c43","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":61,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"12abad6b-09fc-4d90-8181-ec553863dba9","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":61,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"a67d8c92-9807-4977-91df-bcfac7735bed","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":61,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"ec68e574-eae7-4e8c-aec2-715424b14e1c","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":61,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"8ca195b0-4fa9-45d8-a21c-14a7dca2e5d2","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":61,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"42099f97-4677-4e0c-8b8c-96e4578a8f21","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":61,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"362e393e-2c41-4da0-8ec2-d7238fc4523c","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":61,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"9b5de0ed-b65a-4b74-a34f-9c355100c97b","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":61,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"1239b4cf-ca74-420f-9881-94246d7759a0","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":61,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"92d708f1-2576-43a6-8ca2-d1eaf3893df4","block_type":"box","text":"conditions.","page_number":61,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"16691b2a-e58b-47c0-a276-50510245e3e2","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":61,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"aa261519-0439-432a-81fb-1042293fc586","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"f2bcc596-c3cd-4028-94f0-bc8758c08b33","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":61,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"2d52860f-e0f4-47f9-bc11-9cd35f2f2cf3","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":61,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"d8aaac49-7a76-488d-a68b-d4ef1a1e4e02","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":61,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"a514cfe2-6908-42db-84b9-213923d898ff","block_type":"box","text":"II-18","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1603074-a201-4d92-b889-a3eca52c3218","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5009c632-035b-4170-b0f6-71c2f85b9ba9","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"5a98764d-8f90-4dec-8e94-12a9739db391","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":62,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"0432d6e5-eadb-4c48-8433-e4cee08ea478","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":62,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"6c5b333d-20d4-4b24-ae76-7ce05b71d00d","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":62,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"ab0969c4-4c03-4135-995a-efbba5971304","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":62,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"260ec2f1-3dcd-4e71-8d4a-dca14ed6ea29","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":62,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"3b283fa6-50fc-440f-9b5a-70f6d0fa22a0","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":62,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"6ab17773-c876-4678-89dc-e9f34ed76f07","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":62,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"de350b6a-73ce-4ba8-b818-4554517c58de","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":62,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"45455c7a-1663-4128-a1c5-142b2b3ae16a","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":62,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"17570269-a077-4128-b76a-195aca4a5b44","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":62,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"26d3375e-eaea-4c0a-a56a-b7701d5729b7","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":62,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"c08dc1d5-369a-4799-8e8e-3205ba8325b5","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":62,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"8cd6d9d5-473d-4281-ab79-93c2338c0704","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":62,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"83fffb30-2072-43b3-98bd-5eaff9fb1c11","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"2f61f056-c055-4bdd-95ca-409bbab31add","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":62,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"21cc1b71-94d5-45a8-81c9-838ac09814dd","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":62,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"1cc56527-abb5-462d-a4b3-06a69c1ebcf8","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":62,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"d385dac4-dd1f-48bc-952c-cceb88557666","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":62,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"27401c74-9b90-472a-a6ae-7dfc930e3dfe","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":62,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"e03d1689-944f-40aa-aa5a-a9cda74ebd89","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":62,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"3c33912d-68b4-4dc4-bfe7-3052efb1f27e","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":62,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"76db25da-8af2-4211-a8a2-9b10541ccd5a","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"53d06382-bf80-4c01-9631-9321555a453f","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":62,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"cb63aab6-6074-4f93-a303-5d6926cd1efd","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":62,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"01eb3735-4e0a-43e0-aaa6-0f5394d6c560","block_type":"box","text":"cleared interest rate swaps.","page_number":62,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"35453448-5bff-4204-9683-1b290e81b2e4","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":62,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"645ad3b7-3728-4622-b8cf-00d2dcbcc2b0","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":62,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"3d88ea16-4cca-486d-b6d9-23eb55e892b2","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":62,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"a96b872f-d5c1-4542-923b-ea92d686be0e","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":62,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"3c06b543-dd6f-4ddc-802f-931cd00cbb71","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":62,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"f1f6b53f-cef1-496e-a112-235be484e5d6","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":62,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"74a9a838-51c0-465f-a9e1-2d4594d1e093","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":62,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"492a4537-4dbf-409e-9086-9ff734a88a60","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":62,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"3d7685d7-76bc-4ab1-a6f0-a4319f61ce03","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":62,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"2de02260-e373-4c40-8c3d-a7786ec3ba51","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":62,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"5c04f356-b38b-43fe-9526-2e1582151dbc","block_type":"box","text":"or variable interest rate, index or asset.","page_number":62,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"be9850bb-73c0-4c7a-8db9-389c8e28facd","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":62,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"39b7bce0-1ae2-4ccf-b5ed-140aabae73ac","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"42895f4a-8d2d-4749-841f-4063c4161f5f","block_type":"box","text":"such interest rate floor.","page_number":62,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"4a4122a5-472f-4c38-a06a-0d067645580a","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":62,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"83837b8c-dd2f-4b8e-a2be-67e27c655520","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"a18973bb-8fbb-4c9c-8c1d-19e03d60f3e9","block_type":"box","text":"such interest rate cap.","page_number":62,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"eb52df2c-1141-4cbf-8173-6b34f32215c7","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":62,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"1acae494-3885-4775-b687-ff2e805ff3f7","block_type":"box","text":"commitments to pay or receive interest,","page_number":62,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"96209e9f-f7b8-4b96-a018-8c178e2ff886","block_type":"box","text":"e.g.","page_number":62,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"117ba083-2e32-4405-9f53-ef1f1ccf3182","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":62,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"5d255f94-eec9-4534-95f9-9d7beb32ea22","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":62,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"f00abc09-fa63-42ce-a3b5-e76d8187b950","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":62,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"a2806579-361c-4553-9c2c-d66053bc74c1","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":62,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"90c13735-83c0-4597-8c0c-8bc570d185a8","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":62,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"abe43b8c-3731-4346-99df-34391eb7f072","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":62,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"d2d20d6e-7261-4d8a-b3bc-4bc897b389a2","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":62,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"5dabf5a7-8206-4c4e-a5c7-71df4a886997","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":62,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"de5a502b-c642-44fc-9246-169d80201b53","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":62,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"098df54a-5957-45c1-ad3c-31a116a5fbfe","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":62,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"e503a3c0-18eb-43ac-8bc2-e7ebed3082eb","block_type":"box","text":"II-19","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54d1d00e-3b9c-497d-ae66-31dd0c24b974","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f5e6e82-9f89-403c-af2c-f4eb0fba584f","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":63,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"9fb27b8c-7e7b-43ab-99c0-2e22d6b6f358","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":63,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"48cc5469-bf68-431f-aec7-c395a45860bc","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":63,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"c53f3ac9-cbb5-4928-932d-66dd641ecc96","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"8d0f91ce-c7b8-4a43-b48a-c09740ff60af","block_type":"box","text":"Total Return Swaps.","page_number":63,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"6aa611f8-97bd-4ec6-ac90-da4e33df4288","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":63,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"1b28ddbf-ac2a-4bb2-a37c-230a1cc8cc9c","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":63,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"4c86fde7-dabb-4235-9c4d-20e889ee472f","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":63,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"6e9a9241-4651-44a5-bc31-8c86aee60f0d","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":63,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"042f30ee-d343-46ac-8994-bdfeda2d5893","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":63,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"b8f9c4b7-e9cd-4012-b3dc-5f5da28ae39e","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":63,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"9e8a0f1c-c0d0-4a2c-9c62-d84085ac6f2d","block_type":"box","text":"“contracts for difference.”","page_number":63,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"4174a008-7104-426b-a8da-b31cf1da04bf","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":63,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"8497c6e0-6c47-4c46-8bb0-081e2dc55888","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":63,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"e2ccf3ba-18ca-46fa-94db-ab0fcf4725db","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":63,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"bb6a3750-6049-42f2-9db7-5514457ee493","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":63,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"815c35b3-367d-4b93-9431-ed05f7c321d3","block_type":"box","text":"the notional amount of the swap.","page_number":63,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"e4c4fd05-f2bf-4e0d-a7e3-e7c5a1690d89","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":63,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"2a05d58d-c179-4d5d-ba4a-154d6c8d8544","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"24cb526f-b3ee-4962-b72c-e3b4e60271d6","block_type":"box","text":"Options.","page_number":63,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"bd38b590-a269-4517-bf3d-c23ef10ced35","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":63,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"8db56f34-1934-41a6-ad67-c5d0b901f4db","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":63,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"8b0cb0c8-7595-4441-b20c-046d0f51992f","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":63,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"9cd7d19d-f696-4d58-b38a-7d72266a299f","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":63,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"94de9662-7124-4324-ad88-bab7fcb2c34c","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":63,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"adbea33c-47ab-45e8-9061-f75555a1455e","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":63,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"d8d7ee61-67e4-4777-896c-fc0de7811a73","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":63,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"fdb72ab4-0193-43df-9950-e4182c7c11c1","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":63,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"85bde6fa-5427-4539-bdab-721a943eda3e","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":63,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"cd79a391-4898-486b-8bcb-92e5cbdcbbfc","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":63,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"8166a6fb-74c0-4b7f-8606-b03a443a3d96","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":63,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"fde97c94-73ff-491c-8023-47ff36ff5957","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":63,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"b277ac7e-351e-4587-84fa-a8e964e2299c","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":63,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"95d50160-cde8-4bb1-80e2-c9cfba90cb82","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":63,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"dc60e8cb-d432-4bef-b17e-14b23392930f","block_type":"box","text":"OTC markets.","page_number":63,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"895422a0-0e4f-4718-9470-7e5a4c371639","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":63,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"9f1cd056-0032-4839-9fa1-4ab86f94febc","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":63,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"e8eb14f9-72d4-4fcf-8ab6-8ef31ad12d82","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":63,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"c25b946b-abfb-4bc4-bd2d-934d6350c6e6","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":63,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"0a8501e4-44b1-4fc3-8df6-f0ec7ed99ee4","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":63,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"6def7c22-282d-4e27-8326-91077aacbc63","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":63,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"52d29036-bf0f-4313-9df5-2da13f876b7a","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"8d3805d7-c7f0-4457-afc4-7b2fecb8f887","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":63,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"0ad61d87-d222-487f-a880-69ef6a529165","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":63,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"1ef0dfb6-bf6e-4d9f-9856-1cc31ea33ef1","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":63,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"36f5c9b1-12c0-4b17-97dd-1aed78ac6be0","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":63,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"22c4480c-0caf-4d57-b846-9dee4cd2321d","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":63,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"7dafcc0f-81c9-48f1-8219-88917c25e6c5","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":63,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"4850f36c-2ae7-44b5-9b40-4d8a161ad376","block_type":"box","text":"terms.","page_number":63,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"1e1c1b90-1501-4afc-a3f2-f9ff7a6d1743","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":63,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"adbe11f9-8fb5-46dc-975a-1afcaf12e6cd","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":63,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"52447f10-26d7-4669-87e7-e2bb78cfab2d","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":63,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"6f98dede-b72e-40ae-9a7c-19047e14b3b2","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":63,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"0b936f1b-c25c-4cc4-9def-5cfe5fbe10fd","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":63,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"679d73fa-8bfb-4654-878e-377e619de099","block_type":"box","text":"II-20","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f728de0c-ea2d-4345-b779-8b7aa56548df","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74e3d520-438b-4cbb-ae53-8a7514482fbd","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":64,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"eadd3b21-5663-4109-9e5e-501ae7489f0d","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":64,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"5e8ff110-ebb8-48e8-8825-5c179c6f1fb3","block_type":"box","text":"Call Options.","page_number":64,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"e1a9367d-fc0b-4d0e-8a35-47218f8b4759","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":64,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"7a486f39-a788-4d51-a8fb-dbca4219ab04","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":64,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"97519170-c697-4537-a2bf-9ab3383935a7","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":64,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"764574f2-21c8-4978-90e4-7f5cf9e26771","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":64,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"9b39d59b-c192-45b0-84dd-e89cd9b3da89","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":64,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"ae60fcf6-8d38-41be-b7e9-abf8ce244877","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":64,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"f847df7d-599a-40ef-920f-5435d14d406f","block_type":"box","text":"of the option.","page_number":64,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"b5577417-2f20-437a-8943-12aaea5097c2","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":64,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"54148d6e-e722-4966-a651-2ed75f318ebf","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":64,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"a373233a-d29b-4343-b035-c22cdaf424de","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":64,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"aa1fbd4c-633f-4aca-b00b-c381f88083ea","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":64,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"6f403f4f-033d-4aee-a042-7441064b353e","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":64,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"50e4d069-c323-49ed-bcdb-6a9729e26d42","block_type":"box","text":"A Fund may write (","page_number":64,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"91e9ed02-04ca-4b33-98b6-f015b13fe64c","block_type":"box","text":"i.e.","page_number":64,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"4d508d01-c5ca-4f93-9f5a-5af4b880d77b","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":64,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"726ee6ee-d187-4efe-b56f-8e2da1cce581","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":64,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"81f696fa-bd2e-4daf-a1a2-9f159ac95f78","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":64,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"8bbf642d-2358-4b00-98ea-9db7fa532a61","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":64,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"5359e5c1-1361-494b-a486-fb8049744b7d","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":64,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"c2e1a0fa-71ff-407d-a8ef-fafb389271a8","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":64,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"afc241ae-8443-4136-a984-1c8d8fe7e233","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":64,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"56975150-b5c2-4a30-94ac-a3a3255bb2fd","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":64,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"d4849cb3-4abb-4154-9d9b-b2caa19e1cfd","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":64,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"c7ce7ee1-94b2-4f58-afe5-04f76531e38f","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":64,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"1d69fb51-5962-488b-96c3-23adb8283d23","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":64,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"315947b4-5e13-4826-8bbf-91b459d49a4b","block_type":"box","text":"A Fund may write","page_number":64,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"a2c7b51d-21ff-416c-b2a4-d698e496f678","block_type":"box","text":"(i.e.","page_number":64,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"a96967c9-cbe9-415c-912e-7f9e9dea0a6c","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":64,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"27c16f10-5cad-4777-a229-160f3326b954","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":64,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"fcfe50a2-45e8-44a5-9ac2-aebcb9912acf","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":64,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"e4580b9d-a3a1-4e92-b603-69c71e811bb8","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":64,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"788182b7-7e71-4c4a-a4e1-540c0573b906","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":64,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"79820194-d453-491e-9800-220d27dd9325","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":64,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"c5227248-8870-45f4-8008-9eefde150b3b","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":64,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"071f6259-7cb9-4ea2-9386-65f83698b5ed","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":64,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"4bc90d77-bbaf-4ff3-b0d6-d19a95c14275","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":64,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"b1cf7cb9-4980-452d-b0e6-9941204d556e","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":64,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"6f09f9a2-3a7c-4af5-8db6-1cc91e576586","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":64,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"1206c394-47d8-4ed4-a32d-9ebd450d980f","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":64,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"f52228b1-2590-4f6e-80e6-211507bc8dc2","block_type":"box","text":"Put Options.","page_number":64,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"eee30a21-e6b1-4eff-a362-a94af09577e2","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":64,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"188c104e-2dbb-4fcc-ab4d-0a49bcff5eb7","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":64,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"8b3e08d2-0d32-4655-8d93-bb412f7bd19d","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":64,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"dfd2ca1d-2468-47dc-ab89-8cf6905928d7","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":64,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"cbc54a3a-2b16-40ea-9589-84d3487c82e9","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":64,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"6b886ab9-f79c-461d-b3b7-4ee2b4fe5ea0","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":64,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"7328b1c9-545a-4dfd-ba52-43f5db6fd3bb","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":64,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"83e57f2a-743c-4b31-8f19-b6361d428ae6","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":64,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"c10294d0-1179-4d64-a39c-34a06390bf8a","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":64,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"c1086187-25e0-4845-94a8-b3df66730b63","block_type":"box","text":"purchase uncovered put options.","page_number":64,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"3a549087-3201-40f5-bb3a-4f2a0939ae8c","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"8cbce799-a36b-402f-a034-fd9bfd8784df","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"f6d2a352-6e37-408f-af6c-96c2e957b9fa","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":64,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"918de46d-566b-4ff0-85d0-48837ceb666a","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":64,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"5e8b72e7-8467-4783-9911-f7e61b36db39","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"75e0b784-fae9-41fb-81c8-e1e00d3241f7","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"1dce3158-3f29-4722-a6bf-15752cecb0bf","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":64,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"1e3a0896-0c79-4013-a134-a07b9bb3b25b","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":64,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"c864c64d-70aa-41ff-9ec0-8e3ecb188900","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":64,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"b57227bb-bc13-4987-a16c-ec9658d35a9a","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":64,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"6c31fc2b-5d03-4201-9be8-fa4dd359cfeb","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":64,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"8f96a1d7-9b3a-4189-aad8-38a03cd4bd46","block_type":"box","text":"II-21","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf5e4f92-4c6e-4904-adc4-0ede97f25207","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47d1664c-6c40-4bea-8cda-3b69e93b9e5c","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":65,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"ae09dc16-42e5-4abe-bdf8-de50dc7ef2d1","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":65,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"defb04b6-c46c-4574-ad86-1c6fd792936e","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":65,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"3ad437ca-7ddb-49ed-872a-dfd809662248","block_type":"box","text":"the exercise price.","page_number":65,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"8511b6b1-22c2-47a3-a189-147c9c7e87a2","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":65,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"676a6857-2a7b-4017-a8fc-e9e7a5faed9a","block_type":"box","text":"The following information relates","page_number":65,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"57c26272-7c10-425c-9765-9c0e2d495f2c","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":65,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"b23fdcea-a5d1-4815-ba13-1312bac22b2a","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":65,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"877a550a-3059-4f9a-b02e-7aa2f0d37d14","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":65,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"a2aababd-060b-475e-bddc-8eed2f2f1ecd","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":65,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"eee89944-a1f7-4e5b-86de-4dd91619c7e9","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":65,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"26913fb6-f3fb-40b8-8355-d6c5d6f707a7","block_type":"box","text":"market in order to maintain its “cover.”","page_number":65,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"dd7d0130-cb57-4b61-88a5-3e00a0899871","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":65,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"5f34aaa8-b258-437b-96f1-aeaebd19d269","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":65,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"05e36053-7055-4a60-95a0-5b46021d9740","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":65,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"3ba068ae-8cb9-4d20-92cc-ba3adcdf3e19","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":65,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"ed79ad83-fa0c-43be-ac93-bc29f8edd133","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":65,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"75a8e00d-1953-413a-9521-1cafacda3382","block_type":"box","text":"and incur transaction costs.","page_number":65,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"31be4b98-66bd-473a-903b-14553249a4f2","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":65,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"2b2156d8-694d-43ae-91b4-27edfc8b9be7","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":65,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"37cc3c40-fdf6-46a6-b39d-5ee5df4661db","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":65,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"dd173789-5bfd-4c49-962e-c39615223773","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":65,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"d5002f4e-48c7-435e-9107-226485d20e0f","block_type":"box","text":"i.e.","page_number":65,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"e4ab31aa-85c0-4edc-badf-afae47272020","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":65,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"2743c55b-3156-4a6a-af13-5b59e87f8afb","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":65,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"ad5a620e-048d-4c09-816a-252d37be77a8","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":65,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"aa786878-bb01-413a-a9c8-94beb95b0bcd","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":65,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"102fc843-7241-415b-a6f0-c04fe2d3952b","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":65,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"b862bf86-49a6-4e08-8838-c799c64c0fc3","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":65,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"908ea21c-6ec1-41ae-9802-d5850f0384c6","block_type":"box","text":"required, to be cleared.","page_number":65,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"de368519-3f1d-4814-aa26-73bf9698918a","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":65,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"0a0a9b94-cadd-44dd-817f-4a0d1e6918f7","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":65,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"eac65d19-7391-4f9a-b64e-c8eb481a2669","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":65,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"5992884b-3091-4759-b16d-c7e1508f7eb5","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":65,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"0f94047b-a4cc-4daa-97de-911451ed9357","block_type":"box","text":"Derivatives” above.","page_number":65,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"509ad61b-b19f-4a47-b171-40112ac9b333","block_type":"box","text":"FLEX Options.","page_number":65,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"22e67654-264a-49b4-899a-894a743a53a2","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":65,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"f338c6b8-78d9-48a0-afef-5910321f1ad9","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":65,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"57bddef2-021f-478a-bf94-2f7806100253","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":65,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"0baf9b1c-f8fa-4de9-b06f-650db2775728","block_type":"box","text":"exercise prices, exercise styles (","page_number":65,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"4988067c-b9cc-44cf-bb98-4b195241ac44","block_type":"box","text":"i.e.","page_number":65,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"ada69447-1f06-491f-b4b2-378a0afc554c","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":65,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"ac1ab544-5540-4d35-b70d-e80244decc0d","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":65,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"ec3f8bf4-27f9-420c-948f-e40371baa55a","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":65,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"0ae1cab1-aec7-4865-87e7-e508ee7a8a0f","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":65,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"1b112010-eca7-4671-8fa1-c6e1b594b38e","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":65,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"036b7c06-6454-4d45-a4d0-518758ef465d","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":65,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"d04855a6-3eef-49d7-b44f-98e6aac7d01e","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":65,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"c7506423-989e-49fb-9292-32e2e777a766","block_type":"box","text":"FLEX Option’s expiration date.","page_number":65,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"7a1da87e-28af-4ab9-b94a-e203979f37ca","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":65,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"3dba1e58-f2d0-4bcc-9d33-6aa0db5c5ed3","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":65,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"1035bda1-a5cb-4ed9-8eab-637782497b78","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":65,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"5a6497ae-b452-402e-85dd-7ce55c1f7260","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":65,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c985149f-5946-41da-93b2-5d680b17015c","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":65,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"78afa826-1b54-44bf-9a4f-71818bbd952a","block_type":"box","text":"FLEX Options contracts.","page_number":65,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"05d6b8aa-6309-4d0c-bf98-4210588b3edf","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":65,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"5695d597-7db1-452f-8b40-b7929e985b72","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":65,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"64b824d2-a9d5-4bf4-a88e-4bf4256c48ca","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":65,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"42cf529a-a409-49bb-93ce-1cdcea9281fa","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":65,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"40ef253c-46f0-4da7-af64-fdc0a8b31b4c","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":65,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"d28af7dd-051c-4dcf-a229-d053063df635","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":65,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"a148dff9-703c-41c2-b885-68dbdf493237","block_type":"box","text":"II-22","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca761fa5-b2b8-4dba-87b1-ffad10a5c943","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c72ee834-da49-4138-baf8-4d3af11a9b83","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":66,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"01a03340-7bc1-4099-a4ae-ad17972b150e","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":66,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"3a71371b-dc17-4da4-824b-b03c88ee6ee9","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":66,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"ab45850c-0e2f-478a-a1ff-c11980c58058","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":66,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"89657eaa-75e9-40a9-b83f-5c6e5f0cc3db","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":66,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"3e58d716-9bd3-479e-9590-c38e446c2621","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":66,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"a10edacb-34e4-4734-905c-0af5c405d676","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":66,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"6b6bb5c3-7ebb-40af-887a-f67ff3fc347a","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":66,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"0ef08957-db97-4c27-8dca-e2af87e1754f","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":66,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"1560689d-83b9-480e-814a-f841f73924fc","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":66,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"7751e334-ca62-429e-8288-4ddb2d1cc996","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":66,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"a54d03b0-9e1e-49f6-aca5-c7e695de0efc","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":66,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"6f0ee557-e02d-4fad-81a2-33479e2068f7","block_type":"box","text":"expire unexercised have no value.","page_number":66,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"d7ec8181-844f-4475-9d48-54bd08192afa","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":66,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"bdc16b58-fd5d-4abf-9a2c-7341efaed758","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":66,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"e320d2f5-77df-4eb6-bd21-1b368c8cb687","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":66,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"27c7a51d-8d62-4242-8840-f22686df1ea1","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":66,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"f137799f-317c-4179-a3e8-b3a18a6a7e9f","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":66,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"4278b4c4-84b3-41e6-aa07-2b3e58f2acaf","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":66,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"93070641-5d75-45ff-a33d-10d1e559ad79","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":66,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"9ccab885-1414-4c76-a58d-cd33f7ea9266","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":66,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"dc629b6e-e3ce-450b-8d77-5f3f3ebe6e96","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":66,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"5e690646-95a8-41c1-9071-a7e45559412b","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":66,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"17f829fe-0971-422d-ad65-4fbf383336d1","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":66,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"1576a18f-6555-434e-9703-7e7b2742fd56","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":66,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"175fc92f-650b-4dbb-ab4f-7c5a7a371d08","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":66,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"c14656dd-f589-4e88-b1de-e8dca5c73573","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":66,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"4a78d59d-415b-4dc5-bf2a-874b4d8fa594","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":66,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"c5d52a29-da6c-4bcf-8ec1-3f2044d728a4","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":66,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"c6ae80d7-9e6c-4658-b028-074f4e93d09e","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":66,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"de622e25-72b8-4793-b70c-20eeed81408f","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":66,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"16b6a264-d350-4568-87fb-10a1ce40a4bb","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":66,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"f9850a31-eb83-4eac-949b-5e94c5e01102","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":66,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"80aa62ef-f0cb-411f-b131-bd463a802121","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":66,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"a25bef40-6db1-423d-b38a-a4f8788aad47","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":66,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"f0abda35-2b5b-4a7f-abbc-ccf6d8bf9ab7","block_type":"box","text":"Foreign Exchange Transactions.","page_number":66,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"d1fc9e4a-0590-4951-ba32-51ab959b15e5","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":66,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"3934418f-70c3-4c82-b66b-020809eeb30d","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":66,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"aa4b8c90-23de-4eaa-b6f6-55d73f58ed21","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":66,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"6e8cbc05-9205-4866-96df-e40c1a5c81a2","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":66,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"896e6239-2e7d-417c-9c9b-ca1eac50b623","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":66,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"cc78e4a7-6a1c-4f70-933c-69eced8b272d","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":66,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"4183b431-ccdb-4197-bc04-39952d23a6a7","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":66,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"d301dd1f-765d-4ec3-95c7-5c513d14e0f1","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":66,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"d52305ad-a514-4b83-a530-4c5d07b3d407","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":66,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"3accbffe-3c53-4952-85d4-46e55475253d","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":66,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"4f2a4689-ae29-44ae-9951-fd6e546fb346","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":66,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"295acabe-5a38-402d-9c01-cc36fab027da","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":66,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"0742c615-8352-45e9-9a40-c6a1bf530f54","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":66,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a698389a-5dee-444d-9ce4-5ea1bc5291d8","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":66,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"14f6e35d-f5a8-445a-a234-0f58e9dc05f2","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":66,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"29135ebc-5006-473a-aeb7-bf8f5f5490ec","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":66,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"11cad391-e870-4b2d-b571-727a384096db","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":66,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"a197af8e-301a-49a8-b864-c014b9d799ce","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":66,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"7cec808c-6f82-4663-aa1b-52a99c8dd0f1","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":66,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"258ae2cb-3c66-4bdb-90d5-edd9db1da98c","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":66,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"b9e3ed11-c884-48d7-905f-b667bd8236f6","block_type":"box","text":"II-23","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2988992f-1fa9-4e79-827f-83ba1f4d5c3a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1419581-8005-4adf-ae7c-eab42126aba7","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":67,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"9f1947fd-d837-4f2b-b85d-b3da016a06f8","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":67,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"b23fa984-af90-4870-8d52-f8b8ab571166","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":67,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"adac19a3-ac17-4817-8ce5-14954db66868","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":67,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"56800a0a-aeb5-44a4-afb1-979f2008fa92","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":67,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"29c6ffc9-3e5e-4065-a66a-2bbfef5b19aa","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":67,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"3694e317-b9c5-431f-9539-93ab1c6da573","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":67,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"20797dda-42ad-4e6c-b26e-0e84afeef137","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":67,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"26fac372-8c52-4089-9b4c-4df7e546acdb","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":67,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"06561964-c0c7-4b38-8b70-809338ccd72a","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":67,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"e13bcfec-e88e-45e4-8c53-780c9553b8d5","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":67,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"4c62632e-ee3c-4045-93ff-79de5407d6ff","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":67,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"147ef3c0-be9c-4580-a5c3-e9abdd566002","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":67,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"0139beb3-f643-43be-bb01-de07af25bcb5","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":67,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"03a24d17-1372-49b8-ba2e-6f147256e7ca","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":67,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"9b615bec-4958-47b4-a8a6-745c151c9a28","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":67,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"39040e81-2daa-4cdf-9826-c2c3f423c645","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":67,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"1425ac0c-f8fc-480a-8b77-2ff0cd295412","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":67,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"c630723e-81b9-4420-a74d-bd81ad90afcf","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":67,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"e61c95cb-031c-4b05-b03e-9c2b5ed68840","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":67,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"8894316f-3261-4d08-ac35-38b5190d71d6","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":67,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"a7ad4b19-c480-4750-bee9-8e4b937c4591","block_type":"box","text":"involved.","page_number":67,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"abb63f7e-c9e0-4405-b167-dcdf8778d317","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":67,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"8a25cb84-c232-488b-9ef4-c3d98fd42b64","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":67,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"3d97fe42-d4dc-41b1-afaf-b37088eb3776","block_type":"box","text":"denominated in such currency.","page_number":67,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"b0481219-72dd-4d80-8cdd-a99210853ad9","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":67,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"eadec0ff-8231-40d1-926f-603eb65d70c6","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":67,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"8f12b23a-d3f4-48c9-afce-871318ebc04c","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":67,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"c95e1150-804f-47df-987b-60fe41e92109","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":67,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"f269628f-1d91-472d-a1cd-c80be5af7d42","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":67,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"d330ad2e-4faf-4090-8c87-a5491436711e","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":67,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"fd921b74-5e87-4a87-8994-a428e95a4ef4","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":67,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"c517a851-1f25-46f4-99d0-316b99e637d3","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":67,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"5574457e-7dcd-49fd-aed9-d60931ab4e30","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":67,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"9581577f-1bd0-40a7-86e1-d742f36bb702","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":67,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"6c3c2744-b61e-4f60-9370-dc89b28737af","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":67,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"5c3f027c-9b31-4c8a-816d-a8b944487cc8","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":67,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"77d57d8d-7971-45d7-a7a8-45fcf2a13c46","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":67,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"eb76dc0a-afbb-4380-973a-dee142a01054","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":67,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"c49dac05-f4b3-4ed8-aacb-d206c814dc21","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":67,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"57ce3eb7-2d7c-4820-8791-40bb2ce5f999","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":67,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"0dc2b4ad-f997-4187-9964-024a04e84786","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":67,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"16562684-ce45-47d9-817e-410a5dcf1766","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":67,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"2cd8bc41-a9d3-4ebe-9473-574f7e6abd46","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":67,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"4ba98f9a-bc94-4a6e-9e5c-d710651c3d89","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":67,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"24d05ec8-2047-46e3-badf-6dbafa2f29ab","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":67,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"3870c6d0-4d75-453b-b394-397bb0cfd7cb","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":67,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"540ecbf8-96b8-4366-a71c-8530e7216109","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":67,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"60130d90-613c-4fdf-addf-d3a1e7f7a8ff","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":67,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"294e837d-5591-4151-a2bb-69f80b5bedaa","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":67,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"f1cdafdd-0b5d-4832-86ce-ee6ba071f087","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":67,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"e8854a4c-acb2-4912-9c02-2d88bc09dee0","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":67,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"32b0dabc-95d0-4e3a-a1ad-ca5cdf153a35","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":67,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"1b11c8bb-0cea-4eef-aa92-001e0d4e86c7","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":67,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"1cc28c06-9180-4e5a-9aff-22fa464a81ab","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":67,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"fb802d64-f3d6-4f4a-aa45-b686783ccf39","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":67,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"dcdc46c3-a6f5-4a23-b8fc-e11fc1493168","block_type":"box","text":"II-24","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95038134-05b6-42ad-abfe-cb8bdea88bf5","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a2ea603-5b4f-47cc-8232-e1f7ae318b27","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":68,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"4fc9fdf6-7de0-40bf-b4cc-9473f973aaee","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":68,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"6f9264ab-74c9-4fa6-bdc9-a2cd936cfccd","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":68,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"8070934b-d3d7-4904-b594-767a953df113","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":68,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"ae13f671-11f6-47f0-8cf2-99e4a0089716","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":68,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"849a4ab8-26a9-42a3-bd02-1c8f50e6555a","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":68,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"a943cb23-5232-4f3a-90a3-66e261626b3c","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":68,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"718b76af-62ed-40ef-b4c8-14f02ca01ab3","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":68,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"65d3bb44-f1d3-4a2f-a5ea-23b7e3f2f11e","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":68,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"eb6e8e7a-a02a-46fa-b66f-adb53375c6a2","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":68,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"68043194-4d42-40da-9430-220d6ed658e5","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":68,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"99d7168e-706f-42b1-bdaa-ff961c01e42f","block_type":"box","text":"traded.","page_number":68,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"122ba8f2-9dd9-4662-bd79-f546760aa88f","block_type":"box","text":"Currency Futures.","page_number":68,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"4e44c7df-1af9-4fa8-986e-73bf0e3b55f8","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"b162b8ce-6022-409f-a54b-dc830a0cba62","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":68,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"f789cde7-42d9-4a67-9b68-a1f1479f09a9","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":68,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"09637c3e-d900-4baf-8bac-a4ad1419731e","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":68,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"d7062818-c8fc-4c2d-9876-8132121b9b35","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":68,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"d1f57555-7124-4739-a6db-57a00f44f16c","block_type":"box","text":"Currency Options.","page_number":68,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"5442e6d6-ae6c-4ce0-832f-ea25f4973983","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"022950be-efaf-450f-9a2a-6c0cd8f47f44","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":68,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"0c9e8223-0a82-44fe-b574-124af2bbbb44","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":68,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"7ea0b664-e16b-4821-9e10-ed24b07d1443","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":68,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"cf6b33fc-f5c1-4ef4-8e11-c2b23a706fe7","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":68,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"94d1e6ff-1b8a-4f4e-b1b7-ab31d78b6eae","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":68,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"78b47eca-4aba-49cc-b85d-0dcb979e6042","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":68,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"db0cf253-53b8-42ef-bf96-933263ab1ae2","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":68,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"9e786c6c-f2a0-4f0e-8754-3b751d7d0cc1","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":68,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"2ed80110-5200-4b27-b646-79a99d8c7d72","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":68,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"bca96a77-be98-410f-b939-372b4aad24d4","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":68,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"fc6fa16c-dfe9-45f1-a441-bd248b32cfa0","block_type":"box","text":"Currency Swaps.","page_number":68,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"30ca7b93-6efb-44ce-8ee9-2c8b7c39956c","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":68,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"9af31f32-9546-4047-827c-cbe6f0e22a76","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":68,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"06cbc7c6-3616-4a9f-8e3a-b1e16c4fba5c","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":68,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"b8500105-cf34-4908-a4cf-667f5b8c7a20","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":68,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"e05bc73f-e60a-46be-b6a7-2097d1ea5053","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":68,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"b3f6b3d3-44c0-4b2e-afda-cd6d49e2e71e","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":68,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"b286c8a6-d923-4583-a3c9-1bb9cad3ef4b","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":68,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"1c01795e-6feb-43ca-b91f-d0dd03af1168","block_type":"box","text":"Distressed Securities.","page_number":68,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"9cf2c6f3-5736-4444-aca2-0de4dde41e4d","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":68,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"dcdd7e66-96b2-46a4-844c-b27d8c6f775c","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":68,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"1971e619-2380-4e2d-9a66-601884a5b987","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":68,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"2a9418dd-8fbb-4d78-8a1d-0304c0d3d4e0","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":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"d1a8e62e-e4ab-47f1-84a6-0c993a5de5f4","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":68,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"25cbdd77-575b-4198-bc20-0fff0c27b840","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":68,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"7df5f010-0a2f-446d-9a4e-d41cfeae9b4b","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":68,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"7d451433-8de8-47b6-9c8d-c6ed31e530e9","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":68,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"15ab324a-3c76-4ffb-a849-870340c056b7","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":68,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"105bc466-1bbc-428c-92a1-c120f69ea447","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":68,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"75d9db81-0f0d-48e3-85cc-393e24e7765d","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":68,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"b2a51007-e418-405d-b742-c70df9a02fed","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":68,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"9786a04f-9333-4c3b-bc38-d467648d63c9","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":68,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"9e0d75b6-fdb8-45c8-9006-5071b56bb62d","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":68,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"8036dd40-22f2-4167-9ab8-834b2a5cbad6","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":68,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"c5511cd3-4e6f-4cbc-900f-a9928d502ce1","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":68,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"bc2499e3-0649-47c4-bf13-05568eceb36f","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":68,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"53abe3a2-4d75-4df9-9e99-cb45ea302089","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":68,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"9d875dc7-e073-4975-b66b-83383a66108b","block_type":"box","text":"satisfied (","page_number":68,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"25e976bd-a725-4087-996c-f6ec46319c05","block_type":"box","text":"e.g.","page_number":68,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"ff070ddd-311f-4277-ae70-0629a653bed4","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":68,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"40ee66b9-4310-47bd-8e36-99ac8737c1b0","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":68,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"26e2168a-3e65-48b1-935b-b3ccf8de8416","block_type":"box","text":"II-25","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2a1e2ed-e88f-4cdb-85c4-16b3e97ee7e6","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd143b6c-ab47-44fb-9464-0ae2d810b3ee","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":69,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"7c79c916-a2f7-479c-bb01-dfdaf93ab629","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":69,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"cbafeed4-9ace-4bcc-b969-805a6c3a945d","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":69,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"57cad1e3-c202-44b0-ab28-53616af5869c","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":69,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"546ee764-caea-4395-b8e2-aed9f17b8797","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":69,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"2f4ebea9-31cd-4c37-a72b-56ec561782d2","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":69,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"d8f682ee-682e-4d58-848a-f0efa1c91dd9","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":69,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"fa3e1bab-da10-42f2-8a6f-aa62978dd462","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":69,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"cca8415b-6b0e-498e-b7b8-b15430162aba","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":69,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"18713fcf-0377-4a3a-92df-17b4b95a448b","block_type":"box","text":"affairs.","page_number":69,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"6f4c6cef-9d6d-417d-8547-dbb5f1a89797","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":69,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"4b93ae2d-5136-4708-af57-331488a6f580","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":69,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"0cb95b74-d9a9-4b35-be97-46626c853c92","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":69,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"7e08f37c-a274-4bb8-ada2-0faa32ac850e","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":69,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"43b692dc-1c68-40ad-adc1-5632ee2c9bd1","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":69,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"9d304c08-6eba-4eb1-a8ab-9e367c3cc34a","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":69,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"d4f436e0-20e4-48c3-ba8a-f5b564a39f82","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":69,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"2896a4cb-6d25-4dca-b60f-e7b800242414","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":69,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"6d7c2c7b-9648-42e9-b898-415d928dd522","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":69,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"a883eaf3-fac0-44b9-a470-3745880e4cfb","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":69,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"9615cdf1-df0a-4561-a2fb-b30501653e9d","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":69,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"5a2248f2-5ece-455e-99b6-59ed64259f8f","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":69,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"2ce74199-dea5-4af1-b2db-6b6597d0f099","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":69,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"f1191fb3-7724-4af7-9dc9-0c16dad1562a","block_type":"box","text":"Equity Securities.","page_number":69,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"250fe4db-cfee-41be-9837-cd8d5634b6ea","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":69,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"c501d5e2-e576-43b9-801a-a46b1e6a01f7","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":69,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"6c697525-4350-4c38-a1a5-7f0651c434d8","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":69,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"ea3f6323-5722-4fb7-865e-d208bd76fa58","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":69,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"c7e397c7-436d-425f-8131-30b9e5021e70","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":69,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"980f9c1c-94b0-4ee3-a39c-0e80074d10ab","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":69,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"20836b49-0810-4afb-8ff4-43e1f6c29df1","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":69,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"86f6cc23-6826-454f-b813-43d38a32a407","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":69,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"56eda818-53ba-496d-9180-3a5324497007","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":69,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"885a11eb-34b4-43af-a85d-4348e486a0a9","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":69,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"9c296242-7d88-4ead-83e1-0a1558c07129","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":69,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"d9c11760-bd72-44d2-a5f0-6d5c6c4897a8","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":69,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"6b782719-288a-44d5-9c21-25cc9746d209","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":69,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"b05a88d4-f5bb-4c0a-9fed-a27e68984a02","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":69,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"6f9e4ce3-2f0f-4904-8d22-96a9c7c936c8","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":69,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"8b978738-c5d6-4ef7-a218-540fea11b6b5","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":69,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"82fcb85b-dc01-495b-a31e-5ca5d7717cdf","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":69,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"be8f042d-7cd8-49f7-aae5-e34987fb0528","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":69,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"702f5b78-8262-4da8-adb2-d8672b792248","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":69,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"6119dbe3-6044-4933-af85-77df18281236","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":69,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"fcbd1e49-ba32-4d66-8ea0-cba478f20da7","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":69,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"d0801d2c-87f9-4258-b134-7279e6b51861","block_type":"box","text":"initial public offering.","page_number":69,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"a17ce6a8-9fb7-4571-82d0-d21f25c9edfc","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":69,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"6b58c677-a88b-4984-b617-3768e69b09ed","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":69,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"bcb4a7dd-4685-4c9d-ae02-eb81c3b4e056","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":69,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"af4b7f47-e23f-410f-917b-b6874790d043","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":69,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"3d965ce4-b962-4c99-8cfa-c68e77af3e5e","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":69,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"5a1a79a0-6daf-48c4-a1c7-b87070fae73a","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":69,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"5595648c-992d-4c69-90a4-a6f3dab2942f","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":69,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"d4ce2654-dc85-49f0-9886-770f6c01e474","block_type":"box","text":"more established companies.","page_number":69,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"365b12e2-ea1d-4d51-92e3-179a2101772c","block_type":"box","text":"II-26","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2a360ae-8ec4-4e42-955b-8a06cc941591","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac13d4f1-ac04-48c4-a9ea-e4a17591f14b","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":70,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"e4b57bcb-8927-4aee-a136-57ff41db15ff","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":70,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"0e467c61-7127-492a-bef5-438a3c89a2fb","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":70,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"6e2a3b61-2f0a-4268-a0f7-c274f6abfb6c","block_type":"box","text":"below.","page_number":70,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"5cff19a6-2e83-493e-abc4-6595f4cacd32","block_type":"box","text":"Real Estate-Related Securities.","page_number":70,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"4d7a8c85-b539-42e2-9c0d-e6c47d6f6480","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":70,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"b8e7a9ff-0534-4bf1-a999-af230a27d94a","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":70,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"f55c687a-7a10-4ed4-835a-8e8c764d2abb","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":70,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"b165a2aa-4f8d-4141-a3ea-5beda2fefdb4","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":70,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"cffa982a-b87d-4081-af7f-5e5d30c81afe","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":70,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"ef2f18ec-edf7-498f-a47d-a9fb8780242d","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":70,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"fd7993cd-47c7-4391-8e63-b8dfbf5608cb","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":70,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"d77d24fd-2d9b-4492-9030-aed0976c42dd","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":70,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"09236011-2baf-4d03-a230-e16ccba83d27","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":70,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"3e4fb4e6-1f24-4b0b-88fe-a8cfdc573cb1","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":70,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"513fd74a-d95e-4d6b-830f-a158aff98d6d","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":70,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"0a1073f2-ceac-4ea6-b247-bdd4ba10aac8","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":70,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"a3ab3aab-36c2-422c-978f-bd39f08611c0","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":70,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"260434d7-a357-4009-ab65-36104638fe3b","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":70,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"ac663346-ae67-42cb-a9a8-fa6db0d35423","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":70,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"81a55a48-0ee5-432f-b523-0e5a94ebd754","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":70,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"051bd0e1-b192-4690-9ca1-4f4e0abab8a0","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":70,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"56d62e9a-4369-4cf8-a0bf-05ca38b81e2e","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":70,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"50f32315-df6e-4463-a365-7061f0f4bfec","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":70,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"8824c932-d263-4cef-9ee4-b8887b1d273d","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":70,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"66332ddc-02cb-4be6-bab3-c8b13eb11ed6","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":70,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"8f2f9c03-729a-4977-8d3b-0f3ecbb2341f","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":70,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"f6daa594-27ab-4a7a-a322-75dbbbf404df","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":70,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"cf37c627-6d88-444c-aaa2-a190acceb132","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":70,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"cc5eec0c-9439-4857-b688-7cc29dcde8ff","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":70,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"1e96ff5b-9474-497f-a099-5450fc3a98dd","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":70,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"b824b833-1a5c-4726-9dbb-7d952e1ccf55","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":70,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"9793a76e-8395-4761-9c2d-b54a46d568ba","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":70,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"04bf19d8-38fc-45b9-b4e7-127da5a1c33b","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":70,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"72609f60-d1cc-4eef-ba11-e2fac152dfd3","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":70,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"b1f4ddaf-73d7-4f7f-ba31-112825ac2a5a","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":70,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"4f4c0a71-3635-463b-8ec3-5f558c9b1390","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":70,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"63b51f49-6bdb-4146-b15b-5e2cd1f6d021","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":70,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"332dc47c-3fd0-40a6-88bb-d72877fde911","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":70,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"5b522bc0-6af0-4410-8bad-808209ddfa5a","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":70,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"e3c19f6d-73be-4526-832b-65506b0a2e1a","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":70,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"12d8c90a-25c6-4135-87f4-a853104b2719","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":70,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"49576cb4-31b1-4b98-ad41-3b971997eb02","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":70,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"c13952d8-cf5c-44a2-a832-32a44f110837","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":70,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"727eca5b-b809-413e-a218-65cf1bae9291","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":70,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"e2036055-0c30-458e-be5a-f17e4b3056cb","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":70,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"5bfd3b4a-6d61-48e7-874b-e049924d513a","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":70,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"3cb1b7c9-eebc-4832-b5d4-23554c4adea4","block_type":"box","text":"cycles.","page_number":70,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"6dc162e9-8309-411b-8a90-73b1a1c057f8","block_type":"box","text":"Tracking Stocks","page_number":70,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"bb2106c8-2224-4306-a22d-3e359c6165b7","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":70,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"67f2e9b8-9e23-4785-a922-4d93b08357f4","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":70,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"e0f39a54-18bb-4d4c-bbf9-cfa80719c526","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":70,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"624ea5cc-2066-4490-a93b-c0a426f90903","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":70,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"76d0782a-e7fc-4d2c-8229-ccda1ef2641a","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":70,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"3f94248e-fbed-4858-8b1e-a0cb3c0f4f8c","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":70,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"215fcb05-256a-4183-96ea-b7a5cce1e14e","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":70,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"6835c480-258e-4fa0-8788-0b776c8122c7","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":70,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"8c7c9216-596f-4679-bdbe-17471bc56f59","block_type":"box","text":"II-27","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0b3ccd8-1220-461f-8ee6-c9e7bb938699","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2e96135-d3d2-44d6-89d6-9127d8e1bd9d","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":71,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"4e30fab2-a125-4357-b764-524026d9601e","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":71,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"7b153c13-1b16-41be-811d-33f83e0f48c9","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":71,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"b6e3c83a-73c8-462c-b179-fee5ecdd5962","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":71,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"6011f5a8-a958-4d8f-9983-6b529286a66e","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":71,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"1b57fcac-38d5-4001-a3d3-70ff83acb707","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":71,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"0777bc43-85f4-4b16-b7de-38be4c532438","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":71,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"1afac30a-6684-4519-9a0f-e84a2e436684","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":71,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"f5ddf98a-2e7f-45a0-968f-54639b033b6d","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":71,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"1fc8ff24-0034-4bae-9ce7-dc40a2a222f1","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":71,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"7c06ded5-82ef-45b0-9fe8-39615e7cc4e4","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":71,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"faa825c7-9de1-423c-a00d-0e4cd9b17b51","block_type":"box","text":"ETN.","page_number":71,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"966423c3-1b68-4795-92d3-70a6df7680c7","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":71,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"7cddf372-b57e-4388-9061-7e50298a50f0","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":71,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"90d94f22-4d7f-456e-a358-b7be2ae20522","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":71,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"e545f9c1-841a-42d5-b750-046e2a05c4b9","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":71,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"74fc68df-1288-4812-95b4-7cbdfbb2e8da","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":71,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"ca25b2ba-39f7-444e-8e57-a078b6786808","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":71,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"294a6092-4ccc-4bb5-a881-7c20ce2f45ce","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":71,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"ff31eb1c-08d5-4b3e-97cd-2d6c146dc380","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":71,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"5990a815-ba10-4d7d-a505-b1b2f0c643cb","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":71,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"a630da9a-0e81-4fef-ae33-6fc576aae5dc","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":71,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"99eaf39a-0a99-4b23-8422-5da6e864d772","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":71,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"349b5b7c-6830-44d8-9b4a-1cb5c43432c1","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":71,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"d0cd034d-30d8-47a9-a9b7-e1345a8da7e7","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":71,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"65db8c79-8589-44a4-98a1-7c598307bfd9","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":71,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"f55c49a5-9e00-4efd-9170-bf38887ef9a2","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":71,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"aed8c2b5-f5bc-49a3-bec1-cf79f5f442dc","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":71,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"2a7abf54-c57e-41ca-a70e-804c0c74d3db","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":71,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"d0d764d4-e570-49d9-b5ee-986afdee51ae","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":71,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"84cebcf5-79ab-4495-baec-8ad85615a960","block_type":"box","text":"Foreign Investments.","page_number":71,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"ab1e9a4c-a57c-4763-9036-f4e06f4f8d99","block_type":"box","text":"Foreign Investment Risks.","page_number":71,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"7b5d4b22-743b-44dc-a83d-5748d8ccf003","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":71,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"917138bd-042d-4014-bac5-be17411a492a","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":71,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"d66b7b6d-efe4-455e-8fbe-ac5e760694a7","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":71,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"13f7119b-2591-4114-8df9-957e1805d69c","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":71,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"ba0b49b6-de53-4d89-bc2c-e99bece68bc1","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":71,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"732128f6-35b6-428f-a186-6012871f4765","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":71,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"a44b2de3-e340-4a1e-a403-eba5c3be25c1","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":71,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"ad821d00-3020-4b99-b5f0-75afd5bb8f87","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":71,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"424d921c-ec90-4d61-add5-d173b13258b4","block_type":"box","text":"benchmark index.","page_number":71,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"bad43553-d8cd-4fe9-9cd1-34fbd07068ee","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":71,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"438d1c73-d5b5-44b7-955b-999983aa789c","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":71,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"ff41b5c8-e241-4d4c-80ce-2b7e10f3de62","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":71,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"d4ba7153-3c4c-4682-bda6-483a9e37944c","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":71,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"64e5f459-02fb-4ff0-b06c-643656f1d1dc","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":71,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"99df574a-5c8a-4933-a4b7-d5d453b3dade","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":71,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"0b551d91-561b-4e0e-8e7a-b8f6c8cdff37","block_type":"box","text":"securities and zero-coupon securities.","page_number":71,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"5ef8b92c-a34d-4675-9cf2-6b6b465294a2","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":71,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"8fd86e86-b060-45d0-b5c5-4c18efd769b4","block_type":"box","text":"taxes.","page_number":71,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"677e022d-9618-4dc6-a915-32df580265db","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":71,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"92d0fa1e-71ba-4d18-b473-e99a0aae775d","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":71,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"12997166-bd4e-4f1f-b63c-4e206b90d1d8","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":71,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"57133ea7-407d-4c9f-bcf7-887fcb74ce96","block_type":"box","text":"II-28","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"519b91d9-d7ae-4584-ae61-e61d5d39b54b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0113209-08f4-4f85-950d-7a8926214d8e","block_type":"box","text":"underlying security (","page_number":72,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"f1f062ac-39a8-444f-94c3-824ce2e5b49f","block_type":"box","text":"i.e.","page_number":72,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"767ce33c-6f0b-4de0-be7b-05dab93ec1c1","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":72,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"fed55ed9-3298-4a57-b8e9-649f5a85dc08","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":72,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"d7ee89cc-0e34-4bb4-bc5a-3298cb878ea1","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":72,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"acdd5037-be04-4743-bcc6-82b467d193b6","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":72,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"f40102f6-a715-488d-ba6f-498e456b3235","block_type":"box","text":"Foreign Market Risk.","page_number":72,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"6c394c44-7e60-4d9a-9b60-0038d2d8ba40","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":72,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"ffa707b7-3ca3-42ec-a0b9-e5489c5547a4","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":72,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"d0ca98f7-5326-428d-8e2f-c832f711007c","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":72,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"b3227b67-5e4e-46d2-ad5e-94f5e0147c87","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":72,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"2b53e714-d5cf-4361-a3a3-b4a2cf2d1c3f","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":72,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"9bd4d804-2092-4663-b38d-7679df58661e","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":72,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"1e563eb6-876f-4f56-8495-cf622c839b85","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":72,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"b5dab4e3-fb40-4642-9a25-ccd530941be7","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":72,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"8c6fbbd6-4f43-4631-8c88-e7f146cd01b0","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":72,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"d1e8998b-8791-4e4f-a032-7f43d410d1ec","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":72,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"aa5b18db-70f8-42ad-9c50-709f462cc805","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":72,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"3fe36020-6adb-47be-b659-76e0139fe6a2","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":72,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"21ce694e-159d-4682-a79e-448d9a861433","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":72,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"464b8f56-cc9e-4641-864b-6d707da44d75","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":72,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"9fd062d2-1076-4b46-b38f-3e13a84bf98a","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":72,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"021b05c0-4bba-4ea1-b378-d51a99ff1fd0","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":72,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"fc9fb5db-2fd9-4c13-a57e-41f90934b8a5","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":72,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"e5dd2474-f908-4f98-aaae-2d8841047b94","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":72,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"8ac90dd5-58c8-4e20-b57b-9c9269923e7b","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":72,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"e8434f22-8ec1-46a1-b311-2c48bbfa9d26","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":72,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"902c8f12-1063-4f98-9fbc-bd2186be5015","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":72,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"8221e289-722d-4dbd-9b8c-eb17a5e67f79","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":72,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c6403ce3-99ff-4454-8c1e-301abded0d61","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":72,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"cde8ec04-8a8f-4eb4-8d28-3cfbc1201c91","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":72,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"35eaf66a-60bb-4dbf-84c2-a2ecb2bafb7a","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":72,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"8782009a-1bba-4042-8eeb-0f78f6b9a34d","block_type":"box","text":"Fund’s operations.","page_number":72,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"0b0684f9-00bc-4906-bed4-5f2bd6cda8c9","block_type":"box","text":"Foreign Economy Risk.","page_number":72,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"273c19d0-1450-4131-b440-4446525c7da4","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":72,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"12dd06e2-5960-45dd-ac31-adb545ed19ca","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":72,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"b5588628-cd10-4303-afb4-13a5676d5710","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":72,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"3d785a0b-cbba-435e-9ef0-058f46374ad8","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":72,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"077bcc66-0492-4a63-ab40-844f96ea4e9e","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":72,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"a8f6c67e-b785-4060-be53-37ce0f66fd8f","block_type":"box","text":"measures.","page_number":72,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"c0061719-1c98-4473-b4d8-2029c265231d","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":72,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"8bf102d7-61ee-45f6-ae48-785a4ff37672","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":72,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"7fb72ad4-0f20-43fb-9ece-388344c35f01","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":72,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"2eb44085-759c-4fc8-b5d0-5a9eba5455c5","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":72,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"efedc49f-3d6d-4032-a3ba-17da32c1e60f","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":72,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"a31376d7-cfaf-45e8-9fce-548382c6011c","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":72,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"20806826-65f4-4d40-a6eb-1c72b6146e7d","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":72,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"3134972f-4751-4000-8656-dfb2526c7db0","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":72,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"1ffe6de5-67d5-481c-81c4-5ea41d7fc2c7","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":72,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"3cb30401-0aa4-4195-8a0f-2a6c7607bf70","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":72,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"1c515816-61ad-45bd-bb01-a1d7ae29e78f","block_type":"box","text":"United States or abroad.","page_number":72,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"e81b1a09-f3c3-4118-98a1-7b374ca4b59b","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":72,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"053619da-6bf6-4b91-83f8-8b2614b9ae91","block_type":"box","text":"Many foreign governments supervise and","page_number":72,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"26f9e592-cad1-49d2-bfc3-cd35bdd64d54","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":72,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"4116d0b0-e5e5-479c-9b9d-dd63da65a566","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":72,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"5c5d87f3-1659-4692-b998-7e8d05f3e3b2","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":72,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"7fee4806-202a-4c47-b43c-75da97c903c4","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":72,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"ea7398e1-05dc-4f0d-99fc-359c1b7b1cf5","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":72,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"01ad66bf-e5d8-48df-92ef-4a1d3539bbe9","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":72,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"f4f2a488-e82f-4dbe-afde-c373de96323f","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":72,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"3c379975-ce7c-473a-a265-90858a646268","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":72,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"93bca3f5-e92f-4914-a5c4-dd88c2cc766b","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":72,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"fc5782a5-4e38-429a-aed4-7e0ab8a2a2b3","block_type":"box","text":"II-29","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f6a34f0-f269-448f-b70c-9ca286d02654","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07d7db8c-0702-4ef6-8830-57c41a581466","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":73,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"fe134241-9b36-4fb6-a820-7d02c49cc507","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":73,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"310d1f15-035d-4c6a-bbb9-acde12a3090b","block_type":"box","text":"investments.","page_number":73,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"7c28336f-fcc7-42f1-9177-58aa4cdb34b6","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":73,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"a63a2fe0-203a-4bac-b157-703d07d4ba9b","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":73,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"34f9520e-7e91-424f-ac5a-1caebd2b7282","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":73,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"44dbc017-df05-45a7-a61d-090a59ec7a7e","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":73,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"c092e852-302d-4fd6-806f-1b02e700ea35","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":73,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"defad98b-4bb1-4ecb-a802-c424ae4f847b","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":73,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"a609938f-6563-46be-9dbe-9f9d6a0a3e7a","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":73,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"8e28075d-abd0-4309-b2b7-086ae788d7d8","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":73,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"b9de66f5-22e4-457d-8bda-d7112ae3d83e","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":73,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"a964feac-1512-440b-a627-cab5602afa75","block_type":"box","text":"States.","page_number":73,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"58096f32-5275-45e7-be23-94c9704dee89","block_type":"box","text":"Publicly Available Information.","page_number":73,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"695b30f8-56ff-4fe1-bc00-ad68d1e2681b","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":73,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"7afab3ce-c2fa-4dc0-b4a3-00e848ea66c3","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":73,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"279847bb-def7-4460-bb4f-f23506d27d4d","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":73,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"e92a0356-0648-4054-8717-0b92318dea37","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":73,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"9fc6dd7f-896d-41fc-a880-32abef8fd9c0","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":73,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"dcce12c8-5813-47ea-81c1-12870e46f268","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":73,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"bf911a35-89d8-42f3-85a8-36de3189d0f9","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":73,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"7bfdf61b-7ca2-4cf9-844a-9e6f3ce47c5e","block_type":"box","text":"United States.","page_number":73,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"b3e3d513-f8b9-4cb2-9a31-f02fbaa588e6","block_type":"box","text":"Settlement Risk.","page_number":73,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"d8be6f54-38c9-4429-9b01-c5cbc5ff55dc","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":73,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"38e6ad80-c380-4127-908d-50093a368d71","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":73,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"8751841c-8761-4bb9-b59d-178c392d767c","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":73,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"bd05b364-aa75-4a4e-8e9e-022d3a86d1fc","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":73,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"ff8dc312-791c-4af0-adf4-4e714c8f14d0","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":73,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"80dbd68a-1a33-4795-a71c-22f1e4de510f","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":73,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"f2dff1a3-2f1a-4bc4-b341-ee8dad2a6af6","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":73,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"861bf34e-4100-4285-833d-c169811e71a6","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":73,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"7d9bae33-423e-4369-b077-3a05487b1d83","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":73,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"33b49886-bc8b-4490-8af4-67dc7330f059","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":73,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"5d5ac695-da30-418a-842d-68ecf4c471e1","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":73,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"09634c3c-57a3-4d43-9ac7-b4f8e661105d","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":73,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"1e04c508-0e5d-4319-9739-fda0da37e52b","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":73,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"88e34d5d-1a0d-4f89-9589-32e0d97d5fa3","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":73,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"24710869-c2ef-46de-a1da-0214d785f7ad","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":73,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"7c4b8a18-a1f0-48dd-9a93-a8085a0ed1d1","block_type":"box","text":"Sovereign Debt.","page_number":73,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"1c921c53-782d-459a-86a9-14be14e87a36","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":73,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"db220797-d102-4c96-92ae-b634e33653c0","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":73,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"8bba909a-b9e0-40dd-adda-5bef45a9ccf1","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":73,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"0316b796-22fc-46cb-9fe7-c55c62dd996d","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":73,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"9328a186-58a6-436b-add6-6a373a0d1244","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":73,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"cfde6a64-2b78-4de6-98c8-0bf83f038567","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":73,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"90b3cdfd-7d5e-444d-aa9f-f1ecc20a583a","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":73,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"f9957d35-23ec-4f8f-afcd-cb552b3c940d","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":73,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"b855c761-fc32-43a4-a259-10b33372b0b5","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":73,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"91635fd6-e716-425c-b39b-0e7f5963d2c2","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":73,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"0cf58c3b-95d7-436a-8858-bd2a7ecbe76f","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":73,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"b86c76e9-415d-4d87-b1e1-00096120b085","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":73,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"8e917246-c7d8-47d6-9e6f-444c0d6c5dd0","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":73,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"a17a35cc-afd2-4a1f-84f9-bf538732fb37","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":73,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"dba8117a-3f5d-4d70-a2ad-0c5fc72d2cda","block_type":"box","text":"debt.","page_number":73,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"c318ea38-21fe-4586-bb81-0f30ccc719cd","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":73,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"0c3bc5a7-6a71-4e33-9511-788fc82aa00b","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":73,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"542d197e-b865-4884-9043-da9502e0db17","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":73,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"6d098446-4418-410e-96fe-33403e18000d","block_type":"box","text":"II-30","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a823b858-16f3-4751-916d-8d1b19e733c1","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"669d5c79-b4bc-44b5-9711-735492d75570","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":74,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"2094c4fa-9d80-4114-917d-fce3bf42e379","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":74,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"2f216e03-012e-4f07-894a-86f4358621bd","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":74,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"3e016354-3c41-4e84-a3d5-29f46a5572b2","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":74,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"c4b2d147-1d41-4f27-a24e-f046952fbce2","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":74,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"2c68b403-6600-4e2f-bcc5-2f4acd6167e9","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":74,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"d24c29be-a2ba-49b2-bed0-8d10081aff4c","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":74,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"45ab364f-fa40-4864-b915-34230fb07778","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":74,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"d3d5f616-0668-42fe-841c-45138d27b58c","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":74,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"0861ea6c-fcb6-477c-acd0-77ce14ce5446","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":74,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"be349379-f6f8-42f1-a638-69840ea65da9","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":74,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"d8c5ca24-2dbd-496e-9a42-888de215297d","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":74,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"86576bd3-65e8-4a30-bf6a-fad0055d40b2","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":74,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"1245376f-664b-4dea-8b97-f161ae091ac6","block_type":"box","text":"in the Fund’s net asset value.","page_number":74,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"143c1b1b-cc99-464b-83b2-2e1ad4feace3","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":74,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"f5549e92-941e-4502-a16e-297c299b40ca","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":74,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"8d58a187-04fb-48f0-81ab-4c23e527636e","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":74,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"d9e96bcc-b1ab-4cc2-90bb-b993cbb48334","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":74,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"7ed0b5b4-07d4-4a0b-8ddb-ad9741733565","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":74,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"e782b7b7-7f6e-4b97-9292-32a0753eacdb","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":74,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"324bacd8-143f-4695-a2c1-4da619015297","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":74,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"894656cb-f08f-48bc-bc19-431a41dffccc","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":74,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"2f8976ef-1efc-417d-969f-3ecaaf4261e4","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":74,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"afcd09ac-9c10-4bec-948b-0e52a8738e4e","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":74,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"b560582c-7656-465e-b927-883c4d67a744","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":74,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"ad50fa03-955f-41cc-8e32-ffa8555221bd","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":74,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"7dffee05-470e-44ab-8c84-9d765ee45d91","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":74,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"94768896-95fe-41a5-843e-af459763fdd8","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":74,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"8f8d5f48-05ea-4dd7-9738-f9c9b4e58f8c","block_type":"box","text":"Fund may invest.","page_number":74,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"08b1f5ef-23b8-4bab-b7d1-dd9b58ea3ba9","block_type":"box","text":"Funding Agreements.","page_number":74,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"e964b51f-7577-4d50-835b-031ff6064980","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":74,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"e586cb69-0d5f-4e55-8b06-60501a1f293f","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":74,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"20b5f419-7b82-4f8a-83e0-fd465ace59ed","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":74,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"957d727e-c492-4626-b547-93d5ce08b6a7","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":74,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"8b02e8c0-58ff-4326-b74b-c9cb63f34f97","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":74,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"f57bef70-f7e7-4e06-8d4f-c0817a581740","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":74,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"754dcfba-e58b-43b4-9bbd-3275c17e26af","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":74,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"97bfd6f6-f2db-47e3-a400-63af3b77f261","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":74,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"e87fbb75-08ac-4f9e-9f2b-ef7996ef3b02","block_type":"box","text":"Guarantees.","page_number":74,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"593074fa-f941-4471-a574-a5118471ed32","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":74,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"c4d178f7-d877-4a07-aa6d-c69a281e7202","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":74,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"1036da0f-b50e-48eb-b754-c66d12cb901f","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":74,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"dd8de0de-9b51-4dbb-8be1-aa788874c2bb","block_type":"box","text":"Illiquid Investments.","page_number":74,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"1a98f5ad-c5a9-4e20-a8ca-2e03b6c0516b","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":74,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"2e7b9555-1cde-48da-bc1b-8f9604505734","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":74,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"49f8845f-b13e-45f5-9158-393a7cf1f2f4","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":74,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"71945357-40e6-412c-9da6-b6a4050860d6","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":74,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"dd9b30a4-f46f-4457-9117-6b1c8933dd7c","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":74,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"e9d63867-0b4d-4858-bae4-994926b0aceb","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":74,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"1f1b545c-4b7b-4bcb-84c6-b1e7908ab6cf","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":74,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"99fd6293-c848-498b-bd94-049886c9daef","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":74,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"cb02b7b8-8b04-45d5-97c9-51bbf9f2eb21","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":74,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"d95f46e3-21bc-48dc-84d5-c9a79f1e6f64","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":74,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"e329168b-8b76-40ca-9fd0-205c0e93e959","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":74,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"32ffeff0-57eb-4005-8f7d-fcc3ff7ea2aa","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":74,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"d89810ae-89c1-47bf-a498-3f49ccc3ce34","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":74,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"3e269238-61e9-4208-acbb-8111762e06e4","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":74,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"ee467a6e-1b45-4b4c-b7a0-3517c4100c27","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":74,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"69f629fa-3821-4d7e-946b-b5481a60e4af","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":74,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"59acd4bd-309b-4a21-94ea-8823b12e4933","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":74,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"a9284dc7-3e3b-4100-819a-0fa201affd59","block_type":"box","text":"II-31","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d210a981-e859-46b4-9484-2b53e20a28fe","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"812b6870-cee7-41a6-98c3-6b3498b5734d","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":75,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"e34580a7-fecb-4933-aa46-66903bbcabf3","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":75,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"79f40b8c-b294-45e8-849c-00ae3a9a0379","block_type":"box","text":"Index Funds.","page_number":75,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"7fca0d2e-bb05-456e-8c81-ecb59c8f054a","block_type":"box","text":"Cash Flows; Expenses.","page_number":75,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"46eab03b-3e72-4f0a-aa8e-1f6d8bd8cf2a","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":75,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"1e5b0b1d-2e9f-4ec3-8fb4-481631e735a7","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":75,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"06ba0b03-abd3-4f7a-9c97-0eddef2c2574","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":75,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"b59f25b7-ebad-4fee-b1de-a61c71d18d82","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":75,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"ec4f52eb-a0cc-469e-b105-538f157ab92d","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":75,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"ea5b22d7-49f3-4736-9f97-c3ba317fbabb","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":75,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"fe62a62e-ccdf-40ac-8162-c762c271391e","block_type":"box","text":"(","page_number":75,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"2d57b497-0f11-486b-a52b-e4a65d83e046","block_type":"box","text":"e.g.","page_number":75,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"0f349319-2f3d-4440-a434-aae6a2424cfb","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":75,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"0e0b0dc1-0b64-4245-ae2c-535749cd854e","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":75,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"0d96db11-2b17-4fc1-a920-e4ecbd1d8441","block_type":"box","text":"par ticular security as an investment.","page_number":75,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"07ffd030-01bd-4ce5-aa27-000100ae5fd2","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"198057e3-549f-43b0-bf3c-08b4971b45d1","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":75,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"9affff19-8dee-47ec-8cd4-144bbfbc3124","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":75,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"20afaefc-25fe-4a72-bac6-863b0fcf953a","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":75,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"bd1d6004-2986-42c8-a56d-4c131c423042","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":75,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"ac60b379-3482-4a1f-bd64-e7f10eb7e04f","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":75,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"17d750fe-f3a6-4b05-a7fb-d356d028cfbf","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":75,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"08d1f1a5-b958-4587-9df4-b8b55e5c6c8a","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":75,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"251e875d-0c53-4d06-b45a-3f78b718036d","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":75,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"5264ff4f-0bce-45ec-a0e1-c6cb853df218","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":75,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"d12a2bef-2ebc-4cf7-a235-43db55f652fa","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":75,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"7ea2ad83-267b-4f7a-b782-d0b76beef401","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":75,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"efd00bc1-c92f-4cff-b8f5-28f84760c64d","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":75,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"ac424f44-95ad-4b40-9309-8a3d443aca06","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":75,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"225e402c-eeff-4017-9a50-7fec9bb5c286","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":75,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"11395f9c-0c17-4dc7-a19a-2a9b376b7126","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":75,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"90598be4-129d-467d-9dcc-a0270eb9a155","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":75,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"ce4fce8c-332f-4ec7-bfd1-0400a1564d25","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":75,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"87e182af-a422-4cce-8c68-102f19521557","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":75,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"8a75a1f0-fab4-4744-a703-4c0d3b7c1ebe","block_type":"box","text":"the rebalancing of its index. 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Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":77,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"75f14dcb-518e-483c-a79c-07bd08b79840","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":77,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"58101c63-c141-4938-9e4a-a70f4d5e7d94","block_type":"box","text":"ICE BofA Indexes.","page_number":77,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"66296f6c-dcf8-460d-90ac-96f936d67486","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":77,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"8bd133de-793f-4355-b2fd-501757260e51","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":77,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"68e98bf5-76ec-4024-9716-c3252c3985a8","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":77,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"7e849728-d46c-4d5f-960c-ad3efc2aaa1c","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":77,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"0b66bd9e-b46f-43de-a57a-5d25aa25bcde","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":77,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"0a1cfff4-4855-40d3-813b-6997e1696546","block_type":"box","text":"completeness, or otherwise.","page_number":77,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"ba60d56f-5367-47c6-a614-3bca64a14fad","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":77,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"119a1494-f2d9-4b32-94a5-8281d0426636","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":77,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"c5880d25-235f-4ee9-acf2-4fc6d5cde814","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":77,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"f315afe2-fff1-4f49-b93e-81144776c3ea","block_type":"box","text":"Indexed and Inverse Securities.","page_number":77,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"4fa0d78e-0350-4e8d-a9ea-406eaf533b09","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":77,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"f597707f-ccc6-4d6b-847e-860a4a730e5a","block_type":"box","text":"par ticular index of value or interest rates. 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To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":77,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"de9fd648-6f77-4fa0-a044-75a84619b22c","block_type":"box","text":"be subject to risk with respect to the value of the par ticular index: that is, if the value of the index falls, the value of","page_number":77,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"4bec6e98-d3c2-4e3b-acda-df025c37f096","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on cer tain securities may also be","page_number":77,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"1c2d3458-596e-4938-9593-440859250504","block_type":"box","text":"based on relative changes among par ticular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":77,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"331429cb-f4fc-4c0e-a1a4-146346b62f29","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":77,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"8b1090e0-803a-4a4c-9319-b98ec22a03ed","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":77,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"a2b4c1c4-9473-40a4-b629-5ec2339c1f00","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":77,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"54074001-fe35-4fab-b036-8db5e214f8bf","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":77,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"201bfddf-ed34-4671-a27c-49918b2eb188","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":77,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"01c62261-99cd-4fc8-8ada-1acca64552ac","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":77,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"44f3d533-dbd7-48e9-ab8c-f6bcc999be73","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":77,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"61c178b2-f608-4fa0-a02c-219bf61de651","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":77,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"578071d7-6578-4bfc-80e9-f1f3a4ca70fd","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":77,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"cb24d969-f5c0-464a-8cbd-827ebc08fc55","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":77,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"e54d1eb9-a681-42c2-86fe-f8f99d951bbc","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":77,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"0e8b5099-a475-4493-8e02-ecfba93aac66","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":77,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"5b95b9ce-7592-46de-a2db-53150933f676","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":77,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"f51952c8-def2-4578-9075-6f3007c9a108","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":77,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"42c3fd2a-ead5-47d1-b6a0-20f015a853f8","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":77,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"39d41399-2162-411a-8e97-68dce7741caa","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":77,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"6ced36ce-ea3c-4943-b77b-b2ae3282991f","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":77,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"80badd3b-d641-4826-a56d-862dd5c95c1e","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":77,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"41bcfac7-c6be-4d9c-92c8-2280bbd017ae","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":77,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"a7629917-2af8-40cc-8355-c3ba3f35ec2a","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":77,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"91ac82a4-6f48-4a1c-bd64-97b387cb615d","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":77,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"5d019ae4-25c0-4c2e-aa55-9c7221eec2f4","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":77,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"fac45df2-d8a5-4ead-b061-43b6d26db83f","block_type":"box","text":"Inflation Risk.","page_number":77,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"1118541d-9aac-45eb-8216-0ec4d2517469","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":77,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"68f77931-a3a7-458c-858e-f4c60746752a","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":77,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"be435f0e-ce8f-48ef-8f07-8f52a2de5448","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":77,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"599f10db-da6b-4585-ad2f-45d379094636","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":77,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"dda02916-12d2-4896-ad29-3e89de3c669f","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":77,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"2240a48b-3bc4-4f1b-a946-d16aa02004ff","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":77,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"c6c6a329-6928-47a3-bb9c-7ad5057b5630","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":77,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"3c6b014c-497e-4f17-bab8-c417b27558f9","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":77,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"0c9c4cfd-b98a-447c-9331-95d14b55d857","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":77,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"f4e1bae6-c4a9-4218-b3c5-0db457d5f1d0","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":77,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"97119a64-b37a-416a-bbf9-5bd8f81655ef","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":77,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"13f60f3c-bea0-4603-b63b-4038bcd9a6c5","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":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"05c01a1c-9fd4-4843-8981-e3fb5940cd54","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":77,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"34304c61-a515-442e-9aaa-372a6318219c","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":77,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"f0597374-5b7d-4318-8262-a5baf6350e9c","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":77,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"2b9270c6-47d1-4bb1-988d-03ee8bdf79c1","block_type":"box","text":"II-34","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a7120f49-1551-4959-b050-a94fa7b29e5d","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b648e8b-8613-4ebc-8272-a90dd93eabdf","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":78,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"a0e0ecef-001f-4a7d-8ee3-896595784f3f","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":78,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"41a86069-f750-45d9-b589-4e7ca05d8e6d","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":78,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"38541704-dd0e-4be1-9591-8518a32c4bdf","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":78,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"dcb8c61a-451e-49be-bcde-5ce73da42ed5","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":78,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"87ed4588-87c0-49dd-a117-d95ed93491f4","block_type":"box","text":"be available for very limited periods.","page_number":78,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"6b8c975f-1db1-4b7d-93fa-76a2758b28f1","block_type":"box","text":"Investment in Emerging Markets.","page_number":78,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"be87a91a-60cb-4c7a-a465-673530a74502","block_type":"box","text":"General.","page_number":78,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"fb4971ac-8e76-4e9c-9662-ed4ee4aaba72","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":78,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"fc2a425f-bec9-45a0-abca-28d90b6afdf8","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":78,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"bb134e99-a928-431c-8ee7-9dfed21752c0","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":78,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"2181ea43-bdec-4feb-9767-c0121bb308ac","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":78,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"bb7f55c0-d04d-4869-8a7e-aae8c93f240e","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":78,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"c2b11327-5956-4650-8bef-b3b4cf465f7a","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":78,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"0b3b5dc3-3aa8-4b13-9ba6-c2b4384a063a","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":78,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"9aaa7fd0-d39b-449f-8581-02e6d96b9436","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":78,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"7f5cb652-abd0-48dc-ab15-31ee22b64c0e","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":78,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"52a10801-5f74-4104-97dc-4b961906e5ca","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":78,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"662fe3d6-d2dd-4460-9874-c67d963a6202","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":78,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"e6a0c277-84e1-4063-b558-b668c55eb295","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":78,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"6e12f7e1-80b9-4805-90ed-60ce497d9e1f","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":78,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"10d09d17-0a89-4280-b73c-8bf5096afbb7","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":78,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"64aeb224-f58f-4909-a58b-6e1782fe8539","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":78,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"e729d20d-9906-4b47-8669-e461ad124879","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":78,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"ceeb5013-32da-43dc-bedc-62427fa6f9a4","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":78,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"04580e52-cc29-4429-8584-781cfb534429","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":78,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"a2389839-7ffe-4604-8c06-080cc4e1aa46","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":78,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"80e328d4-f6c5-4c1b-8814-42463314d5ab","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":78,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"6ecbd3d5-bb8e-423d-9671-3b3e54d982cc","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":78,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"5a9619d6-076b-4ae1-8a1f-62446981dab5","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":78,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"4a2b9a70-dec0-4f13-aff5-3449bee50dd1","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":78,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"84372d94-2957-4985-8fd2-481d68cf5395","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":78,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"ad689096-c013-4d5a-9279-f028792309a8","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":78,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"bf53978f-4d50-433c-ac03-551f0174dd81","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":78,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"cd5db373-c503-4dd6-a900-603a348ad15b","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":78,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"c0f1d075-25c5-422f-9eff-7d9f1ca6031a","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":78,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"2a1f5a1d-8f2a-4292-b5a3-886765d3f8e8","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":78,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"75ff6d08-7ee3-4f1f-bd03-08bf85ca0cf5","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":78,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"e91acb91-903e-4938-85e3-f4cbe803040c","block_type":"box","text":"volatile than investments in more established markets.","page_number":78,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"5458e367-7934-4fb2-8387-13a3ce2bf14f","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":78,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"9d7f95a4-cad4-4a2e-8302-67328900a37d","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":78,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"52448f87-bfc6-44d6-8757-1447d8c659c7","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":78,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"4f7f4558-f9ea-4f77-bfeb-ddd17579d32e","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":78,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"c4ea9513-3ae1-4ddb-a53f-f03801e991e9","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":78,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"9a4fe76b-d903-4208-82f4-29907d56f5aa","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":78,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"d2f46694-9b90-4235-b27c-07870f5164c5","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":78,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"b971fb2b-8471-4f57-87ec-d47a334464b7","block_type":"box","text":"acquisition or disposal of securities.","page_number":78,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"f8c7560f-48d6-466c-9ca9-cb2a0fb46fe2","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":78,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"9ed7e943-fb07-438f-bafc-9319708e1c1e","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":78,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"153672fa-8fb5-4338-af5d-8bef603b224f","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":78,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"7406dce3-4e2c-4f7b-8da7-6b6276143971","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":78,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"0a0da15b-a2ec-4f7f-80c8-5468242307e2","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":78,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"e6b2d528-8b73-40b5-ba6a-1a3bea04630e","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":78,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"bd161b81-e279-4e38-ab29-490774175f59","block_type":"box","text":"II-35","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a303c546-e1af-4a0e-89dc-7a9b72926dc8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27b6311e-8e7c-4e9b-bf93-f6a566b8fe77","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":79,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"b3a2e4b5-7724-48a1-af34-b24b10c4ab7c","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":79,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"8eed47bd-8e77-47dd-b4b1-e88fe4466269","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":79,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"e0eaf21c-3520-4e20-af47-558ed9cac925","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":79,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"53444594-86c2-47bb-86bb-70acdd9948f0","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":79,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"92fb7a13-4618-403c-94cb-a82f86378c34","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":79,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"ad521ef5-01ba-4ae8-a40e-6a70a8cfa5fd","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":79,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"a1548d19-c5a3-41e7-8a06-a30b43f2cf0e","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"b60380dd-0997-4211-99c2-5ef6c60d82b8","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":79,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"d06ad585-43da-4843-8655-550632af77c8","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":79,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"24a61270-2673-4c0e-a0c7-e79a04628806","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":79,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"f6fb17a4-0597-476d-9ed1-55710c024f62","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":79,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"32b1a4c7-7195-42c2-93f5-d2884fb8bb38","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":79,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"4a754cf8-985c-434d-89da-fb927427d7c3","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":79,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"ab8fc428-50a1-47b5-93e8-f71affcb931e","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":79,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"75f75f78-5e7c-494f-8cd2-f635ceb6bb1f","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":79,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"f41bb7c3-a8d3-470a-8bb9-720926887a62","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":79,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"a6d5f419-bdf4-41d0-92e0-919628f223ee","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":79,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"5cde70c3-c2c9-4347-b121-cb85dc97cccb","block_type":"box","text":"per formance of the Fund.","page_number":79,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"61aa865f-df0e-43fb-af55-c7975f6a4832","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":79,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"49865a6c-7dea-4318-8f75-4931007f8e7a","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":79,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"3ca60fb3-a4bb-40ab-9f94-52216dbaba29","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":79,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"68167cbe-5aa5-40ec-b8f6-0b9c493b4e74","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":79,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"df12fb4c-ae83-4129-b041-30c249d5d190","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":79,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"71edf5f9-3b69-466d-8f12-c0f22920eab2","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":79,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"51304279-5b8a-49f6-a9b6-2be7312315a5","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":79,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"5fb73349-90a1-486f-af99-3187e60fc8b1","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":79,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"65be44ff-43d7-4675-a83a-23c37bffefda","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":79,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"798d1545-3914-473b-b8ba-42ec1054d349","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":79,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"7ce3416a-253b-4909-9559-e1a0d344cb80","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":79,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"d864b889-5769-43ee-bf79-5e31a11a135b","block_type":"box","text":"affected by a variety of factors.","page_number":79,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"ab24f833-8a72-4c38-b74d-39bb1a551222","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":79,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"9496b618-7e2e-42d1-a43d-e2b56fa998d6","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":79,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"b3b3eb29-11d1-412a-a3f8-a62047d85be9","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":79,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"69f181d1-b771-4605-845b-c9caeb1faf1c","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":79,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"ce663225-a535-4e96-ba01-7ce50bbe702d","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":79,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"83248a25-2816-4a18-9c2f-dbaccdcaa0de","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":79,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"faabbc45-bd05-4413-92a8-332d1fcff2eb","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":79,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"a1fd010f-0b54-483f-a6e6-b83c6271849e","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":79,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"34d1aeb8-16f5-4d13-afdd-13b8a1b1ae72","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":79,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"ea00827b-014d-4ea0-aed8-42a1d136b649","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":79,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"89ca9d50-9048-4b84-ae70-1edd8da33efc","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":79,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"2eb3f2d2-cd4d-44be-bd9c-5b39aadb9af2","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":79,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"7e3dc96c-5388-4d6a-866e-30f1244a9e01","block_type":"box","text":"nations.","page_number":79,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"63bb67a9-ddcd-4804-a349-ebf3f0871317","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":79,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"3fab71ff-fb4f-417f-956b-becf94bb0955","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":79,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"a8b1df3d-de6c-427c-9593-5c02d1745f5f","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":79,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"17323e79-c28e-4455-b36b-f7b50d0ec464","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":79,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"b52f4173-63c0-44f9-9428-8165ca80b511","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":79,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"69234b8a-59f8-494b-acc3-9b9576c5bfc8","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":79,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"6acf1bbd-9f4d-4ba3-9120-4f3267dab1e5","block_type":"box","text":"market Asia-Pacific companies.","page_number":79,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"cd83966e-1eec-4876-aa6d-231596ad2911","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":79,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"4cfdfa16-f659-4988-9a8a-6e185f65edbf","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":79,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"e954075a-5ba1-4fc2-8e99-5a2a4b227b36","block_type":"box","text":"services for such securities outside such countries.","page_number":79,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"1c2ca4a3-e011-4714-bfa2-8695a8c88deb","block_type":"box","text":"II-36","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91e39303-6a62-4356-82c7-7338b9d1b1ae","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b9f1728-9012-4a2a-a241-198543474e7a","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":80,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"2d4c4d19-acd1-4295-b8c6-b9138ab90f1e","block_type":"box","text":"to commercial banks and foreign governments.","page_number":80,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"f28bf19a-fe2f-4e6b-b7d2-29295e2cb5ac","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":80,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"ac483a6a-2b7e-42f6-ad3e-78e7eb0ffc72","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":80,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"86c91605-8eda-414a-96bb-4acf4838d5de","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":80,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"54a837e2-1db0-4691-b010-c7faf6f72a00","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":80,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"318c3cac-fbe2-4d49-b88c-3772d02f5a0e","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":80,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"65b6cd57-cb42-4c47-954a-57cd91cdb1dd","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":80,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"e3d24b39-78b5-4996-a9de-5bad3c6587f1","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"f09444af-4487-4563-9de4-d821e4246b0f","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":80,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"1be7198e-6f3e-42e6-b654-a5ea7994bb9d","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":80,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"e5e95682-462f-4af5-95cb-0057298a4f4e","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":80,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"9def5451-f1e7-42bb-b057-e7d21912efd7","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":80,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"5e122551-8c59-441c-91ff-cb1cc8db4e8e","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":80,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"ed96190d-cfc5-4a6f-8521-3a2ca1b1bfe5","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":80,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"f391122a-ba37-4b5e-a262-fa5288e40252","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":80,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"761b2bbf-912a-473d-b276-8a6e58db8daf","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":80,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"2577ef33-0c7c-4e04-bbba-003dbc09d022","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":80,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"48019497-62b1-4862-be96-8326613d1b27","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":80,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"d3923b4f-d68f-4177-9715-22f33f0abc15","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":80,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"285b97bb-034a-467e-ba98-c5b263d91b44","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":80,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"14e451ed-e53a-47b6-a116-216b8615f641","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":80,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"5d1fd6f0-791a-43ae-8594-9b3d5bb67066","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":80,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"62506b8b-718e-4dd6-8010-a1938565c8f7","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":80,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"5fb8a43a-e6b9-417f-9d68-5d13d04c6dc7","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":80,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"8dea6409-86ae-4987-ae92-13110d50f1c8","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":80,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"226b400b-61f1-4253-b1b5-a99eb8325a31","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":80,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"7400277c-0d3c-467c-bccd-efd38d41b081","block_type":"box","text":"investment at that time.","page_number":80,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"fbfc8b4b-cd40-4a58-9c7d-dbe9bf7a9491","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":80,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"40c9468d-2e00-41ad-a99e-6727a168fb88","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":80,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"870d0973-4164-4444-9ae7-49cd9b0dca84","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":80,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"35e69caa-6d7f-411b-a578-699686c22cb9","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":80,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"bc4d36eb-5c2f-4c69-ac1f-edf60697bb23","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":80,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"abf6ac68-19b5-4849-8638-e0a9836505f5","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":80,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"689460dd-8a2a-4d01-b0ce-264aa7529b9a","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":80,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"92562f46-6f05-450a-82dc-80c286efd947","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":80,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"4a7736a6-4292-4b3a-ac00-31f79645dc19","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":80,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"e0a68e52-5ba6-43b5-b20a-c542f80adcfa","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":80,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"69b1ec42-bffe-4118-8cbb-6d57628d3816","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":80,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"29115de2-8fef-4608-9103-f009d05b6340","block_type":"box","text":"government).","page_number":80,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"db7aac1d-7f48-4f8d-818d-64d9d4e5a028","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":80,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"ef02a672-903c-4528-8ca4-0f2c30bdb4f3","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":80,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"8f07f05c-2064-416e-abc8-1796fea1d338","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":80,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"133b0fbc-0038-4cbe-8cd3-1034a0b4637f","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":80,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"d8396ac8-b491-499f-9881-9b52fedc81e7","block_type":"box","text":"foreign banks and other financial institutions.","page_number":80,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"319649fb-2e43-4948-9753-5be6fc488399","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":80,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"e1c30b6e-7692-4dc6-a393-a1f5e9deca6b","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":80,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"f5644a3f-8278-4e06-ade0-538396bccff6","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":80,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"a20e568d-2818-4315-a58e-251ec4c71cef","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":80,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"6ff17ab5-6dca-4d23-a8c1-c9f074aee980","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":80,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"ebf08519-d480-4327-85cd-e8127de9dbd7","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":80,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"c78b8c4f-8071-4c92-b2f7-049756c7c462","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":80,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"9971c3e9-7078-4a64-a985-33b47df6a8d8","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":80,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"ce31f35c-d1c5-444b-a213-4ecee2cc9614","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":80,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"2a276e09-57cf-4a57-9064-68194b68dc39","block_type":"box","text":"II-37","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d5f773d-10a3-4620-8063-aa948b47eb38","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3553a55-fcab-4276-9caf-12f16770b733","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":81,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"f8d938a8-6fc2-4b7b-b2d3-63d7e91e1ef8","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":81,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"ae687f68-60fa-42a8-b230-cc24e434c7e4","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":81,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"8cf9b986-a9c0-4fda-a211-3a54261ec12a","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":81,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"c4f44ca0-aef9-41c7-b4fa-46150560596e","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":81,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"14e3787a-06b3-477d-8840-f59c2792d593","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":81,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"d89d668b-fefa-40d6-a6f3-1cc90ffb93da","block_type":"box","text":"foreign securities.","page_number":81,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"d998d6f0-9e7d-4d6b-a0e8-b586936d6d56","block_type":"box","text":"Risks of Investments in Russia.","page_number":81,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"b46e0312-c183-4b61-9706-216f89d1308e","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":81,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"82630497-dfa4-4ee7-918d-f3c53088c80a","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":81,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"5b584c4a-ff8b-42c2-97b3-fc77d395d574","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":81,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"3a9dc035-ebf8-4bc6-ac73-2aa64c3e6c3e","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":81,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"7a0a972e-f7e6-4837-80d1-aafc49bb0f80","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":81,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"b335734e-7c67-43cd-8ea4-85d77aaadc4a","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":81,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"94b5f81b-6352-4d54-a96d-af40c674f145","block_type":"box","text":"developed markets.","page_number":81,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"a7bab97e-1675-40c7-850a-2804b41d4385","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":81,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"a691a986-e8de-419d-8d13-d91a1d7b3a74","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":81,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"efcaa6d0-797b-4784-9592-c89f45327945","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":81,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"e6992dab-e5f3-4402-9d78-68a73e333a4c","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":81,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"05d0fb1b-40d3-4b75-9091-50e8db786ce1","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":81,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"93a92fd7-9880-419f-b065-7b4155e3a1c1","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":81,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"aa7a2582-0af0-40f3-a2e5-8a21bbd1ccf9","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":81,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"8939eeae-b99e-48b8-a426-232377f48c63","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":81,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"8eceaaf7-6f66-4b26-8657-a3ce3339e2e5","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":81,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"dd80a04a-e4a5-45f6-aff3-0a4e31461d38","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":81,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"c89f71b1-799d-4495-8097-413ceb507281","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":81,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"e477d108-ce14-4ae1-9082-bd493e4784b8","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":81,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"9be90d0b-36c3-4b11-9422-ddb8bbc768eb","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":81,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"0fe46d75-aa52-4d27-aaa1-8f00128a2730","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":81,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"f1e8b234-f872-4d49-9557-cfe8c929fac3","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":81,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"82f8339e-19e3-4c96-9d37-c4ce57c0a240","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":81,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"5a8cbe1b-8225-45ed-9ab9-958cd1d4b899","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":81,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"19dcc99a-6814-456b-b48a-80ee98281c92","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":81,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"10aef441-c5f9-4dc3-ad15-59f455cc093b","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":81,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"257da70e-02bc-4946-b20d-d739c36beaa0","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":81,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"17d73bee-9e04-40f2-9744-b73515697277","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":81,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"c5ea8c3c-5e4b-4a71-b950-b5e4253cb203","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":81,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"3797b1a8-35f0-4d58-a3a7-6d59ed3e0bd1","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":81,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"08f2ad0f-672f-4b15-bd33-c5575daa1368","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":81,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"fd765d0a-6862-4632-8320-98a7f1c7f0db","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":81,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"47103fe4-cf8a-409d-b15e-5ee518db3832","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":81,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"43e55431-d275-461f-bc6c-9679e28151fa","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":81,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"84a72edd-d2d2-4a44-887a-c7e16fb9a170","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":81,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"1fc9f71e-b0bc-4724-a442-8896556059de","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":81,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"97eaa6df-d8d6-4c1c-a92e-8739b985dbdf","block_type":"box","text":"sectors globally.","page_number":81,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"e190c8e5-9bb8-4671-864f-ccbc5f940f1c","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":81,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"e3f1f6fe-97f3-4900-a2fb-c4018b0bb27c","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":81,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"0adb6a40-aaef-4cd9-8756-a77a52a64e9f","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":81,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"c3f1577a-0f18-4187-a215-447be8b8dda5","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":81,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"cc52b1d6-3143-411e-9bac-f08acc692017","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":81,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"1ebc8547-e320-45f1-a7d3-a4732c7c1723","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":81,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"a440c4c4-1be7-47df-a3b2-74440942ac19","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":81,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"1e651076-aa7d-4de4-ab68-ce2fa15e4295","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":81,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"70489cb2-76d1-4e7d-b0ea-42a9764858ab","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":81,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"02171d99-3630-4540-8c6b-638f320c91ad","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":81,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"c82a0c33-cd6d-4055-a584-0a8fd83b2f4d","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":81,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"57b77233-9eab-4fc6-b6d2-6331edbd8a0f","block_type":"box","text":"II-38","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1cd19e02-d18f-442a-b2bf-82829a69608a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c894c37-9539-4d89-9fc8-b889e35c99df","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":82,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"6e762a50-a852-4f75-b888-44d9ec3fdf95","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":82,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"d9950ea3-d38e-44d0-b061-f3b9c33d4a88","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":82,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"54420c52-6e61-48fc-b117-361e0717c262","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":82,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"b0c490d7-0a19-4e6b-9dc4-804c3d7158c2","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":82,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"e73d7625-9b0b-48cc-8a31-bda31b1f8a38","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":82,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"6b2c6726-2ba2-4926-9064-d69da8577f8f","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":82,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"8384ec48-a25f-4ec1-a0cb-b3a640d98907","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":82,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"fdae74ce-96d4-4b6f-b0df-9f3fe4fdea7e","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":82,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"01fcbc48-26ec-48c6-8836-e28689524657","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":82,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"62384a6b-d2d3-41d1-bbc6-3d42005f861f","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":82,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"b2598438-c54e-4241-bde9-253a49056233","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":82,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"ffa008e0-08e3-4f50-94ae-6733d70a8f7c","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":82,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"e476fab1-7ec4-4820-84ce-b71b8730fe82","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":82,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"a6650a11-a2b6-49c7-af23-588b6895be7c","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":82,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"dfdca37b-9cc0-4089-958d-33eed51cc0f7","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":82,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"04daec6c-f9db-4c44-a4f0-a3798cb066b6","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":82,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"9185eed3-2692-48d1-bbac-79d594e9c279","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":82,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"218b8ad8-c085-4231-971a-ba812afdfe0c","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":82,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"433975d4-7ed1-4739-b4c1-c62281ac34f0","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":82,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"473b8a63-be79-48f4-8b64-b343c53adba6","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":82,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"3552e9ae-0f51-422f-bce5-ec6f6c0ca471","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":82,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"678af2fc-f7fc-45b3-86c8-c4b579902c11","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":82,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"8791584c-57b4-4a3c-af9b-095968ca0504","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":82,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"37c9bb48-d6ff-4854-b517-532224717b13","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":82,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"3aaca9a0-7cdd-4c2e-9f25-6125bd7e8c9b","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":82,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"67465267-339c-4322-82aa-b1825422801e","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":82,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"bd58a2f5-34be-4c77-8d38-84179489a58b","block_type":"box","text":"impacted.","page_number":82,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"dfec53b5-703f-43ca-a072-4469025e1576","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":82,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"ef11d7e2-bf45-4460-acc7-761a24a09515","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":82,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"4923783f-e980-4631-afdd-d1b3357d64d3","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":82,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"7809ab1c-2079-4c20-b606-f12debfe2ca2","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":82,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"07bafa54-3e26-429c-953e-af4648cf0b88","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":82,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"802dc3fc-97d5-4069-94e2-ebf69fdeac90","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":82,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"abf7eaf8-ef00-4ea3-bbd8-5cd51373725b","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":82,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"979e4d25-ec8c-4c8b-a030-c79f680558e2","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":82,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"9cc3ce1d-6b50-480d-8b6c-6824588d768a","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":82,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"40c375f5-fbe0-422e-b704-a641b43e3856","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":82,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"da023877-9a81-4505-8e41-88a9d18b5c54","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":82,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"018d002d-86ad-42f3-81b7-b98244a550db","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":82,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"aadeac84-dc32-4971-a94b-1096ed65e111","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":82,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"e92b27d0-24b4-4e11-99b0-4f5b5c9499f6","block_type":"box","text":"economy.","page_number":82,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"7f707197-1c59-4ef4-8d7d-4fbeb74e9309","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":82,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"a3870825-8d91-4567-b1ad-8409d7c7085a","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":82,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"20965397-5ab1-4c04-a8b1-d92d7d4669af","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":82,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"711cf3cb-b705-4fdc-89a0-024fc9d35df3","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":82,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"e5d4135d-4474-460f-8c97-33a6379575b3","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":82,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"eeb91b62-7523-4882-b1c8-8c8cb0ce97f1","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":82,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"2c0ae23c-7713-47f2-98de-9657b34abe62","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":82,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"0c1ac8cd-74ce-46f7-8f35-9af720ef2358","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":82,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"68d8d653-965d-49ed-8498-d7c0c204c908","block_type":"box","text":"typically the case for investment managers.","page_number":82,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"9ebdc5eb-a321-440b-8819-4afacd0fb199","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":82,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"9434c0d0-d52f-4fe5-a025-5dd0187a9e98","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":82,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"b88688fd-2f7f-49b9-ab72-659f042951d8","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":82,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"a7497eaf-7f69-4c6a-a0d6-60fd2d08d095","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":82,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"2388a9c9-0ef0-46d4-96cb-e7fab057b2d3","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":82,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"71947980-5abe-4400-877b-e4c33bac2a74","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":82,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"b7bc7772-4dc6-49cb-a17f-111f662fb7ab","block_type":"box","text":"II-39","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b9e9d1d1-19a7-47d1-b9b4-98ce55502b2e","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da31cbba-8ab2-4447-95af-c5fd441fedae","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":83,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"201d5bb2-e693-428e-96cb-1d583d672f8a","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":83,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"3be98f3a-03ba-4a37-9362-86cf608741eb","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":83,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"f24a32cd-1b20-4dd9-8c5c-3138664b13cd","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":83,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"2d4b7368-7e16-498e-9938-c9219b1224c4","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":83,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"4f7c2025-1fd2-4dbd-9fda-e9aa87f12376","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":83,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"7a33eca5-c0af-4047-96e7-9b56e9d02439","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":83,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"1049cd0f-19cc-4813-bb5c-439c5af08db7","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":83,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"b09014f5-4ab1-4c17-96a4-a74dbe90e853","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":83,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"17200736-c37b-407c-bc8e-a2c5aa37123f","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":83,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"74959412-34d0-4bb8-917c-cf97cbf59d6c","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":83,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"34b01a1d-395e-4052-819e-5777c5da8b0d","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":83,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"7848136b-d7d0-4e2c-ac98-3ac20ac353d3","block_type":"box","text":"will be indirectly subject to those risks.","page_number":83,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"9c02ccb9-3c47-49fa-8f2d-8d22063bee48","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":83,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"ea2ff2f4-9505-4c07-8fae-a5d52ea823c1","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":83,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"0ef851f4-e04b-4004-9bca-6fe4b826f247","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":83,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"2806fdb0-6f88-4986-94e5-3a915d2c6f7c","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":83,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"06229ccd-f373-4297-be14-ff25d10d6cde","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":83,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"f1d1245e-6a83-45ff-91af-11fe994af040","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":83,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"76fb4a65-69c1-468b-9f20-48bef7e38e14","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":83,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"e36ce7b3-5b83-4e9a-b052-dc9533df82a9","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":83,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"c9af3eab-b81f-4f65-9711-e9689531345c","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":83,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"ffc4ffb0-0d5f-4f19-ab1d-db36e7e29ef4","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":83,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"fa9946e7-b3df-41cd-b8d8-bdba5acdf39c","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":83,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"a2c80b65-2c20-45ac-86a7-55378536a0b6","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":83,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"de97b412-4747-47a2-8c75-7b122f4956d5","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":83,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"c26a41c4-4239-4c41-a9df-f1b396182579","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":83,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"4962e15e-efce-4490-9c70-01b0ec441a02","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":83,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"5f7e5420-0076-4f2c-882b-154056d20c9a","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":83,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"8ecb0d1a-57ac-4ef9-ad51-057b25ed0eae","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":83,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"ac6ab923-2d1b-4a56-a027-d0edc523d530","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":83,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"259b8d52-21d2-46a9-95c9-7fb90eed0f72","block_type":"box","text":"impact on a Fund’s investments.","page_number":83,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"ff67828a-11b7-41f7-8bab-10f566ff59eb","block_type":"box","text":"Brady Bonds.","page_number":83,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"090e1179-935e-4a83-af78-01d90a2de779","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":83,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"715eb8b3-ddb7-4564-a1dc-5e6d83f08dcf","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":83,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"bd46af3e-b5cc-4317-ac51-042c7cd13a12","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":83,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"f07deb45-2465-462b-b563-4c55efc9e033","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":83,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"e3fa2b7d-5f9c-466e-9e7b-f2df58d6196f","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":83,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"af35c3ac-3d3d-4fd0-b6df-de707560e701","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":83,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"a06a9e8a-ea74-4a95-8812-d0852ad2fc9a","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":83,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"31e5701e-e6d4-4bed-a965-f7497fa11098","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":83,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"bf0569fe-41bf-4d49-a8e9-232ae9c47832","block_type":"box","text":"Venezuela.","page_number":83,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"d024a717-4770-4ed0-8d06-e55443b5e21b","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":83,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"8d8c3658-ef3a-4d21-9b3d-bc98aa426942","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":83,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"9af98884-d7d9-4b6a-ba64-343065b64e31","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":83,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"e77d9154-cada-461a-b514-227d1ddd4608","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":83,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"db999353-e548-4637-afd0-80cec5ed29d1","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":83,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"100bc23f-b88b-47df-b8ff-4b6414a84aa7","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":83,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"6c76fbe1-0028-4e31-bc49-8fe47a24de6e","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":83,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"3868827d-c620-4194-a7c3-d1531c0c279d","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":83,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"2e844983-afd8-4c00-a918-4fa47e0cbeb9","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":83,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"037b3bbe-bc8b-48b4-bdd9-0b928177eda6","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":83,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"125b2380-f5e6-46d9-acf6-eba0b27a3d48","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":83,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"1dcd6e6b-c757-4d61-acc7-dfbeb16b3d42","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":83,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"9d238424-5b99-4af3-a170-d21691b55d61","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":83,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"d59d65b8-7e34-4e40-84bb-0c9cd326e384","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":83,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"b9251b76-2818-4823-b84e-124f6e01c623","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":83,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"c4dd7eff-17ae-4dd7-9455-9818711a880f","block_type":"box","text":"II-40","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f1324ca-a25d-439b-840d-2202b4c48f74","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9656fff2-3bed-4218-822e-587e5aca4f5d","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":84,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"de4de961-d50d-454e-a6c5-6ed5ea68db6f","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":84,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"ee707ebb-cb22-4ba7-9a76-d41ede91cc9b","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":84,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"cf8129d6-3aae-4003-be5f-804c9754fcb0","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":84,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"f24ffc83-2ac5-4a1b-8faf-a3db4c037663","block_type":"box","text":"China Investments Risk.","page_number":84,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"2f9f7bed-028c-4eee-a1d0-d53b4aaec17e","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":84,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"32da6670-ceb5-437b-87a6-4315fc080692","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":84,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"83d9c23e-3f15-418b-9f20-227c41ac4d8a","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":84,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"5965ace4-9f1e-453d-b492-c598f3f8a252","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":84,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"620b099f-fe7a-463a-b8f8-8b550f961e22","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":84,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"a3471b51-fc8f-4e1e-b0ac-9770e24eee10","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":84,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"6848a924-9282-4bac-b644-5dbf97838847","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"edb8f4e7-8b0e-4eb2-a8dc-7956a307a460","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":84,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"2fd8908e-b1dd-4fd4-a8c2-ffa83924f113","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":84,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"5140c86c-e3c8-4c8a-8e3c-b253f3645289","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":84,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"7a3ea88c-3f84-4ea8-843e-5b7963dde35c","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":84,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"d4a8f44f-8a79-4e66-a685-a72768edf53e","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":84,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"dbc709b0-c4a5-4aba-b485-0a1d7c06aa1b","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":84,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"6e39c3cd-c0a1-413c-a000-b3b65c27f89d","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":84,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"80cb987c-ca93-4948-9562-5bfc3aa1a857","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":84,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"7866efaf-1c0d-437f-8ce3-a3ef9791503e","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":84,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"2f76f31a-c827-4123-9e51-e1958c3aad85","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":84,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"ef1b4887-5800-4890-a2de-6d03cc9911a3","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":84,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"7eac4a2f-c273-4ddd-bbf0-4d526719322c","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":84,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"cb6d21c8-c629-45a3-ab8e-ad0587ac1968","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":84,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"5ab90e34-e3e2-4c9a-b0a8-ad21a708e39f","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":84,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"bddb96f8-5a3f-42ce-ac4e-56a749a1dcca","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":84,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"9b731a4c-9341-4987-95c4-d016deee69de","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":84,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"bfa2793e-3e54-4dff-bc40-0f4a1f0ebfed","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":84,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"8d9cbefb-7c28-4bcf-826b-cec5bdce747a","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":84,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"ac53ae8d-1dae-42f9-9241-4684531c53ed","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":84,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"1e63ee03-703c-471f-8773-4688ca57d2a6","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":84,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"6697dcf8-15ec-48b4-bb73-c5b1bfb25984","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":84,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"f2eb1edd-458b-4d7d-8c8e-3dcd6907dd0b","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":84,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"4581fa6f-3fda-4681-ad00-1877a8bb8eef","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":84,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"d54f739c-0a18-4901-93d7-8dc7fc4bb913","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":84,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"5183cf00-466c-4dee-a669-c013e9d74526","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":84,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"d25d9c4c-00fc-4d48-808d-d18280ad4518","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":84,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"83e15383-bddc-47f0-93b5-6caa6bdca2b3","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":84,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"ae48f104-6e17-42ef-bf82-a37eda167ac5","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":84,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"8f2764e9-6bd6-4e04-bbd1-7d2b6eb11a68","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":84,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"1bef1bd1-b6ee-4660-b6b1-c8afe0c1ca50","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":84,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"af652b78-dcd0-42a1-b959-9a5c9830425c","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":84,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"1eb28753-2c3b-4391-ae9c-7e5d65f8557a","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":84,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"9fe95394-355c-4bd3-a369-219c7ff5da54","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":84,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"5a4e3008-5a4f-4553-99ad-512125867298","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":84,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"2c817606-feb0-4ee8-8a85-b1b4ca981122","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":84,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"61e11faa-a4ff-4d4c-b8a7-2dcbb12129e7","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":84,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"82f2ffe2-afbb-4faf-a250-21b256f776d5","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":84,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"e454a7fa-0101-4f1e-a429-12b5b28284ad","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":84,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"1f443674-c332-41ed-937d-c702213fb4b7","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":84,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"2b17c229-e47d-4d9d-9c92-813b13dbec20","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":84,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"3210a42a-f5a8-4aa5-9da4-608c5defe35b","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":84,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"6d40fb86-6521-4fa2-b37f-82342aee9a51","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":84,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"97e447fa-57e0-4e5b-bd71-06eb9d0eb711","block_type":"box","text":"sub-custodian.","page_number":84,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"81e48120-14f6-49d2-b1e4-1323a99035eb","block_type":"box","text":"II-41","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92e10f47-e1c9-4f28-b375-b7269e696ab9","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad02dfe8-84da-45fd-b25b-bf51fd2fe7bc","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":85,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"b956dfe4-2817-41cf-8c97-bc01737349e4","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"ffff9228-be17-4be4-accd-80dd22da6534","block_type":"box","text":"on investor protection considerations.","page_number":85,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"598c375d-92af-4090-ac15-2d2832a703c9","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":85,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"f6f6cf0c-99a8-4360-8880-54c96405a6f5","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":85,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"5439b799-a491-40fe-a334-ce8a14cf4f2f","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":85,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"02b2f20d-c72b-4e17-a8a5-c4ee3a6861e0","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":85,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"555b0f41-c848-4266-a388-20a2b430f8fd","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":85,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"d9de02c7-1dc7-4f6f-9b60-9bba40f69831","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":85,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"5f644180-970d-4cac-9989-46b698bccded","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":85,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"966c3408-dc47-4d84-bef2-ce35e8bddbed","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":85,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"c6129bf8-f011-473d-95e6-2901da35adfc","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":85,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"3670d607-009d-46f2-8224-66ccbbfde091","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":85,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"6e39c24e-b794-4015-a63b-d249bd75d2bb","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":85,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"e66eb0b9-1ca3-41e2-8734-efd53508770b","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":85,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"9b906ef8-264f-4be1-9715-114948805d97","block_type":"box","text":"accounting firm.","page_number":85,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"3508e62a-099b-41f0-be45-c0c8c2f53cbc","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":85,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"ac66cf0e-4362-4f56-8b4b-39f532261845","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":85,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"73b11e2b-3c85-4b2c-ae24-69629bb661ef","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":85,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"df84bc35-08b1-4e4c-ae39-b31e4d2aa32e","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":85,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"e78b2c74-d11b-4ec1-942d-47cf61e5c9fc","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":85,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"e493f061-f43b-4177-be82-65b9fc1dd209","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":85,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"157c8604-7c19-410b-867d-8fd7071a5143","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":85,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"db520ddb-d404-4305-9a5b-e2e310ad2dd0","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":85,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"1e2a9c3b-cefb-4758-a364-0aac1a3a5d95","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":85,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"cae07f2f-dd81-442d-8721-9dc3668a8094","block_type":"box","text":"RMB (“CNH”).","page_number":85,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"98d1eace-bd8a-41f3-ab38-be9b47cfdb21","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":85,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"5a570539-1410-4e0a-8b1f-3d18047baafc","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":85,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"d677283a-f20a-436b-aec2-06beade8b8ee","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":85,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"3c0d3e4c-10fb-4b91-bffe-5e68ff265770","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":85,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"7a17d171-87f6-4c9e-a7bf-f001f02f8506","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":85,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"b5f807a1-9dbf-4737-9ec5-6859dc7c0aeb","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":85,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"0108a500-54e1-46e7-b18b-191d262381f5","block_type":"box","text":"represent equity ownership in the operating company.","page_number":85,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"c4764c9f-2c4b-43db-b410-7b07703a6745","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":85,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"d5b6020a-e892-43bc-abac-c949cc97fac8","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":85,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"f50f3a7a-ab3a-4dd7-94ac-c0b36b242bf7","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":85,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"8c82e454-4a53-4c89-8a15-fb6afccc4b18","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":85,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"de513b87-8bce-4713-afa6-24809155c705","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":85,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"d3415505-e84f-4ec1-9c8e-a24afa69361b","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":85,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"8d77f600-82ab-4638-a538-ebb3dee46226","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":85,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"b84b60b9-4c47-4039-846f-f20e68b8280a","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":85,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"dc2c1455-1f81-400a-9550-8e77fe02ee5c","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":85,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"d2a0063e-f8be-4eaa-8f47-be47d204b89d","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":85,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"81886063-a031-4fe3-add9-d227de1b96f6","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":85,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"2e2206a4-e5ac-4bc5-bce6-4e73feda6307","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":85,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"26af77dd-98ae-4eb9-be6d-55f88482831f","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":85,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"d120e774-7841-4473-9f9d-896c6c273037","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":85,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"f55878f6-c0c1-4c96-bc52-246b99294aef","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":85,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"e9699a2c-4bcb-44b2-b9fa-be51f474377a","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":85,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"ec5c9596-3816-4bca-a2cc-100f6f884592","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":85,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"e1c1580d-6e2a-4b0f-aa88-f7347948512d","block_type":"box","text":"losses to a Fund.","page_number":85,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"1caddb6c-60fd-424a-bd60-f446e66aa3e1","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":85,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"c3452020-bc4e-401a-929c-84055efc74f8","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":85,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"4b076e5f-6bc9-4bf4-b1a1-6a892585f276","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":85,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"0097fe0e-b052-491f-9057-5cabf636efdc","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":85,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"cfe0925b-d9f6-4d15-afa3-16d6824dc9d2","block_type":"box","text":"II-42","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"563986e2-46c1-43a4-b4fc-d19c001ce2f9","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3ce6331-0389-4f70-b45f-bad707e34a61","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":86,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"ce66975c-672d-4e96-b29a-76cda93e2d0d","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":86,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"e54f7e35-3132-4b80-acaf-bffcd84c735d","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":86,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"fd896cf2-e67d-4db0-bc2f-0b25608f443a","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":86,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"fb3829ad-30e3-4f0c-b1c9-f9a813678d4b","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":86,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"dbd0284b-d8d4-471a-a45b-f6b7a583d385","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":86,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"f4f17d75-af74-4b17-a012-48916f380f34","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":86,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"a449ba99-fed3-41a6-8be5-25d14bbfb7ca","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":86,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"ca60381a-13b4-4e68-9093-3a4ede912853","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":86,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"b40d9c52-175b-4cf7-a65a-e9b240cf0397","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":86,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"86c63cd5-e40a-4ac5-9e15-975916ecec04","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":86,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"82e667fd-bc43-4cd8-9045-1e59b0d5500c","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":86,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"63e27ce1-d2f3-4641-89a0-6a0c9e8134e0","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":86,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"def30e0b-fe81-4a97-8f82-cb064584ff23","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"67a114f2-f501-4120-8aa0-733cbf3d6f43","block_type":"box","text":"such companies.","page_number":86,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"24ad38c3-fd08-4804-8bb4-522bac845b37","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":86,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"0cb86f45-00ec-46de-952d-0bf96dd022f8","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":86,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"ba7f3e5e-1958-4f35-8932-0a10c7d22c38","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":86,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"5a18f4e0-36c8-4584-bf6a-0330d3cf484c","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":86,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"e5df83e5-bfd5-4bc1-bc96-476169285b4b","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":86,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"50085ae3-f892-4f69-9811-d8d86380fc2e","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":86,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"60dc9874-a666-443c-8051-b8304f297c5b","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":86,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"62a6c915-42aa-4e4e-84e7-e3859c1cffb0","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":86,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"1821cbb0-45f1-439c-a498-957ba40bcddd","block_type":"box","text":"standards.","page_number":86,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"9445883c-6720-44f1-b8a1-ec7cd05dbba7","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":86,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"6c469ad1-c31b-4470-bdd5-c0b5c0fbb1d2","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":86,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"8f4d38a3-8ef4-47a5-9e5a-eb7c939c5ee5","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":86,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"a2bb637c-f7ae-41f9-aa62-a2450e339e40","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":86,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"e9419463-c46f-455c-b66f-3551ea349452","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":86,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"4bd82529-b07a-4eee-8ebd-7142bf6b0c06","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":86,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"795019fd-59bd-4852-9264-0d21679d9c50","block_type":"box","text":"General","page_number":86,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"d1380078-d5fe-49e7-928d-dd88bd46aaa1","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":86,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"b3f5cd3e-9b85-48b9-a483-25af0c4ffd15","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":86,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"612c79db-9847-41c3-a8cc-1875c6cf5768","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":86,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"c614dc22-f3cd-44d5-9e35-0d1359c500a1","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":86,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"993e47ca-ea26-4c84-95dc-7cb341b2a6e0","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":86,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"9a4c92ee-e64e-40ac-8b44-a321dce9f91f","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":86,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"6152327a-486d-4ac3-83c4-cc018a7c81a5","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":86,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"96cfeeaf-2e91-416b-b139-d31aaca17014","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":86,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"048b3d0a-f865-4266-8041-1cea9344d6b6","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":86,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"b2562091-6974-4e05-8462-a8c0bb29d3f8","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":86,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"8e8b7dd3-6e7e-4584-98e1-6c463e61e5f8","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":86,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"542d652e-1b36-45b3-982e-97d47e1c6068","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":86,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"eb572068-b955-43de-8379-b20cc2062e71","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":86,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"182a3034-c959-4d63-8090-1a492a611e78","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":86,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"cda73755-3782-4c80-bc50-1fe2ad2ae67e","block_type":"box","text":"company established by SEHK.","page_number":86,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"a2235902-4032-48f4-af4c-65f2ef4a44d1","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":86,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"7a823f76-0982-4a2c-bdb6-88d60bdcaf4a","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":86,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"624f4bf4-0f28-46b4-a880-abd22eab9274","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":86,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"e5fd72bf-a38e-4987-b85d-e8774d42e3de","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":86,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"60e5fdaa-e84f-4eba-b0e6-a1430731f1f3","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":86,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"de7c477d-03f3-4c0b-b492-24ebc477d33c","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":86,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"8300bba6-5309-4efb-9d37-edafe578a340","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":86,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"8455bbe8-5136-4e65-980d-5985c3e483d1","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":86,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"d313ef74-a54f-4a31-89eb-90a7da239669","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":86,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"fa7f9456-914c-4359-95f1-50f04b2516b7","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":86,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"d7d433cb-6713-48b6-b045-7761ebafebf0","block_type":"box","text":"II-43","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a4f5e173-5da9-448b-81c2-29dee26dd7d4","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97e56cd3-ddb0-4ebb-9c64-2fcea2ccb175","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":87,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"aaf958ae-1246-4b2d-9ef0-ca918e634190","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":87,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"65db1646-0ac0-4c53-8f66-c4c966d1520f","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":87,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"8a3a5298-f17f-42c7-9b0e-2d9da5fb322a","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":87,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"da811087-a93a-4ce6-ba2c-2490711dd63e","block_type":"box","text":"i.e.","page_number":87,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"ec964d4a-6d10-470b-8fad-05eaf2ad9046","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":87,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"05f4125b-edbe-4924-b2c7-0f9c55d5f594","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":87,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"546d9e4d-68f8-42aa-a60b-e207853ca635","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":87,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"97500874-6fa1-4d2c-96f9-2646a8dafdeb","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":87,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"f6596d50-da99-4a6e-9788-cb75ef1f8fa0","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":87,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"9af2acdb-de06-4d68-bf72-693b810563e6","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":87,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"deb4c8e8-68a4-4e0f-80b7-efcd697bd881","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":87,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"07c24bf8-06c3-4cb8-bcb3-3598bcfa0e38","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":87,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"db92b566-c210-4fc2-ad75-12d3a6788823","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":87,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"811e1525-d2f1-4aae-878f-1d99f854778d","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":87,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"efa37872-1b75-440c-80e5-d2fef75b8cf2","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":87,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"44d59d56-1ab7-43f6-ba73-9a7c94146540","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":87,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"906b71d5-29ad-4a41-a5b2-73949b1534ea","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":87,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"41fb33a2-713a-4bcf-bff5-3b6dd3ad909a","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":87,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"67447c67-ddd9-4806-b470-109428f92f3a","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":87,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"7b4586ae-1695-4514-83b2-c11df84cc5ff","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":87,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"1dd7803f-bb55-4667-bd93-0f44b3ec029b","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":87,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"56d60f60-321e-4093-9aa0-3cd511a27469","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":87,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"5ba81586-2f7c-45da-a316-d30c0a0f2003","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":87,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"04f51bda-11fb-4ce0-8dd6-59c8e75d1968","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":87,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"f74a888c-9439-4119-80ce-304fd300c1e5","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":87,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"878110a6-d515-4b19-8cbc-22a704f38525","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":87,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"e9a0942c-ec72-48e9-9ef8-082781fab01c","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":87,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"ed79449c-e3c6-46ca-af24-8361f2bfa7af","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":87,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"01c8c640-794e-4216-97d0-fe07234c5c58","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":87,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"0b3c05c3-9adc-495d-8fe6-6f33d77a7fc4","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":87,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"2a3145f0-8ceb-499c-8f5e-23ec6a00f635","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":87,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"828691f5-2ddb-4f8f-9618-6f1e73c75e54","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":87,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"c359347a-7907-4388-b76e-09014dc7452b","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":87,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"b0dcb836-a9db-48c6-a983-5f3f93997a89","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":87,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"aca37657-e71d-4738-8231-9af46ea55c7f","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":87,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"063b1731-5f4b-473c-b592-90c7d3ebe093","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":87,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"a5cb6bb8-4162-42e4-bf2d-c73b437450f0","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":87,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"4d2ca019-cbb8-4d0c-a500-f0f0b2fef414","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":87,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"dbccf685-d801-4e17-b3a5-64dd7771ea2f","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":87,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"8ac7f227-e647-4af8-b9ca-14035401cb77","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":87,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"aad66584-1a0a-4b8e-aa33-f8fc0a5cacfb","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":87,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"46210df9-1b10-4ff7-ba02-fc4a9d1f27f4","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":87,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"93aaba3e-6286-408a-a63b-ab392f289846","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":87,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"a6323678-537c-4678-9c45-208228968ac1","block_type":"box","text":"PRC.","page_number":87,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"dbe3c24d-d6c7-42e8-9814-95c7dc907bff","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":87,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"239bca2f-a71e-471c-a3f7-ee5abee53cc8","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":87,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"de2d26f4-fec7-4602-b583-838f71ae19c3","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":87,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"bdb62a47-3d6c-41e2-b0b1-b9ec888aa670","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":87,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"8ebad86b-df94-482d-8b97-ad82aae2fd5a","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":87,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"dad57919-ad2e-4e10-88f6-6095b7fdfa03","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":87,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"60b581be-d975-47ad-8c4d-a43aee4bd4ef","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":87,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"e0e2ad87-1f1c-4fa9-b442-65987f67025a","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":87,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"cf663f11-0bbb-4fa4-8a27-0db44ed00190","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":87,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"2d14ba43-0e04-46be-b4a3-bd0c5add17e8","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":87,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"381a0ef2-dae1-4f51-8b62-96fd3815a322","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":87,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"43ac427e-3232-4c8a-b7d2-d757f6d13cc0","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":87,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"3793cc88-14c0-46a5-8451-311a8d3864f5","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":87,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"024919a6-fb3e-4e9e-af2d-8099c08f51ad","block_type":"box","text":"II-44","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8cc9736-b107-4f5b-83b9-a19ab9413dcd","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f32fdf4-a894-4758-935d-084fbd02bcb0","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":88,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"e83d6d43-40a5-439f-ab85-550e3930e328","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":88,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"8a20ab6c-a7de-4022-ab77-58bcec363eb8","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":88,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"45f48fb9-35a5-4323-a1a0-10100d8a9053","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":88,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"94387be5-ba43-46b0-9946-c01ef4449a53","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":88,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"10225035-9868-4a8c-b24c-df3d289a2b84","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":88,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"335d09b7-61d2-4198-9e9c-5c82810131f2","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":88,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"d2f98155-1bef-469c-93c3-5b5e263f90e3","block_type":"box","text":"Suspension Risk.","page_number":88,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"e9225fdc-2f94-401e-b943-a5d524bbac6b","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":88,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"adc5cfe6-b020-4dc1-8a49-162a7fcd9687","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":88,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"3307e972-d9dd-4d44-83b2-cf64dc74a3f0","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":88,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"e782a0ee-9c7a-4bb2-b3f1-fecfaa4acd09","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":88,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"56a6adf9-9f72-4c52-b200-a05d477b6a90","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":88,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"e5001189-fa98-47d7-999d-f7ea33bef905","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":88,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"5286f427-a919-4837-8978-78131a6d5270","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":88,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"bd76e264-ee0a-4cfa-b745-2932f33cce09","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":88,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"0653a63b-5083-48e5-a0d0-98d970c4a470","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":88,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"9281ffe2-228a-4ac8-b8f8-ff09e7ff32bf","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":88,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"64469ccd-90d3-4ece-bc9e-6d848e47793c","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":88,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"59c57578-b94b-49f3-9c25-1006d0af8b11","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":88,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"00cefc26-bba0-4f54-a36b-eb068552031b","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":88,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"1f923baa-eca2-45f8-9800-ba86c68c7e54","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":88,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"c987cbc7-c9a6-47b1-88f0-51a732da4182","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":88,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"b3496cbc-b740-4228-b142-dd3d3aaef708","block_type":"box","text":"A Fund may invest directly in the","page_number":88,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"85a8be8c-fb08-4714-8a6d-b63cd07a71bc","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":88,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"23d0181f-ee85-4c36-97c6-6be7f6e39a6b","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":88,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"7c0f8cd2-ae9c-4c6b-bd22-89a82ba8edba","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":88,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"a4dfb0f6-1397-4241-bd6a-f7a93bfbf5e2","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":88,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"5285f961-3548-49f6-a7b9-bdcb240153db","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":88,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"6402f466-18ad-4d0b-873d-5df8a2e46762","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":88,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"ae7d8c3b-5bdf-4799-a036-4bb6c71a7823","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":88,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"66c93391-2fde-4592-94b7-d06063a9c64f","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":88,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"261d633e-a510-49ae-8741-7a158bfd32da","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":88,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"e49455fb-7d8f-4d41-b848-f54391b15f1b","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":88,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"95c868a0-adc8-4a6c-88bc-8614e79dddfa","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":88,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"d3ec5ece-25e9-424c-b89b-9699361d281e","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":88,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"424c2beb-df70-4881-ba2e-1a41e04fdb18","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":88,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"564856b6-7c88-4156-9643-dbd1f5076fa7","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":88,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"eac5dfa5-5108-43e4-b00e-3de2572e1b12","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":88,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"0ca43e10-1448-4bfe-a989-d8ab1ee0384f","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":88,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"b3e580b4-bf3f-44ab-95fa-d36596d5ef5b","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":88,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"b9ea6467-e655-48f9-a74f-a39ebf78b5b8","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":88,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"51eddc60-a9c8-475d-a397-be06ed8f7357","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":88,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"1ad7cad0-1ca8-4f76-94a2-dd873eb53a57","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":88,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"ad3f6389-7541-4f8e-89b3-1eda88710a93","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":88,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"5a1b1aaf-5699-4a1e-bf3c-033719724b1b","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":88,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"039ec7b0-35a3-4da5-9e27-b10de6f9a84a","block_type":"box","text":"i.e.","page_number":88,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"14a43eed-f1f7-4e3a-8740-386489e66e66","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":88,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"e525b30d-8965-4c20-9efc-d5941a489916","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":88,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"2662e23b-f268-42e0-bf49-87a45bfe418c","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":88,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"2bb6d564-0f18-4218-b75e-402d7a324dd8","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":88,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"5fbd947c-a18e-413e-99c7-e19371b33c0e","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":88,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"7ae2b317-c5ab-457b-9242-6498c6aae7b0","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":88,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"8f17150e-d51c-4cb8-8bf2-f0b3a5c2def9","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":88,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"c5620b95-1b3d-4075-b89e-d2e6cd4520cd","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":88,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"f8d00d79-ec21-4b3b-ba3c-96986f0f7c0e","block_type":"box","text":"par ties.","page_number":88,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"5455275a-7947-4665-a8da-114ad6f7e8da","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":88,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"e4104bbe-71e8-4534-9497-1b6a6a978438","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":88,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"6393e180-538d-4393-82fb-6a811ca6d91e","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":88,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"16eb9a84-37ff-4f6e-adb7-88f78839080b","block_type":"box","text":"II-45","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fbee57a3-b260-411b-b1c5-ccdfb7506bfc","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec6197a5-4217-4814-862b-1bec6c65acde","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":89,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"64b34b0b-1254-4301-b6d0-f9a9387a4160","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":89,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"f64536da-cf2d-453b-8d13-74a773641a49","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":89,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"4be2e038-c254-425d-97dc-47aad4422351","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":89,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"e0ecc18e-de82-4ada-ab30-be127d154b29","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":89,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"bb77b83e-0856-4940-82dd-a861cf3db9d8","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":89,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"524ffa6f-6c7b-40c4-b95e-65f88ec24014","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":89,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"fd63978b-7c91-4e71-82df-e3e2c78a5456","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":89,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"021f2264-cef3-419a-b146-3d438a4b9ada","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":89,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"fb6193a9-d52f-4f53-8229-74874eece689","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":89,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"b46647ab-c84e-4b8d-a594-8724b2836f29","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":89,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"62d765e5-fa8c-449a-8698-7b2cb98f9fe6","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":89,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"c8e78652-3094-42a2-92d8-dc8791e62218","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":89,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"32de47e4-77ae-4c72-9654-5aadffdd40e2","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":89,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"b0f0ded3-8f18-43b5-9e7d-3d6c6989e3bc","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":89,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"5e8f223e-1b14-4317-8863-d848f8a73714","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":89,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"62c28cae-4268-47b2-8009-ab3c5d13a1d6","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":89,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"e4d8b885-5442-4caa-9c1e-3227368fbe8b","block_type":"box","text":"per formance.","page_number":89,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"854a4e19-eeda-45af-bf31-8dab4ca4d8df","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":89,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"208587af-b4ab-4651-aeb4-a8e189ddecf8","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":89,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"1e79858e-0ee5-4160-841c-c06acaaf9632","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":89,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"b45c7111-9f24-45f7-a7f6-6a767105f293","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":89,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"c962e4ac-27f0-4fe3-aea7-8ab317d3264e","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":89,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"478d3d59-99c2-4728-be97-dce5493575d6","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":89,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"6a04d56f-721a-4bbe-ac54-5d493a0b01ea","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":89,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"31698a6b-9c87-4ec7-a34a-dce3539bfa52","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":89,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"c717de49-8708-4a55-891b-453ec3cede32","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":89,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"6c43ed78-f811-4b9e-a363-f472301f8618","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":89,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"ea2280ff-4532-4067-884b-c5fb36c61aab","block_type":"box","text":".","page_number":89,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"1cbed2c2-2dca-4e9d-bcad-20e1c13b1214","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":89,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"77e93fbe-fa59-4578-823e-d3f9350ef3d3","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":89,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"90416fd7-b514-49cf-b75a-328cae46aac6","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":89,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"3cfa9661-03da-4a4e-a754-852fc2bb8e8e","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":89,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"94ceeb10-bcc2-4e4e-b9e0-567bab301e78","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"94fd48a9-73d3-4f5a-813e-4d3226c9ccd5","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":89,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"d5d430da-3514-48c7-8fe6-5ea9606c72bc","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":89,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"245771bc-929f-44f4-9d80-0b6d3cb9aede","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":89,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"e39a7ab6-998c-4423-9c9b-ca29949ebb1a","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":89,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"620dba82-e209-4e64-bfca-e5212ffe8e27","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":89,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"a1b9c210-1399-42c7-af35-81c79587c296","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":89,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"abfa7c7e-a0c8-4f3f-9582-d87a57cfafcf","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":89,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"eb07d123-cad0-44ae-8e99-70cc962ce33b","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":89,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"27d801e2-c135-4b5f-ab4f-f1ddb4ac0e4a","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":89,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"9520ee6a-2df8-4305-827d-53f35c98532a","block_type":"box","text":"without notice.","page_number":89,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"4df2b39f-2bc2-44cf-be4b-af5a9456c5e5","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"a9059bc1-58d2-492a-89d1-2bb751fe8179","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":89,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"b00c7408-8844-4850-8e15-36fc5a131d7b","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":89,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"021ed8e0-6fec-4b4c-9285-461f5cfb1ed5","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":89,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"5f42b595-9ed7-43ad-abe8-3458eb455b43","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":89,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"ab82cf1c-71bc-443a-87da-8b53e0867407","block_type":"box","text":"December 31, 2027.","page_number":89,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"b5bb8b11-d158-4ff2-91d7-4715185fe125","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":89,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"47baecf1-8704-41c1-bc87-42e109eabf24","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":89,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"6d007ad2-18eb-4486-a453-04243597dbc4","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":89,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"997cafa7-8e0e-4f1f-91c7-894910aba184","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"7f641c07-a8bf-42b9-87bc-ed3ed4ce4910","block_type":"box","text":"II-46","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"577a1468-f3dd-4e90-a262-0d0cac20fb50","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd2f4e8f-4461-4155-a2a3-f4e9eb2afaa9","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":90,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"b02d841e-ff46-47ef-8931-2b5dfb5a7d7d","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":90,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"69ad2f35-d75a-491d-8d5b-e556235aea31","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"29698dfc-38ef-48ca-85e5-68c54a2ad4d3","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":90,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"073abc26-9088-4ebb-9e3c-d45b7499a44a","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":90,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"6514bfaf-cc04-4461-985a-56c493731121","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":90,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"9da12790-9943-4e3d-a9d6-a26d5d3dddf5","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":90,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"119a4485-1d8e-4909-9f57-7143de7db991","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":90,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"5d9fb653-bf4c-4025-890d-00e59f424de9","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":90,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"69d83797-2977-4211-aa57-24c9f5b67e97","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":90,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"d3b411a0-5b7b-4567-ac07-20bd17bf2ea9","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":90,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"5a347204-74ff-4198-939d-be136ef93ebf","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":90,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"bffe4ffe-f280-4eee-a7cd-963d820f7913","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":90,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"99ea5abb-2545-44be-938b-24d26e0e415d","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":90,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"9ed72b38-688c-4710-a621-c937a0100397","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":90,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"96704b42-efc7-4456-9482-63ca3c1e2f3a","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":90,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"bdd2e100-575f-4f77-b939-e0772bcef5ee","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":90,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"f85897e1-e395-4661-a5ea-3c4f227d6206","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":90,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"f7b1e9e7-5492-4b83-9d37-cdf74e45cd8d","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":90,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"d44ca3f0-0450-4296-a0e3-dd7552cf5c58","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":90,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"5de1ff3b-c60d-4235-86f3-4e8d20e7f064","block_type":"box","text":"the PRC in notifications.","page_number":90,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"054d0693-907c-4a9e-ad1f-c61a27cbc365","block_type":"box","text":"Investment in Other Investment Companies.","page_number":90,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"255cebf1-6019-4a81-bd7f-a88910ef741e","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":90,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"f9ae8ff1-05e0-4f2a-9d16-05bfcd77ce98","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":90,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"4c1ca8b6-2158-47c1-b3eb-435d6388f359","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":90,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"8991a675-8d9f-43e9-b8b3-16213202e1f0","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":90,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"7e6f1cb7-d338-4d1d-9d54-4a3d7ec3760b","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":90,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"8167b694-ca8d-4e2b-ba64-2fa42b2c065e","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":90,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"69d26405-0929-46e4-ab27-61ffb3b5d508","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":90,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"f82a92a3-57cc-417d-a3e7-6fdb9eb5ccfd","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":90,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"0bc8acb8-d3fd-47d3-a4fb-d7432003172e","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":90,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"194b9578-ca4d-43b1-8c7c-7fa6a7e5198c","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":90,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"5b4ae90b-e25b-45bb-b17e-48ed49040666","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":90,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"2d66bedb-4f99-4039-9d72-c2b5e65d133d","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":90,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"305b67a6-15a4-4f30-bd43-2c3b690b8c94","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":90,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"995b7ac3-be0f-4b79-89d8-1ed5d967e323","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"1ba90859-e5a4-48f6-9314-24e6e2d0c6dc","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":90,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"0ca53708-ecdc-46bc-9622-6c3787cfd31c","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":90,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"bd0b5b88-833b-418c-88d3-581eae44beb7","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":90,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"43aab086-f626-45cf-a8f4-d1031788a65f","block_type":"box","text":"subject to cer tain conditions.","page_number":90,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"e9ec7457-1d0b-4403-af24-e3172193f457","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":90,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"fb3a97ff-c090-4283-8e22-6e265f57654b","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":90,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"7876473d-c86f-4b92-a8da-399e28e60c39","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":90,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"1269602a-fb0f-495e-96aa-81737a83bb02","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":90,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"0ec95d05-90a6-40fb-831f-56deb1b7c3c8","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":90,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"bb8a8423-2ee1-414f-84ae-a9aff5a8bae3","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":90,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"c798f56f-daa5-4a87-9e8b-c54080fefe26","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":90,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"6468c9e8-c40d-4842-9841-13c528398b25","block_type":"box","text":"loss.","page_number":90,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"4ebfe396-0d38-4744-8735-76bf8b4d2b8a","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":90,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"409ccb90-5ae0-4a63-916f-93701601db32","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":90,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"b3312703-22bd-4359-9448-677058a276f1","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":90,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"1f5d65be-190f-4d69-bc1c-6c377ea8bdd0","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":90,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"1a8a593b-9d14-4d1f-85c3-1dc2739a68f6","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":90,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"876123c5-d675-43ce-b76d-50f8c6669d9d","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":90,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"f9e62c20-d819-4b8a-b24a-8299b4b35f14","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":90,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"fa97ba79-1d48-4576-90d3-bd028a1aa5b3","block_type":"box","text":"II-47","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d58e3c8b-d1de-4fb3-9a12-bf623f1d357b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9bb4f29-11ad-45fd-9b79-55d06dc6e303","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":91,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"d2ba418f-4a62-4480-a2a5-ce5ceba5cc6d","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":91,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"ecbb6b5b-c946-4ae5-8d74-a09977974ab8","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":91,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"991705f5-b2cf-4210-94d0-6a18c7a53561","block_type":"box","text":"assets.","page_number":91,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"37286290-a067-46ea-a284-383515632ff8","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":91,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"b152e1a9-ce13-415e-8f4b-993e81a5c6ff","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":91,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"18114fb9-f756-45fe-bb74-91edef3ebb6d","block_type":"box","text":"e.g.","page_number":91,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"26b2019b-4df1-4862-b97d-27f3b0f0644f","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":91,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"e5c6f402-bf7f-41d9-9420-8b3d0e923a1f","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":91,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"81841798-3a46-401b-a926-ca434c99348d","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":91,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"4171b10d-09cd-41f5-8bb4-a0982db8cd67","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":91,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"b9551439-aecf-46cd-ac9e-5c289d5a972f","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":91,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"25bafdca-95fa-4f1e-96b0-1fe162a9ba6a","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":91,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"8affd2ea-2422-4188-b559-dd5c4b1844fc","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":91,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"b896ceec-8c30-4b9d-9cd7-6daa16ee462b","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":91,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"6389ece6-8460-42d9-8179-cb9cb70cf1df","block_type":"box","text":"countries.","page_number":91,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"5c67957e-8dc8-4fff-a457-7a0b04893805","block_type":"box","text":"Issuer Insolvency Risk.","page_number":91,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"3c5b1879-4951-4d1a-b35f-5a74489e2f6f","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":91,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"dc9ea7c9-d10a-4bbb-a87d-859382176349","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":91,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"80b45992-a179-4d78-b7c6-31bffc2d4a17","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":91,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"b7b39dbe-3811-40cc-b751-515dabbf0646","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":91,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"c87c2e04-3d9f-4801-aeec-0ad127d54810","block_type":"box","text":"issuer uncer tain.","page_number":91,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"18a98b25-feb5-4f0b-82ee-7082360dff12","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":91,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"d249f57a-5fa9-43ea-9c4f-e81ab87d52df","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":91,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"008a2e0b-37ba-45e4-8d02-ffc18d524504","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":91,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"75e5b007-5819-497f-9be2-2fcbb075794a","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":91,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"909c114c-4516-49d9-a197-a2d8fa3f1271","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":91,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"68ecdddc-4de4-4d39-adb9-43793f54c760","block_type":"box","text":"eventually be satisfied.","page_number":91,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"c24aace3-7ab2-49b7-8869-9b2eacc597d5","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":91,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"fdea3238-9c7e-4bfa-8512-1a80cf300d53","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":91,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"a9124780-71d6-45ff-8778-08a95928a57d","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":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"d738c6a0-246d-4820-a429-ae12d4d00fad","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":91,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"a04ef5ca-c4e5-4463-87af-303bdf8b808b","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":91,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"4c4b94b2-5c0f-4967-aa55-8487debdf69a","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":91,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"b1948f32-e4fe-4b57-ac3c-50eb1da5a50d","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":91,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"9dd4ba31-a3d1-4f4b-93ad-a5257cb95421","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":91,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"85dfb9df-fdfd-40d2-be71-c4c1e45db5c1","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":91,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"7118f051-f6b8-4fd7-b0ed-1057ff98cb60","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":91,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"02b27f9a-3239-4dd5-942c-e69f5bc2752a","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":91,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"bbf84f9e-174e-44f2-93b1-876159aadea4","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":91,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"d826171e-2524-4456-8f9a-daf893bdd65a","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":91,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"81c22664-2706-4d8f-bb3b-c31640c55ce1","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":91,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"732d77a4-c725-44c9-abd9-49e002f6751d","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":91,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"d937dc01-b999-4b4d-88bb-d6ff02dc577b","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":91,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"f35c9345-dba8-4c09-a38e-84c6e0261831","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":91,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"6ab2ba0f-e498-44d1-89e0-75a8ed7708bb","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":91,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"6bfaeb33-3783-4c11-903b-ee10b64d2f7e","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":91,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"025f4027-a00f-4fd0-b116-bbe7681c4950","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":91,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"31676909-2101-4595-aa18-0f3cc64ff2dd","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":91,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"10291479-01bb-4f9a-85cb-af70329cfd2c","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":91,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"9a46a7e6-ac0f-4ede-81de-a8bead52d167","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":91,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"04865d5b-6e24-49f2-9276-e4195a0193a9","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":91,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"a9a3b727-c9b5-442e-9a27-7ffa91aac51a","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":91,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"7bd54dbd-222e-4d47-b81a-f7230778cd27","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":91,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"354ae5f0-f9e6-4e01-8964-a1246b912823","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":91,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"1b32b0d7-8991-4034-a40c-f144556aead7","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":91,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"daf4c34c-a6f4-44fa-a9b9-d7583faf4db3","block_type":"box","text":"that assumed generally by an investor.","page_number":91,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"f5c217c1-f3e0-4dbd-bc0d-7eac36c1215e","block_type":"box","text":"II-48","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e7df8367-95af-4743-93ef-027ca23c5ffe","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d2a9303-8ec3-4324-8eda-cc2fe157b134","block_type":"box","text":"Lease Obligations.","page_number":92,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"949a3536-2b7c-4921-b633-5f2bbb3c270b","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":92,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"c1863941-3785-4a20-8d2b-d237e5e350db","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":92,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"d544d370-10fe-4709-914a-80b39f2e5916","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":92,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"11c09fab-cc63-4dfb-9d43-3d32350a7c33","block_type":"box","text":"Life Settlement Investments.","page_number":92,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"6fe834c3-4c93-4406-9e13-0e41bded2dea","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":92,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"f10d694e-f64f-4698-913d-a553a6aeec21","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":92,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"7c7d03b3-b399-4099-af6b-9a42069144a9","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":92,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"23a1a458-93ae-4e18-a798-6462be2ec4ac","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":92,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"402d549f-729a-4457-9817-7782fc2f45cb","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":92,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"b8cbf8ae-a66d-4cfd-8878-29d31ce878a8","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":92,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"406a9c1d-9d1b-4680-ab05-b7e716d27f54","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":92,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"1351a9cd-c48a-4475-ac8d-dbd646852f32","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":92,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"3a2199c4-25d3-45f0-96c7-8474243665c7","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":92,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"93c60258-feee-47ea-bb1f-bf2dc77b51b2","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":92,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"39e0c539-6ba3-40d0-8258-15b34e4db84e","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":92,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"696561ac-6864-4431-9e82-04606acfd066","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":92,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"ea505e38-786b-42f5-86c1-23215b00e207","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":92,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"f603094b-18a9-4c81-964d-b8545836ef5f","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":92,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"13b8602a-895d-4801-a830-859d380006a6","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":92,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"2492cd4b-ac19-44d4-8b9c-22a76b93b4d8","block_type":"box","text":"Liquidity Risk Management.","page_number":92,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"fc76e392-1a89-4f3c-8956-36636c6ef283","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":92,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"48de8a35-611f-412e-861c-90758f32de61","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":92,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"f5348eb2-4717-456a-9531-c0b3dbbe5413","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":92,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"0d612af0-45c6-435f-965b-c9df3cf54e90","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":92,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"e9600c3a-7449-49a1-a69f-6fad465be7aa","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":92,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"f64b375a-e43b-49b3-8927-bf7aeb1e983a","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":92,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"6cb96d3e-e2ff-4134-8286-148e75cfa21d","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":92,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"c7052a86-595a-45e4-b6ce-8773ff0b2b2b","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":92,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"b33e4b5e-b742-4d2b-93b4-c5c0f49f6b62","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":92,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"43fe6855-f271-4bb4-b11a-ee67a8478ba6","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":92,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"2692f9ab-ad37-4c08-b039-ed4fa67a0a7d","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":92,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"b3f7be0a-b0df-4f48-8555-e20638748f40","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":92,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"5c25c3e9-90e8-4a00-a2d1-5380b43db992","block_type":"box","text":"Master Limited Partnerships.","page_number":92,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"95dc8ff1-29a1-49b2-994c-cbaca71d2200","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":92,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"b838d76c-a3b5-428d-9ff2-86d1abf1252a","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":92,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"1f167325-7100-4392-8861-1ea1467de830","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":92,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"8351afdb-44be-42b2-ae09-7f2193340033","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":92,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"b23cc3a2-3ba0-4cf5-8e8b-87600c9c3b1a","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":92,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"4bff0632-2478-4393-8c05-3e2d3f6bf2c1","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":92,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"118de3f5-31b3-4df0-b417-90197398b3b3","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":92,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"4096dd92-e88a-4cc2-9927-05606e79ef6a","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":92,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"924e7903-50e2-4906-97e5-8cbbcab74bc7","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":92,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"5208ceb4-348f-48ad-919d-a73f4aad588a","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":92,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"4d0bc4c2-86bc-417e-853c-2de4fb20d6ff","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":92,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"50c3ec13-a368-49e5-ac3b-f519d999f887","block_type":"box","text":"in the par tnership’s operations and management.","page_number":92,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"0636ef32-4623-40d6-ba6b-2950f3204257","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":92,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"7ceeccc9-e765-4589-a727-f30c36fa816a","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":92,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"5f77b38d-b29f-4ec9-97c3-6b9355968e50","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":92,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"ae3fe8e4-3759-49d4-ad48-fb44c6c806ae","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":92,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"6a286f4e-dcb4-467e-bdc2-b1e0ef3e346a","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":92,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"862244b1-80f5-4a7d-b4c6-2cab6dc3af33","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":92,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"0de3268b-417c-4e0f-980a-bb8b81d35557","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":92,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"22b89d29-d98f-430c-9c57-94ffa243d999","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":92,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"968d8bad-846d-49c4-94cb-d7b3c86147a5","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":92,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"2e0e075e-8858-4f53-9f45-a03e28de161d","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":92,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"b7a8a37c-1e14-4106-9e80-18b1bf4537fc","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":92,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"eb021112-53f1-4935-b6b1-5c0c059d050c","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":92,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"aea51519-c930-4dfe-908e-c99647eb9288","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":92,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"3bba7838-f226-4cd0-8071-fe542e7466b7","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":92,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"c2626a39-02cb-49ed-80c4-e8f30d703acb","block_type":"box","text":"II-49","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ad538c9-ecbf-4346-b620-681fb88eec04","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abab1fb1-f04d-4eb8-8778-d2968fdd81aa","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":93,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"a721e6fd-1676-472d-a1b8-3b174b120c49","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":93,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"e4bdb3d5-a150-4500-8011-14aa6d94aa18","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":93,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"0fc66ac0-11f4-453d-b168-777f40c6e0fa","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":93,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"c06b6ce5-6fce-46c9-815e-0537c439e51d","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":93,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"f782989c-34fe-4b2c-bf37-26a974589516","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":93,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"458926e5-77c9-4ed3-a2df-38a06fa9356e","block_type":"box","text":"Merger Transaction Risk.","page_number":93,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"62983e7c-2ed5-4833-845e-3cbec352abb9","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":93,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"b0ac990e-5216-433c-8597-99a347fd2df4","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":93,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"a87ea36a-f2c4-494c-bf41-f566222855af","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":93,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"e6ee833c-f1ab-45ad-8def-fcba3d979e2e","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":93,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"c0713242-8324-4ae7-bfa6-52c41ec9b270","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":93,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"ae6f6454-b830-4d07-8e6c-c70158ac0377","block_type":"box","text":"the Fund and may lose significant value.","page_number":93,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"c594252b-daec-424c-b181-57ecc2cbe1a3","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":93,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"b327acc8-3479-4250-9d7f-f04cf079d058","block_type":"box","text":"Cer tain","page_number":93,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"33bdbb72-6744-467e-b416-f7c1545eabe0","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":93,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"27be4301-6db1-4c45-a63d-e292908a6bc6","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":93,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"0bce2e63-688f-414f-922b-7c5c652598cb","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":93,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"d773a1e2-75a3-4925-81f5-3bd7a469383d","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":93,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"7fca7cff-78e4-4ec6-988c-a85873dd9531","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":93,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"04a2c618-e073-4476-b605-ce43c86da870","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":93,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"dc9f7458-01e1-405c-8f11-0158728da36c","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":93,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"4ea0ceb2-9b8c-4046-af75-40a134aae3fb","block_type":"box","text":"branches of domestic banks.","page_number":93,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"c8561c24-b8aa-4eae-a756-8655b5ab1002","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":93,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"b61af6d7-cac7-412f-ab77-f7d630e5cf7d","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":93,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"2c6d6f29-20b8-48f1-9f05-04061b620581","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":93,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"a509c277-6b33-4d84-b3a8-17692b0fa99e","block_type":"box","text":"paper of a foreign issuer.","page_number":93,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"e2e34764-03f9-4cd9-93b7-acd4bb4566c2","block_type":"box","text":"Money Market Securities.","page_number":93,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"697c9a1d-9f41-49f3-9795-aa12b5010536","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":93,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"f76a243f-d417-41ed-82e6-33fed71c9c46","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":93,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"94c34e96-f918-473f-b931-15247b3dba17","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":93,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"0a2e14a0-e83a-4de0-ac35-73c03110d28a","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":93,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"8f1dcc70-ba90-4357-be20-59bef97331f2","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":93,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"84717be2-5900-41ce-a3e8-4586634f4acb","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":93,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"1632b3f2-2b90-40ce-92c7-b1f1beff5532","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":93,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"a61f5d9e-2d5a-4d2b-a021-bc7487e20457","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":93,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"dcdfe3c6-0811-44dd-8ad0-23de5c1d0dc2","block_type":"box","text":"agencies;","page_number":93,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"19f5ef0b-b3db-45ac-b851-c8d9722d4e05","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":93,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"27de5582-8e75-461d-be44-36414bb4e335","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":93,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"0752771d-12bb-47e7-8c5b-0ab2547a9a73","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":93,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"91209630-8ba4-409c-92d5-6f18f032778b","block_type":"box","text":"obligations and credit card receivables);","page_number":93,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"a8fbb34c-29bd-45c4-98af-98278b091ec4","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":93,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"a22c52ec-8871-4441-83ce-cd3bbd167c8e","block_type":"box","text":"authorities and related custodial receipts;","page_number":93,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"d7dc5452-054f-469c-9c29-51c08b426bb9","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":93,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"3e5be957-7259-444b-9796-da97ed154a3a","block_type":"box","text":"agencies or authorities;","page_number":93,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"b59e8cf7-8dba-42bf-8efa-e94aa8e348c8","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":93,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"f87c5f80-01c8-4c67-9f81-502f0538d5bc","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":93,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"27624e0e-035d-44d3-ac3e-55d06f7d3567","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":93,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"d3668cfb-8d3c-4568-83de-c0ad9af08ddc","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":93,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"e893cfe6-9daf-4266-8b51-00003322c55b","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":93,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"82bf0ed4-7420-4286-bf14-a25eae50bc01","block_type":"box","text":"States;","page_number":93,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"2e972d46-ba11-4242-8591-13e522da003a","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":93,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"0cbdcc59-3261-4e9c-8f89-95a65ea23388","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"0f3b81ec-3fb5-432f-b34d-5edd13a5d39c","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":93,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"f0873f7f-4b57-4034-85b8-e343d49dfe83","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"1a1476e7-565a-430d-8a05-899216848661","block_type":"box","text":"II-50","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a166a630-e6c3-4a5a-aa04-8a6c18c441a8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57f7b2f3-0de3-4dab-9b61-9b2a03b7b842","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":94,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"5a1a6b3a-86f3-4c14-9c29-3b2e8e038ff0","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":94,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"f36bbe65-1d40-4f21-b582-07a8dcfdb30a","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":94,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"5f88620e-2d92-4173-863b-c6536404cf35","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":94,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"1dca61b1-46e7-4a9f-a771-6e2bee062834","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":94,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"5c68b0d8-abc1-4ad5-8b84-7431abaddb3a","block_type":"box","text":"States.","page_number":94,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"3148ed52-fccc-4289-913d-4185f821770b","block_type":"box","text":"Mortgage-Related Securities.","page_number":94,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"cd0e2b0e-7a2a-413f-9d8e-a240a5e76680","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":94,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"7e45db70-6241-43a6-a9e4-b48ffbe48106","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":94,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"8cf05a0a-5318-499d-9191-5ac93e223eeb","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":94,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"a9818d98-986e-41c8-9810-f2b7ef406a61","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":94,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"08c4f924-ed13-499c-83a3-b8653d7f0c8b","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":94,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"c241f94c-58cf-4966-9d36-bf0c1cf77a06","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":94,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"24dd382b-0bac-4e33-a482-0fc887bb9d6a","block_type":"box","text":"maturity or specified call dates.","page_number":94,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"95f3d1ef-45e3-420a-8b50-9f3fe97a50ee","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":94,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"fe2484d2-c001-4400-baff-ea5818eb7974","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":94,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"59b2ad5f-e926-49f7-abed-79e1ed72f9ef","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":94,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"f4538f32-5d93-4d57-a9cc-e22a0a32d704","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":94,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"39683271-005e-4dd8-8736-d1e2127e1f2d","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":94,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"e09f96f5-d570-4a00-bad4-1a0671eddf2e","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":94,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"16497031-e9c5-49a3-b771-95e1690f3a43","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":94,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"f4c0f1e0-c441-4c31-a36c-06bc93c96a58","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":94,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"34aa0b75-57de-4494-9c37-1ff326368499","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":94,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"978db003-f596-41d3-947d-4e0a867349ff","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":94,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"3213267b-414c-4968-a671-add118eac045","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":94,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"b2ed65d4-e088-4741-9248-270462dce844","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":94,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"22dcf768-4d4d-489c-8e08-5cdd0067b1fa","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":94,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"f6f81bbe-16f1-4efa-9d67-4168f067bd70","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":94,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"47be8291-092a-47db-bc9e-70366140b17d","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":94,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"242ea906-2112-4be8-b1dd-9ccc35891b82","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":94,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"0ed30d46-95ee-48bf-a895-1a2ed2a5bea4","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":94,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"eab22eaf-d753-476a-a93a-689b9ceeb714","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":94,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"175ef8be-7cce-487e-a5e1-74d88b3619e7","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":94,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"66213228-e643-4a0c-a6fe-b12fc121a397","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":94,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"406a85ee-18df-4339-a0dd-55eea5277cc1","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":94,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"3b5c5de8-b396-4bee-b6f4-3b2873117db6","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":94,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"320f4ef2-0e1f-4521-8614-fd2dd901e0bf","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":94,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"f34983b5-e71a-45cb-b048-d32fab64929a","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":94,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"961d9b3a-621b-494d-b983-b1c45ecb3316","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":94,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"f66737cf-ed58-495b-8656-5bf1383249d9","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":94,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"e431595c-3939-4a74-893f-bed31c970aeb","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":94,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"9269d1e6-9694-4f39-bc6c-dd89591957fb","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":94,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"07b4d9b8-4a00-41f3-a3bb-ff46b4aa2af8","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":94,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"f1a376d2-9e92-4705-87b2-205f0fb343fb","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":94,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"1b7b3736-0ffa-4c7b-a192-0ac1000e88ee","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":94,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"4883fc9c-d135-404b-8821-8eacd4e19023","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":94,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"998b943e-d627-46f8-b3d6-c7b3c2316ee8","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":94,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"fb152be8-1c48-4b43-bf57-d63a80b9573f","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":94,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"b15cc7c6-8626-4552-b450-464b844c99c5","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":94,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"663d1409-ead2-4f88-95c4-dca50add37c2","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":94,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"cf7bf687-0a62-4337-9018-3ce9d786aa38","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":94,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"900586b9-42c4-478b-9730-115eff68a9eb","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":94,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"a6aa2b83-4ded-4f36-b224-ab4f58e5e85c","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":94,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"f903ceba-ed8c-4172-ab03-e8708fc54678","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":94,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"8114f15e-f1fe-49d9-b377-b2f94ee10011","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":94,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"7353811d-2a46-46b2-a2ca-7b30394db685","block_type":"box","text":"II-51","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0d5ccb5-5077-4783-892a-5671d63d9790","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adf2d2af-6bad-47e9-8c0e-bc571ec31218","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":95,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"b32b5091-1ba4-4ac9-b2e1-9a772ff6849f","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":95,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"c7b57167-28fd-4e97-a8c4-29e07023f75b","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":95,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"737cfc8f-2341-48a9-83c4-5eaa0d96c8a5","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":95,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"270953ae-f24f-4729-984e-2ead92d6065c","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":95,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"ec618780-e1e5-4d32-b627-af8a26d34475","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":95,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"d1d6c281-f671-470b-895f-b7e3a455c064","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":95,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"0cf5678b-d380-4918-85c4-bbd868a698dd","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":95,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"d60607b3-21a8-4528-b10e-0851952c4749","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":95,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"9aa6e283-3f33-433a-861d-cfd546615bfa","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":95,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"ca739ee3-9696-4b23-baaf-701b3b733636","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":95,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"bf3ca822-157c-48d8-9273-cd5218ef7a49","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":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"2fe68278-10a2-4173-bb50-8b6f9014eaa2","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":95,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"cff5d0db-0901-4bfd-aa2f-021116cdc3ce","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"4ebe65eb-b7a9-40a2-b39d-a024768b23cb","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":95,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"74e1b9c8-2f7f-4e4f-b899-1516c0cddd44","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":95,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"9c8e54ff-ab2e-42cd-a65d-68ea03eacf9d","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":95,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"13f16e1e-6fdf-4a97-9ed5-d1a061f8828d","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":95,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"1250b5b9-84eb-4c80-a02b-c3d709b04872","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":95,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"8401b9e6-ce0e-4f06-8046-bd51eaf6290a","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":95,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"8ccc7a35-5e4c-47bf-9700-5767ab654a7c","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":95,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"3da35bdb-2df1-4a9b-a187-998978d7ad1c","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":95,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"f4f50de9-19f1-448c-9fca-b962089c1246","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":95,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"24be2907-5680-4a9b-a7d3-0613ad9ea7a0","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":95,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"a25b23bc-e603-4fd2-8a67-d792efdf3b87","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":95,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"299d21e7-7d36-49d7-b15d-a2ef36abe8d0","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":95,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"43442570-9354-4fb8-a90b-2e62f426318b","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":95,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"0791bfca-84a4-431f-b878-7802fab85a79","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":95,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"d7c28929-55c6-4327-b23f-307ab2dea7b5","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":95,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"c573fd72-7b0b-4b08-9069-158e7f6bc9b8","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":95,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"79736444-548f-4c0d-9e23-df48a98a1e92","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":95,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"c1e6ca1e-3fc5-42e7-9ba9-712b125e5d3c","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":95,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"6ac71028-36bd-4512-b3c2-47c95f94d91e","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":95,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"84383918-c5f3-4857-b9f5-f587d548d8ee","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":95,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"0056d1d6-9714-4b10-8127-a89f2afce21c","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":95,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"eb419cdf-e13c-46a9-9606-b9f21dd5a4b8","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":95,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"fa767521-d781-4b08-870c-788cc2620cfa","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":95,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"b470a60f-bbd8-46db-80d0-7b9fce4bc402","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":95,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"3b9b454e-9436-4113-a849-35351f0f3ba9","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":95,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"00b46520-95de-4961-acce-7ac84af32ab1","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":95,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"f7e349a8-2c10-4b10-907e-1dc3f2444f2c","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":95,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"ea95bbaa-dd92-4e53-b2ac-1d870830d0c7","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":95,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"ccc40ca0-483e-466c-8675-2498d9c79ba9","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":95,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"eb8a8534-8b6d-437c-8435-5404b5891651","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":95,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"748c9e6e-c48c-48da-a172-5443cd412394","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":95,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"13aeea97-ecce-4e02-97fb-3d63b286fa01","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":95,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"2a7f7ee0-a67b-4f8f-b4bd-37d8d40f4e0f","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":95,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"33d99e2a-e509-4966-91bc-2695b8e60ed2","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":95,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"04fc3c50-dcf1-4c98-adb0-ddb6f494208c","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":95,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"2a485693-29d9-4f53-877f-c6858cb8e993","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":95,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"400dfcd3-cad6-4b0b-b606-303d0091b2bb","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":95,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"421dabb8-c9cb-44ba-9296-003561e20c42","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":95,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"350d4ece-0397-466c-87bf-d07353f9d672","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"ad7d14d1-3dc0-4d5d-8824-a3866fabb21f","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":95,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"22b9d2bb-cf99-420f-8975-656105b58c37","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":95,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"a4ea95fb-d213-4a92-85ca-b13de2c7e24b","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":95,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"33709042-69cf-450d-b5d9-e30c7141b76a","block_type":"box","text":"II-52","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"619c7776-42df-495c-8645-f7880da45e98","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05bf98fa-dd88-47c5-870a-7e22e14f9bc8","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":96,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"11b34636-d85c-4682-b7e0-13785a66020e","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":96,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"2e6684dd-5bf9-4f10-a9b2-dfa1786d954a","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":96,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"143a2dcd-0542-4ccd-bfa9-acfd115b384b","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":96,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"c300d7d4-e648-40cc-8fde-c39a099e9021","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":96,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"0d5bff3d-6acf-42e7-a7b8-afd62f1394ce","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":96,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"cc0a3f48-8d24-42e1-97d0-dd4efe1817f1","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":96,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"c7aa2e5b-83e8-4457-b752-d85baed12652","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":96,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"98814e07-39e8-4541-8e30-2839a32ff6b1","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":96,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"d2d86d71-9799-42a0-9e99-832447706b1b","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":96,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"1c3e0695-099d-4eb8-88d9-8791374f5d0e","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":96,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"8d95a581-ed29-4ef1-8537-cabfca50f6be","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":96,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"af1a85a0-a858-40b9-b303-4f0652eabbd3","block_type":"box","text":"of principal because of the sequential payments.","page_number":96,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"f2fa7afe-7707-45e3-be47-0ac04253ddc0","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":96,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"6b69dfee-569e-4930-ab43-99b550ed5a91","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":96,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"a761ebce-12f2-4a20-b124-31142558cd42","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":96,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"aef44658-eb3f-47a0-bbbf-1c969f09e5f9","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":96,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"96ff0108-2e9d-4d5c-827c-d3bafe3b5635","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":96,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"0fce6801-ef8d-4e61-8866-423d1ed6676d","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":96,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"bfd57e0e-e86c-45ed-9d62-b3c8c4096593","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":96,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"8b6c4520-079f-42a2-8e8a-f48199489041","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":96,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"48fa577b-10bb-4e26-8ba1-693c721daac7","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":96,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"4fea9174-fb24-4c6b-aa16-c2ec9561b9e4","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":96,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"5b3cd1a4-a0b8-4768-a069-77c3772e2e85","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":96,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"30cbce4e-9353-439c-8d96-efd2eaf9eb25","block_type":"box","text":"securities of any single such entity.","page_number":96,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"a56380c3-c261-48d6-9b01-39bfdbf1795d","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":96,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"dd0c4988-01d4-4845-befd-b88e8b87cf20","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":96,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"0492674f-faf3-4aa5-9139-e237ce9947f8","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":96,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"154807e0-7383-4a15-8c56-a202f27ea835","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":96,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"ac25f0b0-2b8e-4cf4-867f-0a0deb51a89e","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":96,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"d2c16e62-493c-44ae-8393-18d914657ee3","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":96,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"9b83d90f-389f-4ba1-92d8-a49f71debac8","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":96,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"a22e2a37-2d44-4001-8d0c-03ec16c9e659","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":96,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"d4daa62d-21d2-47fe-a17b-196f51f4662c","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":96,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"53080dba-5fc6-43e3-b908-cff34f676bea","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":96,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"6478952f-2946-4cbd-8fd4-101a134b4e88","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":96,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"6fd98268-57d7-453f-aa62-02e781195bd3","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":96,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"3bd6b70e-de47-4d54-ba05-2a82ac42f09f","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":96,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"8a4d2af2-d4e5-4fb8-b6f4-2ae700c7202f","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":96,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"e3b26e53-4a1f-4821-a9fa-c5095ba215d6","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":96,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"b64bdecf-bc9c-4e9b-bfbd-d2b49736690d","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":96,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"2527902f-5b99-429a-8d73-89011b4f7e10","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":96,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"ab160a9d-1aa3-46d7-bdad-da08e76909e0","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":96,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"572e8715-9fdb-49ec-88e3-5c1733a4f4aa","block_type":"box","text":"classes.","page_number":96,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"250effdc-2208-4d53-8f7e-83e355315360","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":96,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"5f40eb6a-ca85-46cc-b482-c1cb80f438bd","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":96,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"09e8bba3-e7b5-4e29-b8a0-358b68a6c022","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":96,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"c065f4e8-f57b-4b6e-b4ab-879172ae389a","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":96,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"983a7686-f3d5-4271-a02d-f1fe56e361ec","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":96,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"98a56971-ed6c-4d57-8eb1-c3e7042e4a84","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":96,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"0e8e5f8f-55da-4c15-a35b-cdca611dc864","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":96,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"46ad9c22-2827-4db0-a3af-3a224b248758","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":96,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"deb25c65-900a-4fbf-8361-226200d556ae","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":96,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"37e9ce24-73b9-40d6-aa3a-c8f026afe7f1","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":96,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"1d370ff6-da4e-4576-80bd-ad9c77d9b8df","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":96,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"7481b1a2-3706-4577-8679-e4ffe049a740","block_type":"box","text":"to a designated benchmark index.","page_number":96,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"c4fe15a6-0616-4680-b1e0-6aa746fd2550","block_type":"box","text":"II-53","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b96d96c-2f72-49f5-9658-641c96fc2f75","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e518c342-35cd-4d44-979a-9536f007ea82","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":97,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"5ce1803b-9d06-48a3-b8e8-8bba57ed8e3c","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":97,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"b8934efd-f8a7-42a6-bb76-ecd750f6ea94","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":97,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"9b03705a-fe84-4382-8be6-a94eb40323d7","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":97,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"1cb92df8-ae1d-4436-904b-a52e7046e11c","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":97,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"7a59376f-4876-4b8c-893a-519f26264608","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":97,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"c4659872-18be-4b86-aae9-ee1eabf740d7","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":97,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"e0d13741-c0d8-43f8-8595-2adfdf7e4347","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":97,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"7895405e-b65b-41e9-b306-1d4014ddde96","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":97,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"5483ad8d-5939-4b6e-abb2-bcd1d2590c3d","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":97,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"b1db04fa-73a6-47d1-bbcd-9c74fab74b6b","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":97,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"e1db668e-ea28-4f33-bd4b-639fd8cf4588","block_type":"box","text":"CMO Residuals.","page_number":97,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"1ba08cd6-f485-4b52-9266-e5e6d47f64f5","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":97,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"ec9c4784-9b56-4e17-b98a-545cb3d23503","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":97,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"0ec26bb4-1f0e-4da0-9aa2-7fecf78b877c","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":97,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"d43a2019-b0f9-4f0c-8201-1cde7848fb61","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":97,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"da238480-ae10-403e-99b0-5023f4b4042d","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":97,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"d0c9152b-3e64-4770-8e9b-25e1f8a24815","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":97,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"dae00623-8fec-440e-bd76-73f1683b741e","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":97,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"94934a0f-79ab-43fa-bbcb-51dc96163393","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":97,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"010f903f-077a-4ca4-bffa-ada6b71ec01e","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":97,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"5607df08-5fc2-488e-a4bb-740ce482175b","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":97,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"95f857ec-3a35-4bc6-bc12-7b528264aabf","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":97,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"f5d11b2c-cdc3-4af9-8e3a-258c28e4d1b0","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":97,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"7df6521e-5ee4-4408-8fa4-cd7dee5202a7","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":97,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"e6415e8a-efc6-4c3b-86f7-30314effa121","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":97,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"0e13ceb7-1567-4148-a189-45f9623c79ca","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":97,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"fa21c88a-7bdd-4d08-af3d-331a48f1dca6","block_type":"box","text":"a CMO residual.","page_number":97,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"326e2da8-073a-4f6a-b702-895a35b08164","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":97,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"724fb68d-abe4-4c63-a799-2e9b0f4a7074","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":97,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"ed29460a-7cf9-4c5d-a013-2902df03578f","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":97,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"d44a1acf-99de-48d7-b28e-4c830e01eecc","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":97,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"aabd3dcf-2358-4ece-9ebb-197f3089e082","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":97,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"8205bf36-c355-451f-a5ab-fdc0bfbca85a","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":97,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"939ba360-5ea5-4bb0-a8e3-435aaa843d9b","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"91890b4e-be4f-4bb8-bdb1-abd482571074","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":97,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"6ce0647c-e35d-4d9b-9a82-065a41ea565f","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":97,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"b9887df9-b392-496d-9599-9258216c775c","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":97,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"afc5976e-5118-481f-8183-96495c94289c","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":97,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"398428c4-0a50-4772-82cb-61ec78b4d7a4","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":97,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"276c4b4f-b0e1-41f0-afc4-ce8cd2cfb891","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":97,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"a53f5ac1-502b-4dee-8250-f58b12d1eb51","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":97,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"29deb478-9af0-4935-bbd4-9e410b0850b2","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":97,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"7792e943-eeb6-44d3-8b62-ca199ca01beb","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":97,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"7c5c33fd-24a4-4297-8894-5b84a52620ed","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":97,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"56e0d304-8b51-464e-87bc-5a0e224390f9","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":97,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"5abd1bd6-7e23-4587-b990-eb56ecbf485b","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":97,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"f0929000-a9c1-4d7e-a1fb-98d28135210c","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":97,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"0026cd66-92d0-40e8-8b8b-44337b517b1e","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":97,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"3270830d-f51a-410b-bc79-824cb8637616","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":97,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"51158fb0-2ad2-43bc-aba4-7c40ed305e38","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":97,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"3303543b-4bc4-4aa5-bb70-809c7531736e","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":97,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"c3f4da5b-d74d-4ade-8f18-2514544d4318","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":97,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"02019c7f-1dae-4f9b-be2f-c26c5f2ab142","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":97,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"4b0d1bbb-c339-4cd0-aba0-247ad4bf28d2","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":97,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"c1e3b079-d071-41f4-a893-e62f48a03e37","block_type":"box","text":"Tiered Index Bonds.","page_number":97,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"a48554a9-377f-4de4-a73e-d47956d736f4","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":97,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"679a60bd-6759-40d5-99e6-e106cdaab732","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":97,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"4c42bc80-d00a-457e-b8f3-507de2ea395e","block_type":"box","text":"II-54","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4cc49d46-6271-4f9b-a46a-076a5dbb90fc","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86ac77f6-2d9c-4af2-a73b-54d7df9344a0","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":98,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"52814fb4-08ce-4ccf-9ce0-97e4f67dfc6a","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":98,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"8018d0d7-3e9c-40f2-9290-01ccf8db7c7e","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":98,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"505fcf73-e555-4b19-98c0-fd1cdbe1c5dd","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":98,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"d13f5b9d-c373-4ba0-af98-699e04862c3e","block_type":"box","text":"that of a fixed-rate bond.","page_number":98,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"49ce82ed-7a46-440a-9b3b-3001a75c063e","block_type":"box","text":"TBA Commitments.","page_number":98,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"7530f7c4-2eaf-49da-9d98-93856bc46f60","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":98,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"b2724f52-56e7-4062-9b0b-db1153ca84b4","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":98,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"1f0e3518-4e66-4fed-b66a-878c578f0f5d","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":98,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"248dfa2c-12c3-49ee-9aaf-8c5a1e22f03c","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":98,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"032df6a7-7c16-46b9-ba85-bb64f382c7d7","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":98,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"c037ec44-8f55-44f9-ad7e-259015156310","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":98,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"6d0f41e0-5824-4621-a78a-9a8f62284380","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":98,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"80692f66-c597-4bcd-aa10-ea0854bc8ec9","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":98,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"c818cadb-d73d-40fd-bd8b-39363ae1fb9b","block_type":"box","text":"below.","page_number":98,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"4b69949d-218b-4549-be98-ec291cb3fbb8","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":98,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"a4a8eb81-2faf-4898-9d55-171659b97475","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":98,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"e360d1c4-fee8-4332-8401-c1eb1d60d238","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":98,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"6d6e87f9-ffdf-4a70-95b2-83af5e35b82d","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"d893dbca-8e9b-41ac-9418-5cdc591c9d0b","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":98,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"38f7b160-d9e6-4bae-b4a5-84c9406673c6","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":98,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"c241579b-ef04-47f8-99a7-7957aefc3b1d","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":98,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"5eefec9a-b6bf-42d1-babb-efac6e94ec9f","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":98,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"9a1cf682-578e-4af9-8d7a-d93ba3d0b6d1","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":98,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"0546533c-4f56-4770-8fc6-a680c41ec8f3","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":98,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"4ca6dd08-2c49-4182-8e29-d416e8e2b28a","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":98,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"13a75e29-6ff3-43df-b01f-6e5984e37e5b","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":98,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"b4219358-eb68-4acb-aef0-dcbee07d9fd5","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":98,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"571e3bde-b0ea-4a9f-8174-a6df74fdfc8e","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":98,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"118047c3-dabd-4ac9-a301-c84ff47ad9cd","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":98,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"b2fc7ae0-8358-49be-8b57-09c48aed15b8","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":98,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"19575803-4c41-4676-96a6-8f81b5a6a1ef","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":98,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"520958ad-b764-4015-aa43-65cf921ca615","block_type":"box","text":"securities in the forward transaction.","page_number":98,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"81bc97c5-b05f-4461-bedb-15d6d323600b","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":98,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"ef6cfe90-6c47-4ce9-882e-8ce0598ad219","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":98,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"33496170-1996-4cf9-9e6d-a6f0a4104f79","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":98,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"72b76b9b-9bf8-435c-b02d-b5a3b8e51c20","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":98,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"7e289358-2e7f-4448-b753-8c8e04768aed","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":98,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"cb6c14c4-5732-4f95-bbe7-0ed8ea0cf6ca","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":98,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"358785f7-61f4-4f50-bd90-f9626de3a274","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":98,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"795a3348-65c3-4728-b6d8-b112ffc35540","block_type":"box","text":"securities (","page_number":98,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"ea6c9684-eab4-43f2-9c4d-3066fb3f6b2b","block_type":"box","text":"e.g.","page_number":98,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"96e554f9-e945-44ef-98f7-921d75041768","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":98,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"07bd9880-0d53-4376-addc-8008b89534b6","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":98,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"9d97bc84-99a9-4e05-b3d8-ea6e6b174c4a","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":98,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"3394c5ea-38bd-4c43-81fe-a1b0cb294aba","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":98,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"58ca91ad-67ff-4998-8350-2b8a34ebb71c","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":98,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"fcdd1fac-f1cf-4ca4-a8f3-ba54e5eb68d8","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":98,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"7fda21af-563f-43bc-8068-cb201bee3b8a","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":98,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"ba4cf782-41a4-4d46-ad0d-71a2f28a5e43","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":98,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"99edfc4a-8fc7-4c7e-82ca-393a089f0d28","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":98,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"b74fbade-cf74-43b1-936b-df33626b4101","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":98,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"ce15a063-8fc1-42f6-99eb-f521d714b006","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":98,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"ecb8b7fb-7aee-4b1d-9544-438650eb75f1","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":98,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"5ca2319c-d906-48d1-a95b-8d420c8251d3","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":98,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"8755310e-771e-4add-8e03-709d4a81c7d1","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":98,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"67eb9981-2c17-49a0-90e0-9920431a5430","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":98,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"45bb4c9e-4eaa-43e1-a0b5-bae991be3dbb","block_type":"box","text":"Municipal Investments.","page_number":98,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"51dd606e-1f24-44f9-b006-3f3420fc37dc","block_type":"box","text":"II-55","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a8f4c00-f2b8-4890-b521-fd3f80e7af26","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"493639c2-9b8a-4638-8668-43e250d3ce39","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":99,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"989e82fa-8ddd-42f6-ac50-96759ae0d5b6","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":99,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"30c7741b-fcbd-45c9-8f42-dbb09dc31eaf","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":99,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"90bc53ae-e08c-4752-b5d0-ae836e2dce91","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":99,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"33aafb6f-b23c-4c94-9306-273ab7954533","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":99,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"13bd95b8-2d5f-4628-9910-8d9036a8379d","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":99,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"a3fbcf70-3e97-433b-bf4c-096a2d25142a","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":99,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"1b20c2ad-3961-4f42-83bf-e99f8e172422","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":99,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"d54e2a03-ef8b-4192-9445-08bdfa19f9d6","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":99,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"ba6fb241-148a-47c3-9481-1714ae23af9b","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":99,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"fb1cf045-8e4f-40cf-bed1-ea09bcfa6fb9","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":99,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"8ecca3c5-9e70-4984-a569-e66492d886f9","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":99,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"3a192d43-7952-4af1-8514-66f3ab1192a3","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":99,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"d6d2e980-e9aa-4746-abf3-fa86c5658c0f","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":99,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"dfb7daa9-cf79-439f-8f00-0ba05c045d5a","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":99,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"b2841ba0-b139-45b9-aa3d-182d70885df5","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":99,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"a7b9c6b4-5ba2-4734-b608-c83b07c2337a","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":99,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"734ed5c3-ad61-49d1-aa18-3b9a00466b7c","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":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"17566fbb-3276-4c93-bb1d-44572b17789d","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":99,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"801a5c99-2a29-45cb-b23b-e7dc7c18a852","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":99,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"7d410ad8-1cfe-4ef5-b99e-27ec4aa95d12","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":99,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"7e26a182-385f-4693-ad40-05727ac37da0","block_type":"box","text":"The risks and special considerations","page_number":99,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"9a194bd5-0eb6-45e3-81d6-fbe849d15adc","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":99,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"f5943a24-98e1-42a8-8306-684eae2d574c","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":99,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"1ba944dd-4622-46a6-8f5d-110399855b21","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":99,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"b0333a16-63bc-41f1-a665-bd6a63fd7010","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":99,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"b57f5fc2-2650-40e7-a476-0df30b8accf6","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":99,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"a24dc6bc-5389-4236-ac59-05e1758d7d87","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":99,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"b325e3f4-61aa-4f91-a0ca-6a98049e5fc5","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":99,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"ee416867-ec41-41cd-b77f-601a27aafcf7","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":99,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"a7590145-e68e-4431-b1a2-a0b672ebb8a9","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":99,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"ad87fed8-91b2-4472-8551-36403e5dc794","block_type":"box","text":"II-56","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ff15c04-d030-4574-8c15-4c97e013d967","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"376c46da-8990-4e81-8fd6-322d6e1a8206","block_type":"box","text":"Description of Municipal Bonds.","page_number":100,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"f7d8a6db-7e52-4fb5-a45c-8a866e268e9d","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":100,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"63efd875-61ca-4010-9a75-a3059ffef33e","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":100,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"d382e157-1f84-490a-94aa-ba09c7433766","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":100,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"019d8fcb-543e-48bb-abd1-da81284c1fe6","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":100,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"61f078b9-6fe1-4b6d-817e-9bb139589a25","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":100,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"a5868b03-20a5-4534-a74a-eb9eac890a8f","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":100,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"13795714-79c2-4dc2-87d5-c161ca0024c8","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":100,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"c5d93592-9342-4a9d-bdb3-3dc00228bb19","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":100,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"d549a0bb-8973-488e-8bd9-5d1fddebda09","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":100,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"5f44b3e4-a4dd-4944-bf36-2f59c2d5c611","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":100,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"7595ff34-6279-45f2-bc8d-cdfefb5407a8","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":100,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"268533b5-4610-4d86-bcb8-c86b6838e5c8","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":100,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"3bcfd759-898d-4e7f-a083-627d194bf7d4","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":100,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"1a4f1eb6-47f3-4e17-b3cb-cfed332a9f07","block_type":"box","text":"General Obligation Bonds.","page_number":100,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"e6815bab-8e77-4333-90d9-b573f768b25d","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":100,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"6223e521-a735-4536-984f-de7357b30cbf","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":100,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"4eb3312b-7846-4074-afaa-3ebbf9749e0a","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":100,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"05cc24b6-ede1-41b2-807c-61b094f5c2da","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":100,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"8657f095-83b4-4e3e-b31b-f27ed0854753","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":100,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"7c8e5eb5-dd61-4379-9257-79da02ee7fb8","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":100,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"56b9de69-0bd4-459f-9a2d-de268b7ffe4c","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":100,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"0f9cc331-fb4b-4ace-b22d-68197e49d8c2","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":100,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"fc437e6d-c5f1-43fa-a631-6e1c0e42f9ec","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":100,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"13c0ce83-f5ef-4b58-9b24-2e12025fefae","block_type":"box","text":"Revenue Bonds.","page_number":100,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"fd518c4e-4879-4235-9f4e-5ec920f71503","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":100,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"df003d4c-19f9-417c-84a3-950448dcb056","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":100,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"550c88f7-4202-470f-88b5-d5cd7ce5e454","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":100,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"56f6eeb5-7c70-40c4-9a0c-75a51980be58","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":100,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"2bc92421-3982-4e1f-8148-5ee8c329ce41","block_type":"box","text":"viability of such facility or such revenue source.","page_number":100,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"a31d2569-406a-4fb9-a3d8-b3e7474fbc55","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":100,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"c0e39e4f-6cf3-486c-8101-4634933f888c","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":100,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"a79b83d4-5321-4f47-858e-74374c4265d8","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":100,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"1fb98cca-a4ca-4d0e-af27-ce4312e3357e","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":100,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"5f1c5090-c88a-4382-8c9c-a4ccac6384d4","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":100,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"95375999-353e-4b38-a8b8-db5d1e169906","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":100,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"bac282a1-e62c-4b58-af1a-88db94e73381","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":100,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"f1ef51a1-45c6-4ede-9413-343921d094ea","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":100,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"b4d40695-e748-4843-858c-2f2ad33cad84","block_type":"box","text":"PABs.","page_number":100,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"4a373cbe-b92c-48c8-8f8b-c5ec6e4e9bb6","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":100,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"82005c97-aaa9-475c-af11-b32f11882d81","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":100,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"91f86f8c-342d-42fa-a087-3ade5fddf3ca","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":100,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"d196225b-e648-4861-8365-7d5ee3250060","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":100,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"2225b1ae-7f75-4a3a-a61d-6ee134c2507e","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":100,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"573e3659-d24b-4ec5-b37b-2db4d0d8c443","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":100,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"2984ca7f-b3cb-4691-a253-f3423b144183","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":100,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"8c7315fc-9583-4c81-a5a1-3d637c9efa8c","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":100,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"09eee6d4-c8bb-4cf5-9ef8-a4f21f69efe1","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":100,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"507e1aa3-84dd-41b8-b018-faca1b6656da","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":100,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"a3d0c791-4fdc-4a0e-aa65-e0567ee16eda","block_type":"box","text":"the par ticular facility being financed.","page_number":100,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"b98e1c10-3a2e-4cad-bd62-00609e4b882b","block_type":"box","text":"Moral Obligation Bonds.","page_number":100,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"dc607104-029d-4512-a31f-6dcdb158ed56","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":100,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"3fb84681-b7e9-4ed6-b2af-ee86040a8725","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":100,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"8593c55e-1a96-4d94-9758-7bd1abcd0b20","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":100,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"f318f397-5d52-49f0-8b04-8583e07ba80b","block_type":"box","text":"that issued the bonds.","page_number":100,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"5f8bff42-4e44-4239-96f7-1e1c3ea5ce77","block_type":"box","text":"Municipal Notes.","page_number":100,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"046e9d27-e288-4515-8fb2-ece6d396719a","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":100,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"02ff1463-0aab-4296-83e2-9de3e7e72528","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":100,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"61601b97-6aaa-4486-8f62-9021e6dc72df","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":100,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"d1b63216-4b5b-4410-8fe4-283a1bc3d775","block_type":"box","text":"II-57","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6a78c512-68b7-4b7f-9a03-40e337accc57","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"112f78ec-b8aa-4ceb-8d7d-feff7d3bbe30","block_type":"box","text":"Municipal Commercial Paper.","page_number":101,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"039a675d-a707-4775-809a-d46a6870a9ef","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":101,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"225fc210-5d18-44ef-83e5-1e9c760e5941","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":101,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"d1fc03fe-6858-4b9a-82a9-939bf25c1052","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":101,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"c12747dd-1941-4d77-9d20-fc9cba0350d2","block_type":"box","text":"Municipal Lease Obligations.","page_number":101,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"19d2f5cf-1a88-4d73-be26-a0b1fb1398d5","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":101,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"5f0233bc-01a8-4678-bbb0-1e82d7c90dce","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":101,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"ab08ec1e-12cc-48eb-8f29-f7d8d67388e7","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":101,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"262d6114-9c1d-4bfe-a0f7-9f1258e8b18d","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":101,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"cc05ff69-60d5-4de1-94bb-1824cd3b1af2","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":101,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"af28f9b0-fda3-47f1-a2c9-142cfa16d80a","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":101,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"b9882861-998a-4ffe-88cf-f6a9b9c882d2","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":101,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"e4b63d07-c6c2-46dd-97fa-18432c4dae6a","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":101,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"980a7638-2c6c-4a73-8431-631fb6844a0d","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":101,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"2d8deb56-40b0-4b51-82cb-4d2c8948a85b","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":101,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"29e9eed5-425f-497b-8ddf-8f920d6981bb","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":101,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"98dddc66-27a7-4cbe-b834-1220460059dd","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":101,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"963bb109-8b93-4313-b571-0cea07c51051","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":101,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"bdc3cf1c-37b3-429b-a010-67121b539658","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":101,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"25ff00bd-35e0-46f9-8d44-be315a531145","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":101,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"6bdf2d91-c693-46fb-82ab-d06df38c5a8f","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 a","page_number":101,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"df7c75e5-ccda-4525-97a3-53b65f17a375","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":101,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"3ded451a-723a-4d56-bde4-40483f6c8e02","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":101,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"7c29c4c1-9939-45bb-b29a-c3f7320ec54c","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":101,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"b12315ef-3150-4fa6-8061-f6803e01d50d","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":101,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"60e52ad0-f777-4a99-9b96-1f73b6c617e7","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":101,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"922c026e-c0cc-4f41-853f-56fe1568c319","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":101,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"fb7dc8c6-2f6b-4986-91b3-11f6b8e062df","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":101,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"70ecfd74-b738-4674-9123-ba409ef5139c","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":101,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"cf9ac65f-1317-4ebc-9e23-b0d8270b3384","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":101,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"18a9250e-561e-4b14-9fa3-4e3af03c6bc4","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":101,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"f8c4420f-6f83-4af8-a005-7eb099b59e1d","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":101,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"953097cd-784f-47a5-b8f8-6651819f38e0","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":101,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"9d2e9b26-0d84-412a-a08f-4a3f3ec5451b","block_type":"box","text":"Tender Option Bonds.","page_number":101,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"f58f5d72-8862-47d8-b0ac-6f82307e3d66","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":101,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"24f19ca4-afd4-4bfe-857c-f0f20501a3a9","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":101,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"22214337-1290-4ce1-a058-ff507b050b2f","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":101,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"d60117d2-58f6-48f8-a6af-bc77779d8705","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":101,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"2cd68d8e-0a89-4cf3-95c8-dbb52350d617","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":101,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"4cf760e3-d11d-40a8-927d-f87fb6bcf1d2","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":101,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"f26d793c-901f-4a5c-8871-45f195d08a45","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":101,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"4fdb3833-2b87-4136-80a1-a0bd0e5352d9","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":101,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"c876bf38-4c36-4b65-892d-ff692503171a","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":101,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"3aea26ca-8adb-45df-bc4a-32720abce53e","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":101,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"644f1a69-bc0b-42f7-8169-77a105d4cd86","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":101,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"e5294d87-4715-499b-9629-5dea7d9d61e0","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":101,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"365cf3ea-2ced-4cfe-8557-b9d8274c16bc","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":101,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"80ad072e-c1c5-4a84-93e7-36b8cb6e1323","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":101,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"ba910629-4318-458b-bb49-1dd235e9440a","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":101,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"9474dc00-fa54-4352-b3c7-aba389e7b374","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":101,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"1240dd6a-193e-405e-bbf0-0c80bbe53d8a","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":101,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"1dc81ae6-b92b-48a2-8c7a-d987fc7e7105","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":101,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"95c96c87-14fa-42ed-93c5-37c2ce888f13","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":101,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"e251528c-df3d-435e-8d5a-2ba5accd29d6","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"f7673f0a-c655-44f5-94e3-4f4ae46e0179","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":101,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"64d9a60b-8e68-4a12-95b4-91ef1b3f5dbf","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":101,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"892a304b-295f-4283-957b-b538f4e717fe","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":101,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"2dd175da-78f1-45ff-a4ff-915ecdf222d7","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":101,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"48a39472-863b-4bbe-a7af-9623922e4a7a","block_type":"box","text":"II-58","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aca708ec-12ee-4b26-9599-dba6f14ac51f","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3387957f-5bfd-481b-a617-f3dc279d62c1","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":102,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"d5dc962c-cf45-4411-be8b-996142d76acd","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":102,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"c99dce3e-f65b-49be-91a9-3c0419389d60","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":102,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"120a55b7-4625-40a7-8b32-cc33a9b40c6e","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":102,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"802fb054-0f72-4618-87f2-f958fa22546a","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":102,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"77b3d5c5-568f-4a82-b4a3-72fd59f6a18e","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":102,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"9f30a6f3-5f84-40b0-9285-d348aa41d7dc","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":102,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"9daa5471-06ea-4c74-ae5e-e845de018f71","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":102,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"febac1c3-039c-4a1a-a3f7-bb5c72c80bd7","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":102,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"bdc693dc-253e-4220-bcdd-96352876004e","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":102,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"59eb6de9-bbfa-49f6-a5b0-49c168bef032","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":102,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"9b86dbc1-5dbd-4833-88ed-6eb1961d5e5f","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":102,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"6781fadb-a85c-444f-9bd6-117fbc9a68e5","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":102,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"93e22578-1524-4e73-99b0-bf125fcd760f","block_type":"box","text":"issues.","page_number":102,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"54c215c7-6091-44c2-9916-401f2f140d0a","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":102,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"4acf3060-e6d5-4cdc-be02-ca8b27e6d566","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":102,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"cbf3211f-4dbc-4606-8fc3-5d77fb965b9d","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"603e6f7c-8bf4-4a5b-b8bf-e2c5c15fc9b2","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":102,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"8a04e8d7-12fb-4974-b7b7-3406023ee361","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":102,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"dd3947e8-4fe1-4b29-a07c-a4f7e422a6cb","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":102,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"8ace5644-102a-46c2-8783-77b3e4e1d026","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":102,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"1875c58f-9631-4d6d-aa6e-7e4e1af5638a","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":102,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"f0368ac1-05b8-4dee-b511-0c5bd120de9b","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":102,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"2bd851b3-1ff8-4cfa-a304-95ba176a5a46","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":102,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"43fe27fa-b7c3-4cd1-8b9c-7a9b16f0c24d","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":102,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"3f759920-be97-402e-8b45-ffedd57bfdc9","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":102,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"678a3216-6e3f-4671-af45-42a0c66adac2","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":102,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"e501539a-3b88-4b4e-b16f-49d877621269","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":102,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"630212c9-8727-4e39-8812-6cbdeb739b2b","block_type":"box","text":"i.e.","page_number":102,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"d8fc3bc5-975c-4c75-8621-cb561484dc47","block_type":"box","text":", the Fund). In contrast, in the","page_number":102,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"c3f154ed-9c00-4367-a244-e99f8011ce75","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":102,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"78befefa-843a-49d0-af31-48478c337223","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":102,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"037eeb80-f5fd-4f87-9cbd-a70a1d39a2d4","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":102,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"99a541c9-7822-4266-b7d9-72a2a961e585","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":102,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"3ec6e494-6e04-4b3e-a67c-8fc65b295202","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":102,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"8412059c-0e30-4c83-9cdf-2e3421cd024a","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"6f30debe-704b-421e-a109-b6da13f5d181","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":102,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"50fccea1-37d6-4d79-a3da-39779072a589","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":102,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"f98abdb7-36c7-43ec-a9b9-93974f2cffa7","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":102,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"55ea5689-c952-4fa2-a1c6-a57bc0774f79","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":102,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"72562d3b-7baf-4467-b040-8ad7ff4c8618","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":102,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"9ac1d8fe-fcae-4f06-b343-92399425d7ba","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":102,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"24097f3b-e23b-43b2-8210-88cdd8472910","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":102,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"54439aaf-8c2f-4e08-a5a8-5a2d35b0b7bf","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":102,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"fd05c3b8-9569-4f3f-917b-ab96baffbc7a","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":102,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"7288cdd7-9e33-49d2-a619-ea3ce0fe64c2","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":102,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"7dabbe6d-36cd-49e5-ba93-8b8766b71e8e","block_type":"box","text":"Trust.","page_number":102,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"965a6ae0-182c-4861-8ac4-323577aea9df","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":102,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"d2c8a341-c347-4311-8773-7e483aa7dd4a","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":102,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"e61ebc43-d19e-4e11-a9a2-d4228fb4fc5f","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":102,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"ae5b42ff-c3b6-40f4-a29d-3735fe3c9f0d","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":102,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"6b56f8a6-6105-448d-8276-12ad2c278af6","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":102,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"e6e1e4f9-34ba-41df-8bb0-1e58181a8b60","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":102,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"715aed1b-9a54-4668-8975-7f7cf6119fa7","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":102,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"f35bac32-c774-4c77-8763-327dbdf3fb04","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":102,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"754447ee-9368-4cb0-8a53-823306c55962","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":102,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"62869f2b-7796-4953-a446-5d215a5ec4b6","block_type":"box","text":"II-59","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a79e4e58-c82b-4ad6-8885-578e389c5375","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d90d276-9717-431b-92aa-5377108caeeb","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":103,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"00f458ea-f9fd-4976-980d-6ecf83c56487","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":103,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"d37a2779-4d43-4f20-bc40-a4978c2a6e56","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":103,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"5d58aedd-7414-4f63-888e-efa1797fdef3","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":103,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"05692faf-8d9e-4f4c-b4e0-9c7e4b89dfe9","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":103,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"a8c57fc1-ab70-4fdd-8eba-7c7ec3b62e3d","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":103,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"5517bea8-2b2b-4222-848c-480992fccac9","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":103,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"d10a93c8-f014-42b5-b26f-ea47bd7096a6","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":103,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"cc6ae051-470e-4518-8825-f2be0564727a","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":103,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"cb1a809c-5b59-4fc1-9f3b-139ec16c693e","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":103,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"b39954c1-f4a9-40cc-8ed5-d778917e3fab","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":103,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"60cc8c4c-04ce-4ee3-96f6-e768132b5f9d","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":103,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"35909e74-c454-4202-8cf5-295264d775f2","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"54e8a693-f3f3-4b4a-a78b-929a553a7cfd","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":103,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"3a404089-d017-469c-907c-0c8b36c4876e","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":103,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"d33e17ec-bb72-41d4-9059-2e4c4c054db7","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":103,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"23ab00b7-7056-4352-90eb-bd39d7d0ae43","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":103,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"06420e9e-580a-4ee4-aa5e-1194c325a549","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":103,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"daebf0e0-7e18-480a-b093-e63fd0e870f4","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":103,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"deb28e4b-7041-49a9-9db3-1219f4fd667b","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":103,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"40b2bdcb-2a6f-4b7c-9731-1a0fddd39b27","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":103,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"c5a00bda-4a87-40b4-ba9a-c17a08df0cc2","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":103,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"8e301ccf-f12c-4080-8bf2-c82a77a61f1e","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":103,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"342e4b86-0b9f-46f7-8515-99c250a84d85","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":103,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"7ca790e7-b1a2-4ada-b606-2de20dd5deed","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":103,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"2702bf57-26ab-402a-a3d3-f6e14bab7b67","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":103,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"6a64cbf4-ca89-46cf-b74b-d9ba448a0de8","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":103,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"20830a22-f373-442b-97a9-1519abce7fd3","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":103,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"9ab5b9ef-d742-499a-8f4b-10357e9dc358","block_type":"box","text":"i.e.","page_number":103,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"713ece60-c75f-43b6-a6fb-bfeb7cca60f3","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":103,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"f43583b8-1ace-4af0-9ceb-2516895990b0","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":103,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"88767037-1c7f-442d-b0e0-4b6afddabcfc","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":103,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"cd395df0-a21e-4c23-b6b1-a4b0ae65ec7a","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":103,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"e8da0b05-f32e-4106-ac28-8db5d96d6a88","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":103,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"b84891ce-2cf3-4f30-84ae-20229eac465a","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":103,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"4c903057-2356-4a42-8446-7d0ea04c4e45","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":103,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"718933f2-c876-45e3-90af-8cde85c1eceb","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":103,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"0c3db02c-834f-45a0-980f-0a4411b112a6","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":103,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"ab0b1f06-ca8c-42a2-8ac5-28542b5001c2","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":103,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"8a2c591a-549e-47e9-a9fb-c9c85d8a35e6","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":103,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"e25b9cfb-d3b8-4484-937a-5291172c283b","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":103,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"ea8f0e83-a80c-45b9-a7de-30e2652a022c","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":103,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"71a8cc34-0d9a-403c-965a-a5e79d31c0a2","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":103,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"81f479f1-08f5-49e2-89cc-09cefa22f0c9","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":103,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"8b9fb464-f0c7-4319-af30-22b5ab2b3bc6","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":103,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"e0d713c2-e945-4e97-9a88-7d6e428bffda","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":103,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"97b21706-5ca2-4cb3-b374-7bea4c36874d","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":103,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"ca5fe267-afaf-440b-afeb-7d5d1bccbc60","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":103,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"979b42f5-bd8e-4a27-9a1e-f99c596ecd12","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":103,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"99b1c6ef-b0eb-48bd-8876-25b365886161","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":103,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"d67811df-8121-44ee-a91b-07c8f9126111","block_type":"box","text":"market is not yet cer tain.","page_number":103,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"c21fcc65-b912-4097-a470-aa222c3972b1","block_type":"box","text":"Yields.","page_number":103,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"00502c9b-623a-46bb-b76a-f5aa11914de1","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":103,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"373f7c2f-002d-4296-a8c3-4b08320019d1","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":103,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"628c9476-d3d2-47a4-9829-8629f7c410a0","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":103,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"bccb7dfb-71cc-4103-bb60-2b9286ba99a9","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":103,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"5c504eae-39ce-47fd-99d5-d88fcc0780ea","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":103,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"cf995a39-615a-4619-bdf3-6a07b9ee58a9","block_type":"box","text":"II-60","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1b52c21-7617-4c97-9ca0-82b8132deb64","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ac2cf94-80af-4899-a948-333232fe3735","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":104,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"330c1331-cebb-46a8-89b1-c52ae4b2d1a3","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":104,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"b0f2c2da-0eb5-438b-bb6f-7dad41eb384e","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":104,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"7789ffbb-db18-476b-940d-310a11a49a5c","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":104,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"770ab89f-a860-43a9-a688-0d37a03e37b6","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":104,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"e43475e7-13c3-4b85-ab84-cdca205b6f8f","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":104,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"f2c8ee11-ab6b-4a1c-a14a-197ac53c1548","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":104,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"39d1c063-e96f-4404-98f9-2f3f47417418","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":104,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"f0d12f15-2bca-435f-b21c-6f1053930aef","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":104,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"5756c1f2-d7e1-4d67-b9cd-705bc41ef114","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":104,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"d60ce32f-14d3-4481-80e9-4bacba2c9c74","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":104,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"a56b390f-0206-44c0-aed0-5a05c4c7b1a2","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":104,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"86939656-a5d1-41b0-b65c-9a162ce7863b","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":104,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"e7a5845f-ff25-4189-9171-1d21405b1f91","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":104,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"65cdf238-74bd-4521-96fb-8680766d8542","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":104,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"e7e0b222-c6fe-4af1-8814-32a06cdb089e","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":104,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"6fccfe05-8e77-4f7f-bf8d-cb509b96c771","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":104,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"2bd8e6aa-d2fc-41af-b120-c77a77b39217","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":104,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"626e1d0c-b1aa-4d6b-8f13-5e5e10c25982","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":104,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"01777c3c-a0d9-495e-b002-c75157b36376","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":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"1de1598c-d826-4ce8-8ea4-e75c0ea0224a","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":104,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"fb86031b-e9db-4928-9a09-b075f47a3135","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":104,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"2fe94777-a302-42f3-8aa3-0db5c52e1aa2","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":104,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"c8d69461-abe1-48d4-8502-deb945ef4172","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":104,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"cc85518e-4fdd-4815-b902-205a47b70d4f","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":104,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"7047101b-acf2-4063-a96a-911833972345","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":104,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"01868a27-dbf6-4019-95c8-3802f8dca07c","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":104,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"bdbadf87-77c2-41b5-9bed-87ada040d46d","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":104,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"6f8be85b-7694-4416-83a9-b0209c522c14","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":104,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"e8ffaa71-a631-4c7e-81e8-28f357b3c1c1","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":104,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"3e2fbe6c-177d-40be-bd56-37b055f48b78","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":104,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"d8bf77f9-9634-4b66-bb99-7ac91cd9b81a","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":104,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ca696a8a-1e2c-4baa-a0b7-1d2dd417e707","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":104,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"09dd314e-6746-429c-9536-2f1de0ad44fa","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":104,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"1a26e6de-40ed-447d-ab37-4bc429d63339","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":104,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"966ba326-7797-4fd6-a61c-21f9e4bf1006","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":104,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"67e1e139-7e01-4cc4-b5c7-6651bd997729","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":104,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"51394de3-7174-45b9-9681-4d4cb87f4c09","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":104,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"8b09d800-3a16-4cb7-a378-7e7fcfcfa1ad","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":104,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"45b04db8-9b19-4255-8a7a-1db49b4e3dbb","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":104,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"9f842273-c482-4e22-9ed4-8fe56e590eda","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":104,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"ebe6c156-d9b3-435a-ba22-36ff3b8db999","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":104,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"103c3238-9fc9-467a-a0ea-72374a5a67a6","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":104,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"56734085-4235-480f-b979-e877616e2282","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":104,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"518b4c65-d16d-4747-9c8a-c7e7f9f2dec2","block_type":"box","text":"Call Rights.","page_number":104,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"6ce6b85d-4534-43e8-9324-f4976451a322","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":104,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"d450003b-ce83-422e-950d-2c3fb47d41d7","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":104,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"d5614d34-9987-4200-ad0c-aeee7e474e46","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":104,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"af45da7b-d62f-4aaf-85af-9b523fb76daf","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":104,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"7f2cf1a1-57e2-4bc9-8775-b2c0b4a993b6","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":104,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"efaa4cd9-1b87-49d2-9e74-efc0a0243556","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":104,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"4e797df2-3cbb-4bfa-9dbf-81ce48d32f91","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":104,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"6a068915-eda4-45c4-bb01-784c50eb5775","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":104,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"b8457479-a98e-478a-9dde-6d49d6d403ac","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":104,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"19781807-d5ee-454e-8173-b1e0ba522ef6","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":104,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"066819df-8151-40fd-bfaa-4e08a58df038","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":104,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"26c7a8fc-b606-4505-9775-3e55dec65595","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":104,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"7afbf2ea-4a34-4983-8092-e16a3dcb059d","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":104,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"b907f358-41ad-4489-8b0b-8232c2a70c9d","block_type":"box","text":"II-61","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cb5490f7-0996-4725-bb84-10ef1020a113","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc91eb98-cd44-4106-932d-2b5735c7703c","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":105,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"bf51b76b-4dc4-44f1-b063-94fa92a97ded","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":105,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"de30a795-d83c-45b9-9105-1369d586e9a9","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":105,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"69733278-f273-4959-8849-bd1344c9622b","block_type":"box","text":"i.e.","page_number":105,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"4d120c08-1d51-4f34-a341-51f480cd94e6","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":105,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"ad5fdafb-d094-452c-aa42-281c39bc6bca","block_type":"box","text":"rates).","page_number":105,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"ce804ec2-3733-4e38-b93d-6d09140c4215","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":105,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"d48217f4-a3f5-4ed2-b22f-9c0aab034deb","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":105,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"ffe7d96c-bbe2-44a0-8571-e67f6094b7eb","block_type":"box","text":"e.g.","page_number":105,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"ade18042-693f-47db-9bb2-08ebd089e874","block_type":"box","text":", an exchange of fixed rate payments for","page_number":105,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"a7873236-7a41-48c8-af3c-85d9e7dede1e","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":105,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"a4faf334-eb40-4b52-80a2-76b49d3fe2d7","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":105,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"82c20f92-2ae6-44a2-a762-fb618246408c","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":105,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"8c025403-efaf-4dfe-a892-9bedf033f74f","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":105,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"fa2fb553-9f89-4d99-9b37-12708a8f5cae","block_type":"box","text":"with the same attributes as the swap (","page_number":105,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"da25fe3a-5f48-4850-b7a4-1d7cc6acbd87","block_type":"box","text":"e.g.","page_number":105,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"5a681b9e-2cae-4e80-b3c5-6dd523d7bf41","block_type":"box","text":", coupon, maturity, call feature).","page_number":105,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"7f2f39ec-00a8-43cf-bec2-d78dbfa332c1","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":105,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"f18ef2e2-4419-48ca-894f-fa2e65bfdf2e","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":105,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"adf0a7d2-1584-43d4-91fb-e98ec0852663","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":105,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"2483a018-9461-4743-add3-50ab7b437919","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":105,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"5db44eee-fc95-4167-9073-d2cf8a238db6","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":105,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"5fca1807-9f10-4328-92d3-62a3d654da19","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":105,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"70b632dc-c33f-4f4a-bf29-50bc8bfa3c48","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":105,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"c0bfe5ac-8905-4ce1-996c-3b1c080102df","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":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"453e5a9b-bcc0-4a51-ae5c-c52d0132e02b","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":105,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"d3543f0a-e9de-45fe-96ef-88d9f146b75a","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":105,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"17a35b25-2736-4510-be17-83906bf7aab4","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":105,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"dc1a2cdf-1023-49c1-904a-2f0949949b06","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":105,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"6466ea3d-6bd1-4716-a121-bdc3fb4eb897","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":105,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"56c28abd-a904-4d21-986d-ba1deda07879","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":105,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"5488c793-b9f7-4458-ac9c-a84dcf434e6c","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":105,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"8a77485b-24ea-4197-930f-a4a2746e8619","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":105,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"2df0ffc8-f002-449e-9b85-f613d43729f9","block_type":"box","text":"Insured Municipal Bonds.","page_number":105,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"4dc3ef41-62f2-4610-9683-f8f9ba1f693f","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":105,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"f91999ad-6be6-471a-8606-0817e2736e82","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":105,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"5fc4e330-9b3b-4bf6-81e8-7b852d56ec95","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":105,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"8ffc3327-37af-4502-972d-743ddc1c2927","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":105,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"2f4a994c-42d4-4756-93e6-61acb67668ce","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":105,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"cb10e599-c9ac-42fa-8fcd-6af39629bfb2","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":105,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"4c1742e2-b88e-48cc-9e45-e368978d0039","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":105,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"52b11951-4a21-436c-96b9-32b63a367dfc","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":105,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"7418ac60-4a8e-43f9-8459-e78c8f94a6a2","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":105,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"739e36b5-d1ea-40dd-9660-6286d990980f","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":105,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"d54d7e03-0466-498a-a7c3-43e295818bd8","block_type":"box","text":"bond could drop.","page_number":105,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"4f9d1363-7f49-4ec6-88a5-6e18536c2977","block_type":"box","text":"Build America Bonds.","page_number":105,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"69500b11-8390-421a-9958-5b471a498a69","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":105,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"f5317ddb-e708-4920-8d2a-7720e2a2fd45","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":105,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"8232d74d-a844-490f-8d22-d0c56cef40d9","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":105,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"0499735f-f475-4b54-910a-8de3aec0059b","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":105,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"5023d41c-0cec-4bb5-890c-1c5fc99f71a5","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":105,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"7458decd-56cc-4c7e-966d-98e048a78918","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":105,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"aaf6e137-6839-4c52-8eb3-eb340fbccf83","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":105,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"0570a5ec-788a-4229-b081-7096a52604c1","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":105,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"6b88c4dd-ddcb-423f-bb2b-89b2e45d3c10","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":105,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"76c27745-576d-4e19-9975-ded5f957a82e","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":105,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"c9c4c8d1-ff5b-4097-9eeb-076112ab538b","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":105,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"d8370940-c0d1-45c2-b512-a11616273bb2","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":105,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"11dd598b-1a22-491b-93f1-47dc66ac5650","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":105,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"bd8da551-b7a0-49a9-b1bb-a07f7ace5b0d","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":105,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"3bc9880b-ab91-42de-983a-b08a6c4fefd5","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":105,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"e7cbb31c-2a9e-439e-a50a-54871fa0b3a4","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":105,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"6a90f572-11e2-4139-979b-18c94bdc987f","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":105,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"903851ef-2038-444d-81a9-fd4d5d978e8d","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":105,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"be1dd3d5-587f-470b-83b1-1864b5d2a1af","block_type":"box","text":"II-62","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc11a3af-486e-4c73-8f0d-48c38a75d056","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec2e6249-ff01-41a5-9197-bc5b220d6113","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":106,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"3daba118-6a98-4cff-8b71-2a8db7419419","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":106,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"5f35434f-313d-4693-b0b6-2d1fa5fec650","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":106,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"31c20aba-8e9c-4a81-a76d-c5f14ad909fc","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":106,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"bc37e4eb-181b-40f8-99ee-915c7737d2ce","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":106,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"5ef5b135-df9e-427a-93aa-d1403486d24a","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":106,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"8b847c22-8d19-4149-b13e-6f89426f628f","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":106,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"c3e57345-e4bb-446c-b8d4-035e1f7b94d0","block_type":"box","text":"their face value to the sponsor (","page_number":106,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"3041a4e9-05b6-46d8-b550-4eab67f58822","block_type":"box","text":"e.g.","page_number":106,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"1bdef693-7bbb-4922-88e8-62387e8e882f","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":106,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"a2974af8-7d20-4360-a4f0-735a63de66da","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":106,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"a036f600-5c66-4a26-bc48-96da073c68f8","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":106,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"459b12a5-3dca-4146-bdcc-b9567b657f21","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":106,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"a40ed8fd-8057-4567-9985-3809df320a34","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":106,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"3d3f3d9c-69c4-457e-976b-eb4a3bdba036","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":106,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"5327468b-b6c9-40e1-9aee-73f4171ffc10","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":106,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"61471156-7f52-4ff4-8cf9-b9052958e013","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":106,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"15637893-22c4-4c42-a5bc-f4d248471960","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":106,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"826bc32f-9d60-49fd-86ce-cf7c49be4c27","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":106,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"3227fd36-bc61-4d5e-89fc-d0b63a39f2e5","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":106,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"ac60007b-13cc-4fe0-85ce-a4913b72fd3b","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":106,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"d00242e0-ee83-4db5-8be4-37864c2d7671","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":106,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"25f8a2b1-072e-4bde-85fa-beac08ba4734","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":106,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"c455ce81-fd7a-40f8-995a-5116c1066e38","block_type":"box","text":"such opinions.","page_number":106,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"727a5192-87e2-4470-9b32-e050fc6b8f58","block_type":"box","text":"Operational and Technology Risks.","page_number":106,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"d56eb421-d2f1-4260-8966-be80a4303420","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":106,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"127cab49-b0ec-49a5-89de-d2935158f62e","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":106,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"1a70a7f2-ecf8-44aa-a487-96720955106f","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":106,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"2bce12df-58dd-4bcc-b529-561c9a3ffa60","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":106,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"492e7b75-390d-410b-89b5-831feb554594","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":106,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"21817eb2-97e1-4f45-9d8d-c3a1a421a039","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":106,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"44da0e4c-d995-485a-8b2a-dec758af0585","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":106,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"e5008086-4a4b-4c11-b134-a9155173e293","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":106,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"61253b44-35e1-4846-87d4-e2b008ef08b2","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":106,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"d5c441f6-31d8-4ced-bc6e-46f2bdc31b72","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":106,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"9e07b0ba-a3d0-4ff9-8116-b4df43bb6066","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":106,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"30aa5cff-4335-46e1-9d77-6e36c927df58","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":106,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"9c8a3aeb-8898-409a-b935-5820e85f5af1","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":106,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"e75e8168-7559-4975-9310-a2f7b6f8084f","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":106,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"09d02c54-0da2-4061-acaa-0025d7b7a203","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":106,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"7d09be72-56d4-4130-99e2-ebe03dde08d3","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":106,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"e25fe5cd-0c45-4e19-acdd-fa31f4225c7a","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":106,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"be786dfe-3bf0-41f5-8f00-323f6854b19a","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":106,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"7cc189c9-8af6-44ee-aca7-de8f30a03b0f","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":106,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"da8af359-09b1-498c-9dda-589aa2b09186","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":106,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"1590067f-cf31-467b-864d-38867cf9e986","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":106,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"49fb09fb-028d-468c-803d-2731f711741f","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":106,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"83a8d380-d164-4610-800a-d69bee77a9af","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":106,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"b5934ccd-f3cb-4908-99ee-4c269415fe95","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":106,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"952f14da-aa7b-48d7-bbce-7daad8d25e64","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":106,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"cf341ca9-24e6-4025-bd2f-26174bced9de","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":106,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"1c24abbe-acb2-4022-8b71-a1da841ea409","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":106,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"2fb265ab-9750-4826-bb7f-da0d01580910","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":106,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"31a618f5-997d-4a1b-abf6-c828bb3ba500","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":106,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"aefff0f7-eb6c-4d16-8e1b-701246ffede3","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":106,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"7470a26f-275c-4f4e-9fee-7e9079ac578c","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":106,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"701530a6-cd8c-47c1-ab31-ecf2f9ef891a","block_type":"box","text":"infrastructure assets.","page_number":106,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"ee89998f-70e7-4f24-9768-5ba756eceb43","block_type":"box","text":"II-63","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2909a184-9d6e-4f3c-9bee-4d1aba148249","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcd568f2-6de0-4d0e-9368-ac33cb58284f","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":107,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"7d75bd83-cf68-47aa-b7c2-c2d2474355f6","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":107,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"22f7de2d-3d37-445f-8c8a-f89601c15028","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":107,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"94be5ead-5f09-444c-ae72-419dcad820b2","block_type":"box","text":"or services.","page_number":107,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"753cc9aa-d38b-4f7f-a0e3-92c08a62d532","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":107,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"a22e1cbf-b4b2-4ecf-a5ea-ed98b036324a","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":107,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"cdb286cc-361f-44e9-971e-674251a44fe5","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":107,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"f69ca576-4279-4b77-9400-30cf05628309","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":107,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"1cb50ed7-add3-4b65-a64c-262f95189429","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":107,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"0194700f-83ca-4df3-8106-040a769f3e0b","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":107,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"6439e7bb-88c6-407a-b71f-345edec272be","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":107,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"d478d327-3ae4-406c-8b23-a1ec121ab154","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":107,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"836232a2-5c05-4989-8eb7-be096b84ffd1","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":107,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"615ac52f-6760-4e15-86b4-75ffc98d14cf","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":107,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"7eafe9da-0d2a-46df-96fb-1d80d02bfb07","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":107,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"6ffd19b5-cfef-4036-b7f7-ba7c512e2c21","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":107,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"35605879-b803-4f74-99d2-5dfdbee81fc0","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":107,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"dffd2c9a-e86a-47b4-bf5f-66458c61a28b","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":107,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"f276085b-df1c-4e9f-9f3d-df4c3f2cc91d","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":107,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"60ff281e-8944-42b9-b290-bcddd6903b59","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":107,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"406ae2fb-fd66-4a24-87d7-dc8a777d55b2","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":107,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"7d8fe421-d62f-4380-a3a7-d0832892cf21","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":107,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"2c44ef99-5d4b-4c19-969e-ff794dddc9d4","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":107,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"73790a8e-4687-40de-8704-612cffd5e5f4","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":107,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"5d908ee6-f184-4bd2-9a2f-c35a7afb7ae3","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":107,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"ee885502-a94f-4002-803e-0e789aaff21e","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":107,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"cc9f2f1e-f16f-49d4-973a-5bac98a474b9","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":107,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"cdf99f8f-12b5-4fac-84fc-33017f71c457","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":107,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"e0fd35b9-2555-4e61-a2c0-38091d6cfc46","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":107,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"fdca98a7-381c-4d67-921b-58f8cb10f72e","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":107,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"37d82232-8214-45c5-9b19-0efbc90677c6","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":107,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"cc0bc0f3-04c4-45a0-bdf5-d2f1c81a3115","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":107,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"860bf1da-ee93-45f9-93d1-e31a4366411d","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":107,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"25b773c2-66e9-4c51-a764-22f9d957da88","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":107,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"9c7c002e-b7fb-4a9a-a8a7-766a7592f871","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":107,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"ed442a14-cfff-4342-b1b3-29ed76b7b395","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":107,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"5fdca41f-3299-40f6-a60d-4c87228d90bb","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":107,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"d5430919-695d-4ae3-8084-cf32996b0803","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":107,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"5e563022-0d2b-4f3b-8a72-02d6a5963dd4","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":107,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"d1b2c0c3-eb2f-41d4-96fb-d99ad463f4e1","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":107,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"1048ac7c-e3d0-47a8-8696-b896095fc853","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":107,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"8ee160d2-17c6-4aa3-aa83-2188a8210083","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":107,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"113a31b4-8673-474c-9536-719df9e8c011","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":107,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"e975addc-70f3-4991-a3f9-9066281d443f","block_type":"box","text":"resources to monitor and implement required changes.","page_number":107,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"5ae550ae-6db1-4895-b70a-8a60a24e4e7d","block_type":"box","text":"Participation Notes.","page_number":107,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"121260eb-f985-4def-8a9f-7e89e34292ab","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":107,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"cf0cdebb-ef42-441f-8198-01dcfb7991e6","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":107,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"4a338623-dcb2-41ea-b6b9-df82e306eb93","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":107,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"5ec467c3-cd72-4020-ba85-745380399e8f","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":107,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"77c915d1-c1f6-4c37-a908-80e001aa0821","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":107,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"63974bea-a152-4d62-85e5-5a9fe735d962","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":107,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"dca715d3-6f49-403a-a8c5-899fdf378d06","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":107,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"101a05a6-1fb1-45ac-b674-80672bdcfdeb","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":107,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"611e333e-2af3-447a-8030-1c32167a7d4a","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":107,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"45d63031-9042-4e61-b8c3-c58ec10b06fc","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":107,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"2a7b9a6c-1aab-4f27-81df-aa8fc1cafd7b","block_type":"box","text":"II-64","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"22a4b61c-81d2-45e3-b686-43d178709d80","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5fa5bed9-5168-484d-9e3e-5b222737d8d5","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":108,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"be109f7a-08b9-4bc8-b793-d8f0ce1e3623","block_type":"box","text":"a 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":108,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"6dd77caa-f68a-4c94-8120-6073f7bb0d90","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":108,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"e67e4295-5d69-47fe-86b4-ff7a00f0e6cb","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":108,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"c35c9746-8a6d-4f5b-9ca8-0fa009846785","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":108,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"0e5de7fb-25a2-4d7f-a655-37a93bccbdaf","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":108,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"edb15205-918a-424a-9b91-f8eb7fe2f523","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":108,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"4f23ec10-84a4-4fa6-9826-b3b40ea72b83","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":108,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"6c48303a-efa6-4392-b61e-cf6013fe3f37","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":108,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"f8894977-7e95-452f-ada1-4002a71256c3","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":108,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"e427a902-b685-44e9-910c-c01447fcc75d","block_type":"box","text":"Portfolio Turnover Rates.","page_number":108,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"6a9993c5-4f29-4f38-859e-fb1cfecfaeaa","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":108,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"83efcefd-38be-4a55-9eb3-12207b75d39b","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":108,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"1042f3b7-f483-4952-8308-fa510bd9b1c3","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":108,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"c5595da2-b769-49ff-bc0f-44cfb8e145b8","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":108,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"b017c40f-e19d-4aba-b13f-67b07297cfc6","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":108,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"ddb4a284-9199-4f15-ac3e-5cb2a5857ec9","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":108,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"288019db-0c7d-485f-9a92-1808ed317e96","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":108,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"d2d29f9d-06de-468a-a574-924665a05997","block_type":"box","text":"i.e.","page_number":108,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"eb0b79cf-538e-4824-8d91-ee76b7a5f2b2","block_type":"box","text":", 100% or more) may result in","page_number":108,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"9e2c203b-27ba-4eec-940c-c338d0d09643","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":108,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"b52e8eb0-d362-4b7c-aa98-8924428bef4d","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":108,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"c54026e9-8e78-4d01-8b5c-2f708cf30e60","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":108,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"8c481345-c67f-4d67-8efd-d470ccf5bab1","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":108,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"9e2d85db-f712-401f-9389-425fdb5efeaa","block_type":"box","text":"Preferred Stock.","page_number":108,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"48c0ab06-9934-4083-a167-b42d4e890d31","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":108,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"8ed84ecb-c66a-4c4a-8ddc-ab0e4fb42dab","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":108,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"e629fa0d-e3b6-4319-b4a8-2d69962afc6c","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":108,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"2c0d2dac-f133-491f-a272-2e016125b32d","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":108,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"dab3ed7c-970f-47b0-92eb-15e4d32e89be","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":108,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"073c8e5e-466e-4206-9135-bb9e506b27b5","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":108,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"bf3335d3-1eeb-436c-ac67-8ed6ff5aa287","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":108,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"9c93d864-d7aa-4220-bc94-b863b9e7f1d6","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":108,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"199d335a-a17a-4199-b311-04d1deedb064","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":108,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"a4680d77-1de8-4451-9045-564d2f71a5a0","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":108,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"ce28ce42-489b-4c08-9eb9-ded068a961c8","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":108,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"794f91d5-e61d-4d76-904f-797d08e60047","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":108,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"e6870a6d-7333-49a8-ac31-605011e6981a","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":108,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"ebee7e76-7f28-43fa-a02b-80fa192a2fdf","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":108,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"26474188-7bd3-4689-9cf7-9a3549b21beb","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":108,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"fd257904-9e95-4b6a-80be-1d21e0a4aa8e","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":108,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"b5866e93-7b2d-43ac-8c40-c552b42890e4","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":108,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"8e696b0b-e6ce-415a-81b3-656dc11fdae5","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":108,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"acefbf8b-0c02-49ae-ad59-0ade56373567","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":108,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"517e2bbd-5067-456d-9c83-0f3ba64de178","block_type":"box","text":"Trust Preferred Securities.","page_number":108,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"ce935933-e690-4e75-a889-168eaa9a52ef","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":108,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"bf60d5c8-6fee-4b6d-941a-86edce477aad","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":108,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"07261304-cfde-40c6-bd9b-3d9ec0d1664d","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":108,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"d9366870-0eb8-4214-9f4d-c2f39ac6e845","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":108,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"9115e8c6-76a1-4377-91f2-a2b7962c6bc0","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":108,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"3fc0724f-75dd-4fd4-8104-aabb48828a42","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":108,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"9d37cabf-b08c-4b92-ae24-8eef6bf814a4","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":108,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"429517ce-17d0-49c3-8a3e-ee9b156e73be","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":108,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"457c547d-9a28-4e13-b248-d791c1576a5c","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":108,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"25d58964-f761-457a-879c-2dafa6382d6f","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":108,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"d164752b-ee2b-4148-bc41-9b4ddcb82841","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":108,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"59b610ed-1533-4c6f-944f-aa1aa7d3fa1d","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":108,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"1045d437-431e-40e4-9e3f-593b465781af","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":108,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"8f5f89d6-2350-49e5-8638-fe614bb12d4f","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":108,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"3795efac-1b93-470b-b87a-567568cd5221","block_type":"box","text":"®","page_number":108,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"67f10977-7b1e-4f3e-9d97-3d14a7869e5b","block_type":"box","text":"”); monthly","page_number":108,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"7f7f9e6e-3fb5-47c4-9bb7-3988ebf960a0","block_type":"box","text":"income preferred securities (“MIPS","page_number":108,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"2d410ffa-13f0-4c30-b3f9-46b7a01896a9","block_type":"box","text":"®","page_number":108,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"8d408758-ce92-4c9b-b399-b7d9ff503deb","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":108,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"4b8fbad7-f803-4e8b-bf3a-9ae656a1ade7","block_type":"box","text":"®","page_number":108,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"4936977e-5e2b-4e91-acb5-a97b4ad9c1ab","block_type":"box","text":"” ); quar terly income debt securities","page_number":108,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"4834d73f-c2f3-434b-9c42-15da5b773c66","block_type":"box","text":"II-65","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ca156ec-085e-4ae6-bc1c-333beadad326","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47acf6f0-f2e1-4187-80bf-a4790dacb62b","block_type":"box","text":"(“QUIDS","page_number":109,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"9d141592-e01a-4f2e-9390-e637bcdeb273","block_type":"box","text":"®","page_number":109,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"cb97b617-4f16-4909-ac03-fe526e153967","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":109,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"c7115051-6bdf-466d-a755-98f55abb744d","block_type":"box","text":"SM","page_number":109,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"f7c212d3-c151-4a74-960f-3b1d05120cca","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":109,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"fe162641-04ac-447b-9f36-0d719f812f91","block_type":"box","text":"®","page_number":109,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"2affe280-464c-4e08-b571-6b77258b3e40","block_type":"box","text":"”); public income","page_number":109,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"a726b084-b55f-46da-b12f-eecde22394b7","block_type":"box","text":"notes (“PINES","page_number":109,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"8080f228-c54c-432a-91a3-62adb224004e","block_type":"box","text":"®","page_number":109,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"282d505d-2e0f-406f-aa71-0f2c88db8993","block_type":"box","text":"”); and other trust preferred securities.","page_number":109,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"d4230a55-14b3-4bca-bb86-e676dac9727d","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":109,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"a66f0a5d-ba44-45e2-9324-20ee706a1d26","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":109,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"bda82b2a-c876-4bfd-90ae-89a81ff677f2","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":109,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"6fd41d4b-18d2-44b6-9efe-368b92e3551a","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":109,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"c3cd8757-75fb-43c3-80d1-84413eef81b0","block_type":"box","text":"regard to whether all payments have been paid.","page_number":109,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"9b034bd5-ab97-4012-8a6b-ff1ff69516ec","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":109,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"a204a4ea-508d-41f0-b87e-55cfc4b551be","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":109,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"8598a60e-0f4f-444b-b8fa-ed4841bf75c9","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":109,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"479abd43-0b86-476e-8b1c-b1ae0fd5eafb","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":109,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"a82dd45f-98ff-482c-9893-b2e27dbee126","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":109,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"2c4c44d1-a197-4680-a73a-8d9928456212","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":109,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"b6511769-7efd-45e2-8507-58c73e76982f","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":109,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"8ce849a6-3550-452b-83f0-9c0ef4797808","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":109,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"e5bfd2c1-5c94-41b5-bacc-1067557604fd","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":109,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"2648eb0b-9a76-4632-9e43-34fee1f2d53f","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":109,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"4e891dc7-b054-46f3-98dd-1d5c682b8cb8","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":109,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"ef63c035-6624-415d-94ef-f4ccc2f11906","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":109,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"77a61587-0d72-4855-a247-db942b15a7da","block_type":"box","text":"debt securities.","page_number":109,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"0d647a0b-74b9-4d73-82d5-5cf5a7127177","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":109,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"b221a92e-d7d6-4c01-834d-f463aeab8953","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":109,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"56e56837-dd8a-40cc-bc00-a3ce6367aed7","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":109,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"4e2928e5-6eba-496b-8264-a6724f4c70b1","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":109,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"8f74c232-1b84-4706-9562-49dbf41aaf0b","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":109,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"295d15bf-ce6c-45af-afc7-049664ee6481","block_type":"box","text":"i.e.","page_number":109,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"1cdc0fed-3733-4abb-bb70-d16ac85fa828","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":109,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"0d8d26c6-72e0-4862-a35e-ef2664c97a3b","block_type":"box","text":"buildings.","page_number":109,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"16dd5a3f-f027-4057-8c2d-ac4c4d5bef09","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":109,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"c5deb73e-feab-4d64-b369-2a95c5b3b983","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":109,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"271ae194-c974-4da2-81d5-cb57f1006642","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":109,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"1da04bd4-eaea-430a-9c39-feb09f33602e","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":109,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"ec9edd8d-302e-443e-899d-5509890acb1a","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":109,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"df48ddd6-9a14-4c8d-8562-e1bee65ba9fe","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":109,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"6d112704-ad55-4984-99fe-1b296b7fdb93","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":109,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"06c8aeee-d2b4-4043-8a9a-3842b33adceb","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":109,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"de432b8e-a721-4572-b9c3-bda7aae3ce85","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":109,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"25cc04ad-b689-4bd6-87bf-9fcf26a5c32b","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":109,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"d6daf682-c2de-42c0-96ba-4be0cbf675d2","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":109,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"5ef6e039-5bbd-4e04-98bc-11c1c00fdb12","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":109,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"4fed90a0-afe6-4f9d-8c2a-a1ec23c27c48","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":109,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"e1a9569a-2eb4-40f5-a3b9-41f5e015e909","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":109,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"61101a0a-aeac-4c00-a856-f4ddb86f57a8","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":109,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"36898441-b303-454f-bf9b-3421ad790463","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":109,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"64925923-4748-4211-8eed-e0e0e88afda2","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":109,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"79753a75-7b5b-4060-af6a-c964e4e830bc","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":109,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"26b578dc-9b2e-429c-b01b-0acf02363578","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":109,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"15bcfc17-39c8-4175-990d-fd2560952dce","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":109,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"e474ae18-ae02-4d46-883d-2828716ac454","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":109,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"fcd15923-9401-4117-9b2a-b5be0a443bc5","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":109,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"05872742-40dc-49da-aa8a-ea7ebeded2ed","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":109,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"b8814fb6-35d8-4a19-b802-74571b9da643","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":109,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"5df2ff5b-1fdc-48a4-928f-e2491c3182dd","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":109,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"aaf78f91-b709-4f07-9190-57a1f6427066","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":109,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"78ce85e7-938c-4104-a806-2efd16a00e8f","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":109,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"afdf6dc2-d365-40b5-a74f-738a35a23f76","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":109,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"3880ba2d-9722-4fb8-aba0-52f538f6d7f6","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":109,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"59a4c4ed-8f10-4c02-aa16-30ae5b087f16","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":109,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"4743ed80-2e43-4aa2-972f-6d9ad60dab8f","block_type":"box","text":"II-66","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b76ffa1f-9fed-409f-a1dd-2c3511d9f2c1","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f60d522-98bb-48d7-9a0f-c3ae1f6b4c2f","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":110,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"769c0def-a15f-4948-b0f5-812c51422e2d","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":110,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"e3822019-d888-4e95-b469-e7af0bbdc2c7","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":110,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"87daac4c-9915-4507-8e2b-5cf88b58674e","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":110,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"42d2883e-5d3e-4df3-8ef6-06eabad964a7","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":110,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"356c337c-b7ff-49ce-8a4a-a0322de359f1","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":110,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"9b3b579a-7b2e-4e10-937e-296a13e51f15","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":110,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"28a0986d-f2d6-4f05-9a43-0ebfdb112d7b","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":110,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"6120929a-3a61-4219-85ef-8c15264e41b6","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":110,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"aeac77e8-8dbb-4723-97c6-01eba8733e8b","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":110,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"d8424616-e33c-4aac-a079-0cf086dff3a9","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":110,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"d962ea34-62ab-4844-bb37-47537dde1a3c","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":110,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"ae3f9e9a-abd3-4df4-82ae-d7b3295ad156","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":110,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"94143a2d-95a0-46aa-a456-222ec86318d8","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":110,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"0b223aee-d840-47fd-acdb-99a58d8f1339","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":110,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"cb27142a-d6ac-469b-9f1e-ca533f88adf0","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":110,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"0ef46166-5306-4026-a730-883899902eae","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":110,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"f52c965f-3fbf-4ec6-8da2-560961c9dccf","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":110,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"86ef959f-44a9-4832-b2f0-c898f19b1458","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":110,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"ea396af3-a24c-47f5-9e1f-28439bb54420","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":110,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"8fc24869-19b9-4afb-8692-8f2c09ca911d","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":110,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"51c96262-71c4-4150-ac30-5b18c49b04af","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":110,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"cd83548f-57a6-4a2e-a7a7-5a8d430d9775","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":110,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"0b850ae8-9864-46c5-8c58-d4c5d61928b9","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":110,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"c375c419-048a-477a-9a98-ed2e26c6a7ed","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":110,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"bdc58526-6362-404a-bec5-6480a7b71646","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":110,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"4d33050d-bf9c-4f16-8a36-d540a831bf54","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":110,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"cd78a773-f1bd-40e7-8cf5-6e62ff48c3d7","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":110,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"e5f966bc-5cbd-4743-a6fb-b4078f48d64f","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":110,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"b70f479f-4dfa-4b3a-8960-c627c8092134","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":110,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"60994f91-d3c1-4620-9578-79bbf2e9354e","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":110,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"7abe3d52-20b7-450b-9414-548719ac2186","block_type":"box","text":"conditions.","page_number":110,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"c0245a10-8500-4aaa-805b-00ae750f21a7","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":110,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"05c00729-b325-4cdd-9438-dab1e9918a3c","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":110,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"5666e5f6-e0dc-4ba7-b9fd-c5ae76bffdfb","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":110,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"4fbd586c-cd50-4a49-aa7d-0610eefe6d22","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":110,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"14194351-1413-4cce-a311-e329a4572650","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":110,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"6985e5a5-c92a-4be3-8d3c-825196e0acd8","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":110,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"06c74b62-4615-4c5b-9df9-fbf17766f888","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":110,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"1f2a4377-273f-48bd-9b85-81783921cbd0","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":110,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"d420de04-a3a9-4f05-89f9-17752e803860","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":110,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"80ea9705-741a-49dd-986b-9ef16be3fa39","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":110,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"e9ed5fe1-ce2c-46b7-8e54-1c9c82a8d098","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":110,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"2c3ada9f-e380-4021-8665-948390af0907","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":110,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"fcf7481a-0b0e-4299-92ad-4873b9c4ce2a","block_type":"box","text":"affected by such events.","page_number":110,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"32f820ff-1372-430d-8aea-d90899403be7","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":110,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"9e2dcc33-56bc-468e-8de4-2dc573b3ae55","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":110,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"13298393-043d-48d4-af37-897dfd7e5dbc","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":110,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"59cde385-6f0a-48a8-910b-57585dcc2745","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":110,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"8e186596-d508-42e4-b870-5ba3e2abd0fe","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":110,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"1cdd6a04-02fe-490d-825a-2ddddb8fe333","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":110,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"8bf7500a-330f-4058-908f-70fbb6896d87","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":110,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"4a5f1dac-415c-43bf-b345-9b60da84542b","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":110,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"5fa7a629-2ff4-4f5c-a605-9ca0a573d450","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":110,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"8e2d1659-7b7c-46b9-a8b9-25887cf82ae1","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":110,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"70c52913-92f8-4aa9-b12a-7ffb168e3218","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":110,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"b1ce7319-9c1e-4de0-9790-719a76355951","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":110,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"b310cab0-3756-4d71-a1a7-b88440b1f79d","block_type":"box","text":"II-67","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"891437ba-434c-4a4e-8911-bb8d98211af2","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dad3cd49-03eb-454f-9cf9-e46f4d97d97c","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":111,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"4acc3e95-73d9-408d-8e2e-22e7ee61dc28","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":111,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"de7edbb6-0c54-4c23-9f61-891a6b5d37c3","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":111,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"b40a8d5c-f22c-4af6-b204-098e357fc794","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":111,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"3b2059fe-b80c-4b45-9b01-4395060b53d6","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":111,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"4469f68b-fcc1-4893-b9e5-56cdb4b7fa80","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":111,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"bd82043a-ef5f-4e7d-bf2d-2fc661968851","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":111,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"1afd7965-e500-499c-a656-d0be5dbe8f6c","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":111,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"d6e61445-d456-4283-bb1b-e823289f3c48","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":111,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"3bc00957-7f77-4bc4-9844-1925d481eb3c","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":111,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"df2920bd-7b6b-4fbd-b7b0-ff28a98293f1","block_type":"box","text":"investments.","page_number":111,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"6b87f10f-d001-428e-a290-eb13afeb25b2","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":111,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"780f6c15-0b79-4492-bfb5-f43c4952c9de","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":111,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"4f0aebaf-9eb0-4672-8080-fb20a89072fb","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":111,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"046d49c1-6235-45be-8706-27f86996ee6f","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":111,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"644bb312-3a8a-40d2-9d33-69136d3c1273","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":111,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"f5e7f489-bfa5-4ad5-bb9a-c3b5cdee98f9","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":111,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"23303d31-9e20-4504-9047-aacfd36a7a2e","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":111,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"00b060f4-3c1f-4a63-90eb-3c513082ce51","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":111,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"a10762f1-ca52-4ea3-b452-79ff8bd7508e","block_type":"box","text":"Legal and Regulatory Risks.","page_number":111,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"bc7e34d6-c7cc-45e8-b07d-ba97d35ac727","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":111,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"6fe9f330-e598-4004-abf9-3141611c7ce7","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":111,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"233e00c1-d96e-4aed-a278-b2fc65a77db7","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":111,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"e6bdf9fa-b6fc-43fa-bf14-860dc8fe2dcb","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":111,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"476418a9-045a-48dc-8e19-4fc029549d26","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":111,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"adfca51f-ce0d-4142-b250-0e67a77abd77","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":111,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"a27bbf38-c815-48cf-b44d-a2a3d72b58e5","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":111,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"6a29a4a8-2cf8-4593-92ed-8ee831b10a31","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":111,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"d8c3fceb-6e1f-4547-9df7-1024483e24be","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"2c25e73f-9998-4934-b58f-6ecacd05f92a","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":111,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"0a16d782-fec1-45f0-bb75-876fe11b6a09","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":111,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"6a77605c-58d9-4832-838e-763020baf4c3","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":111,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"b24cda7b-635f-4264-bd41-0f755de598ac","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":111,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"7b21e4ea-a638-4f70-8932-6f017430ea90","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":111,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"7d2c71c3-bfa0-4b00-ade2-95eeb8b61058","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":111,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"bee6284c-3c7b-485b-8357-4be74554c8d1","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":111,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"ff310cfe-a5e8-41cf-b2cd-de45d989e93c","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":111,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"374c4973-41a4-4172-875b-b71d87c5d02b","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":111,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"32bed11c-240b-4e68-8627-5590fd7604ac","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":111,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"20fc32e6-5686-4684-b3cd-9a619cf9182f","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":111,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"f1b4e629-795e-4ae7-ab41-ec9e0104cf06","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":111,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"dbba4923-28f9-40a2-b0fb-128c8b1f3946","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"20af4910-cb1e-4932-b08a-84dbf407e27e","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":111,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"62240932-c51a-489d-bc53-758462bd53e7","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":111,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"2e5da6ec-980d-4c82-9556-1906377f7503","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":111,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"60b7d070-9de3-4892-a3c3-2599c623944b","block_type":"box","text":"Geographic Risks","page_number":111,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"a53b2c5e-1430-4b76-9fb6-081640ac4d3a","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":111,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"584cd2b1-dc8f-48cb-ba27-04feaa86a8b6","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":111,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"a3ea03c2-0040-40e1-8606-4603f18b5268","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":111,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"a7303b1d-c846-4155-b8c3-af1005078798","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":111,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"18ed1cd1-25f8-419f-814f-6e974104eb12","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":111,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"1e509f90-3a8d-4415-98a8-a2146db2db7d","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":111,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"916d44bb-d1ce-47eb-9e9c-91d56c7b99e3","block_type":"box","text":"Fund.","page_number":111,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"0b966a45-1a22-4d3f-8472-2c3e6ad1bcb6","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":111,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"51a1d6b4-565c-4ad1-9940-1a10e685fc23","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":111,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"00c3449f-dafd-4340-8990-546607f89a5c","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":111,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"59412ef6-b49a-4e4b-b719-ef92a8662562","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":111,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"1647de67-984b-465d-93fd-cb65fdfdf5d6","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":111,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"de74cb5e-f22c-4bf2-8daa-9c8f8b0ff08d","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":111,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"73dd6c37-e9e9-4628-91ff-b6c9016f544a","block_type":"box","text":"II-68","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e67753c-313a-43cd-9b98-1a5055a40dba","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5debe0fe-1178-4ff2-83b1-4740a44c233f","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":112,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"7edba2e1-39eb-4f8f-9d41-dbf1fe69bea4","block_type":"box","text":"imposed by a regulator or by counterpar ties or otherwise may adversely affect a Fund’s per formance and/or net","page_number":112,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"fc356bef-9e75-4716-94de-92d24371fe49","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":112,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"b0d32f72-f345-4ac4-afd7-028d6456036e","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":112,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"66306538-7cae-42f6-b09e-24c636306770","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":112,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"8db318cd-d524-412a-8ccc-1d13f9d69d27","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":112,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"2953cd26-0792-415f-b577-40533a391bcb","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":112,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"71b15721-3059-4acf-9b76-430d0a4bd724","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":112,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"6f55c35b-1aa3-4305-91cf-fb099111b730","block_type":"box","text":"transition away from LIBOR led by regulators and market par ticipants as a result of benchmark reforms, LIBOR was","page_number":112,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"be837331-c37b-48b5-9b01-7e15a72ee4f5","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":112,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"93717c24-b39c-4aef-85fe-68ddb646d862","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":112,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"c06462bb-97a8-40dc-867b-be70d7c6afe4","block_type":"box","text":"e.g.","page_number":112,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"74931225-38b0-49f9-b0a7-526b98b6bd99","block_type":"box","text":", SOFR for","page_number":112,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"8ce8db5c-932a-4e3d-aec2-1a61b4cf3772","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":112,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"13b00d61-fa1f-4ec8-895c-65156dcc4a3a","block_type":"box","text":"associated with the transition may remain that may impact markets or par ticular investments and, as such, the full","page_number":112,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"e9192c3d-4f4a-428d-ba83-f0fe7baf5430","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":112,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"04e113de-56f1-467c-b249-c00b7f869091","block_type":"box","text":"determined.","page_number":112,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"92c0c8e5-5e84-418f-ac09-725be87c3b92","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":112,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"766cb3f1-4ef1-4d03-9fed-a00bf611f186","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":112,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"50d25df1-bd4f-4f87-b144-ad0c344a787b","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":112,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"108cfd69-812d-45ce-84b2-85286599b5f2","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":112,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"217e0b7a-6d3a-42c6-b05c-aa46c9344deb","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":112,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"130e4c6a-8a70-4173-8271-90f97c772c13","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":112,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"2a7a6511-d5cb-46b3-8b03-a3af5a5b57e5","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":112,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"4cde3a4d-e5f9-47d9-854b-cbf172459c44","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":112,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"5e6fec62-cd7a-4b46-89bf-8cc67f474bda","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":112,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"30f6c188-2d2b-4b64-80ff-b97d91aa4969","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":112,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"ac88c553-c747-4bf7-ba39-618f7e6e3ed0","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":112,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"1ad1a591-66da-4878-ac4c-5d79937b4661","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":112,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"e77ccb7c-684a-4cab-b282-e7924ba106dd","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":112,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"065da688-4121-42bc-b3f2-5d86f81c534a","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s","page_number":112,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"5360f289-67a0-4ce9-b87e-25d887b87c77","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":112,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"e3150ce1-184d-4129-8369-82a1a982a4c8","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":112,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"918e6966-eba1-49ef-ac3b-a31830176396","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":112,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"04bebe83-91f2-4e01-9b9c-ac6be06ba22f","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":112,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"4136bcbf-eb90-4d63-9bb3-052b50df233e","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":112,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"a0fdee98-c332-4a61-8de9-d214c8470300","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":112,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"d1353074-968c-47a8-85e9-219828746ae5","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":112,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"51bca072-a051-4c5c-bd1a-225d834c968d","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":112,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"980097c1-a001-4568-bad7-4609377efc4e","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":112,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"f411b1aa-b7e1-47bf-9f40-a6c3289c377b","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":112,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"b6416d32-9ffd-42a8-b252-6c1408086ec8","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":112,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"8bb01f8a-0bcf-4888-9106-1992c2abe56c","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":112,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"8cb1c4a7-da15-4dfb-8c1e-e50dfb703e9b","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":112,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"83b355f8-8535-4fb3-a8cf-f1c306ee1022","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":112,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"f4206f6a-685e-41d2-aa07-85cb6d60f267","block_type":"box","text":"consequences which cannot be predicted.","page_number":112,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"dfc07b86-5c12-431a-b459-4603ceb6fce6","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":112,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"15abaef4-2797-4d51-8798-6107859d97f1","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":112,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"e986ba8f-6234-4c90-b1d7-2f382a25ac1b","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":112,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"6402b35b-4fb8-4fa3-9319-88fa12b8a376","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":112,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"e4053bbd-9c8f-467e-bc45-29b2fc79cebe","block_type":"box","text":"term of the agreement.","page_number":112,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"ea5da474-9355-48b4-aa3c-6cc689c4993e","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":112,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"ba1219a5-d691-468c-aac3-4c6cb9d1072e","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":112,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"1ed8384c-d373-482e-900f-47c05563b90b","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":112,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"3e826aa3-d659-4a23-a99b-7449d1d362c6","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":112,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"a52b1ad0-405e-4b8b-86d0-bf75a9efe664","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":112,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"6ad0d1c5-5ce6-42b0-a47a-9a3acb0f7994","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":112,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"1e42c55b-f8b4-4ce1-a2c9-18faa9de6ebd","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":112,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"3fd8fc84-9cad-471a-818d-3473736eacd6","block_type":"box","text":"II-69","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e70630b-d743-45ef-abec-aeb8d2e23154","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7ac3eee-ee7a-4fe9-b775-bc4b550583d6","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":113,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"55ad553a-c426-4eb4-9320-394c68026850","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":113,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"9aecca65-1112-4c9b-8769-7fb9f8e48be4","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":113,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"d5aa714a-2832-4b60-8486-2f42f7503dc7","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":113,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"b7c69188-6d07-48bb-b0dd-a470ab24b308","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":113,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"2c470970-5f50-4615-95c4-32d7d210ebbf","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":113,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"33405438-e9ac-4c4c-bf85-cc1ea1fb3702","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":113,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"c29bc8cb-eb3c-438f-9707-7df0ae56f9d0","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":113,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"cfb3fbe8-c7b7-4e22-a254-8400ae00f347","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":113,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"85de3259-3544-4c14-bfba-1b9a94feedd1","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":113,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"dcad0ad9-083a-4f2e-8051-9925b1977b30","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":113,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"d5c70798-3c32-43ab-a6b6-6294360ca42c","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":113,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"b5fa41b2-f1a1-4f0e-a356-092875dc9b2c","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":113,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"3667f757-6b06-4830-a08a-100d1b23bca5","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":113,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"236f919f-3bdd-4814-b06f-69dcf96d52cb","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":113,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"05a278c4-2690-4e8d-b06b-b96af753370f","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":113,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"37fd30a9-fe3d-4911-a63a-8580fb61849a","block_type":"box","text":"or by another authorized securities depository.","page_number":113,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"073f5670-41cd-40ad-9195-fe595fd94924","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":113,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"a47021de-c2ec-4498-a86a-ec4565a2e9c9","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":113,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"38db00ef-eb40-4b45-9114-587ae65870d5","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":113,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"83fc7a35-ca8b-4f71-91ad-a461458536da","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":113,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"4cf0a1cf-ae88-4229-8eb0-7a4a879277a6","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":113,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"1f5bf57c-b0d8-412d-aa20-3900b6d28a3a","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":113,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"bfa06fa8-c4d9-4246-a4c2-a1a822590518","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":113,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"a49424ac-31e9-4ec5-ba81-805af03cb954","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":113,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"911210df-e1e0-4aa8-98c3-c2cacb931295","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":113,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"f05726f7-7b09-4d9a-9c1c-98b36174c537","block_type":"box","text":"the repurchase price.","page_number":113,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"1d860c60-53b6-4e81-98a6-a0ad99cf458e","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":113,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"711be02b-cef6-47eb-a9bd-1433f246690c","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":113,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"f8930595-3d1b-4b51-9d31-8ae91cc62efa","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":113,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"6023cd47-d9d3-4dff-8aec-b790b2b216f6","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":113,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"2ab06ece-d1e8-4ee5-953c-e938ed5e9059","block_type":"box","text":"strategies without the repurchase obligation.","page_number":113,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"35593401-fb2b-499a-9d62-3793cadfe815","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":113,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"e1eb46ec-8368-4d3c-9beb-61cf2105e8cf","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":113,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"fa54cf56-8ba5-43f7-9fa7-aff3c1e3c83e","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":113,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"1ce46d05-bcd7-4962-bde0-2f43d53587df","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":113,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"a24f7b12-1524-41fb-95a5-f67243aaa04a","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":113,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"5ff323b1-89e1-4a64-9d71-027fad8171b4","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":113,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"234baa80-0ccf-47ad-bf8a-24d3a116c927","block_type":"box","text":"i.e.","page_number":113,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"c8e0d45f-96d9-4339-b365-44709ec323ad","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":113,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"5d8eb2d4-447b-42e5-bbd6-ede3f2c1d52a","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":113,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"e519361b-8dba-455c-9f2b-9b3b76945f45","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":113,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"0b0fd5e5-3fe0-4ba3-a052-ab5a148074f0","block_type":"box","text":"and income involved in the transaction.","page_number":113,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"fcb1dff3-e39e-4b24-83f6-d476ec709e49","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":113,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"9128a7e3-eecb-4865-bcf1-65a4edda9fc2","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":113,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"64038ebf-6d25-449b-98fc-31150f8c17bd","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":113,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"d3df85bc-6d8f-454b-bdbd-693d775b79eb","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":113,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"26f7503f-216a-41e8-9f76-8be3aadade6f","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":113,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"f0b2c4b4-abd9-4eb5-9386-1072c78fab8f","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":113,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"42053b4c-0c0d-4eb3-b9b4-ddf3771bf05c","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":113,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"88d4308f-e099-445e-a835-52286b89e7f5","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":113,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"e7dc6960-3602-4a9f-8881-0a169b69c2e8","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":113,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"a1f57819-3ebc-44e1-b7fb-e72788a1cec3","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":113,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"4353bf8e-616e-4fef-9ff0-20b2d375a508","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":113,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"8272f55f-4f23-4070-b604-af3f62e62e3b","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":113,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"f78057f5-09e3-476d-a017-7983fe5d0e3b","block_type":"box","text":"Restricted Securities.","page_number":113,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"a7e0bc77-e0b8-4551-b482-9cccb6c51b4f","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":113,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"2b1935cb-9eec-4c0f-b26a-66e465f95aea","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":113,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"86618949-ca8f-47ad-a897-76fce81325d5","block_type":"box","text":"II-70","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"998a3ac5-afd7-4f3b-909d-fb9f249a2d21","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3e01f2d-5e30-451c-aed4-3e8dec133fc8","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":114,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"142787eb-bab1-4a63-8b27-9b98d54e9932","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":114,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"a06d5dba-1b72-4476-ae73-0da6588c69c8","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":114,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"366af10e-9e9f-4102-9505-49a501ed0d2e","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":114,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"629788a0-ba52-4838-a742-8ebad540db31","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":114,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"2b76b495-4c96-405d-8400-cb1e635b7ce9","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":114,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"69c169ff-f966-4617-beda-a810f8275c00","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":114,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"8d327a8a-bd6e-4a44-b6d1-b68a2b8f1748","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":114,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"d78d0eff-80d1-47da-83d2-fb1e6f06bdc9","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":114,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"7fe35f87-1b0e-49c8-92eb-23186ecccdd3","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":114,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"8b1343e7-54b1-498b-bb7b-ccb62563cdf1","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":114,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"268214be-1c50-4aa9-b946-e0d1d01008b4","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":114,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"53c38844-b210-4a18-97b7-3359f9c5a209","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":114,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"aaf0def0-a569-473e-8aff-d04ae77ff760","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":114,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"6156b980-35e1-485c-a60f-43f39bbffd7d","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":114,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"93aa9536-d9f1-432a-9075-9cb45ccd19bf","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":114,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"440792ad-9b08-4554-9f45-02123010c230","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":114,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"eebb51a7-e0fd-4630-8aa8-b34cca482485","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":114,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"fabf0de2-3c28-4733-b77e-a16485e83688","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":114,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"412d1e69-3e97-42d2-b12e-18a2fc46d88f","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":114,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"dea1e0b0-c9da-4871-9366-ce58ca2d29db","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":114,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"eff59802-522b-4de8-a05a-b1d867387c0d","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":114,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"a1308328-5eb6-4203-b640-fbcdbb20c72c","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":114,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"da2a26c5-1308-4358-b761-00d262d0f417","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":114,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"35921eb6-9198-4daf-985c-c77d8011383e","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":114,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"6e6e1dde-d427-46d7-bdb5-e6cd40015d12","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":114,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"6e0ea550-1b82-449f-ae98-4bfa1ad19d84","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":114,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"e73d32a5-0191-4a04-ba99-fc9db51fafa0","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":114,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"126ab813-42f8-4234-a84d-29851ddd3e6c","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":114,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"57aac979-f62d-4008-bad2-a2dc508b119a","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":114,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"c97c951d-1e7f-439e-b350-a83285889378","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":114,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"00cfa862-69c8-41e7-b226-8d35d2a35e2e","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":114,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"99719145-3070-4169-9593-0ac282fc9357","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":114,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"56956c1b-06a2-4872-8920-403cf9b102bb","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":114,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"35241eaf-3504-49d0-b386-3fc4c767105b","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":114,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"f80f2bb9-47d4-4c89-90d3-de2a8456d872","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":114,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"e2c15dad-6239-4a55-9d82-df3038b6eec1","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":114,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"96d709b4-0e9d-499b-8bb6-c47c133b2d75","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":114,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"e1038708-ddfe-4640-b140-6c07516e5146","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":114,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"25359af7-20cd-4227-85ab-3cbe493e915e","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":114,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"574a413f-bf1c-4b2b-b80d-eba22959d1bf","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":114,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"3fa8b854-ba6b-4b2a-9da4-2968aa039de6","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":114,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"303cff26-703e-4351-a50f-78c6da731723","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":114,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"948191ea-b9ac-4b9a-b5ea-782ba6304c3f","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":114,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"2b8499ed-5889-4217-9a1c-e75950a77fb1","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":114,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"0aeedb85-c8d8-4171-8e17-bfdcc59ff88f","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":114,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"fd9352fa-47a2-49d9-a8ba-e02ff2faa767","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":114,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"545dfdc5-8aed-4ee0-8bff-87b95bc8ffef","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":114,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"cba9cd34-34dc-44eb-8056-8a42edf5c5af","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":114,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"14f17c2c-3a47-4d59-ae83-79bf29b0a19c","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":114,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"0cf04224-09be-47af-b0c4-7d366787d5e9","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":114,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"5390cc82-71d2-4c47-b9bc-4194a250b086","block_type":"box","text":"especially as that Fund grows in size.","page_number":114,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"cd80c0de-1505-410b-a8dc-fc66648d9c05","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":114,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"62b9247c-f439-43ce-ba5a-60f506566dc8","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":114,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"ac196d6f-d471-4152-9e7c-e83f7e72ffc7","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":114,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"e95cfdfd-e6aa-4607-a301-c7dd9f1adbb5","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":114,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"b33e65ab-c4d1-4382-bf5d-5f803622d2b4","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":114,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"c4e7ba08-4073-4313-8211-8d76bdddfdac","block_type":"box","text":"II-71","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"727ce3b6-24a3-438c-b041-9803ad9e91c6","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7bb4492-2698-4217-952d-bb95640da140","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":115,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"ad0d6ca4-da9b-4380-932f-7cc7d4eb1e0b","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":115,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"c762463d-ba2d-424f-8f2e-7614867b8302","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":115,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"a854830c-dcc2-4eae-a333-358640094132","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":115,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"71d1afe0-ea46-4c3f-9a28-596dc0b66cf3","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":115,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"d4b83648-0016-4988-b599-63794e9b5105","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":115,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"a9f04be7-ec5a-435f-8fbb-10eee965ac07","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":115,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"0fb965cb-59a9-4ef0-bf8c-3ac2b055c4ab","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":115,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"ea71e731-841a-452a-9193-778fd244b5c2","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":115,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"e4055834-0118-4c2d-9ed5-0968a6ce909b","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":115,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"e7d3c8cd-78a2-42eb-ade7-aabcb4ac202c","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":115,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"4a5c7cc7-1d8e-4717-bf18-15bf794b36ea","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":115,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"7bfcf6c7-8fc4-473b-8a01-4685075da9bd","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":115,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"d06b4b03-e2db-4481-b731-461f5a6a8e9a","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":115,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"8d5ddbb9-3bc6-4677-9d95-e282c1b0fd03","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":115,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"3d21b79e-429e-418f-b417-7f6f8a17bb6f","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":115,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"418afe4b-7835-4ffb-be0f-54746caceba0","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":115,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"267fb96b-0dd7-46bd-b199-8fcbef3be36a","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":115,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"f5243a02-444c-4f30-bf5b-a7c3bd464c98","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":115,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"ba9e3ccf-c105-4ae2-8a39-10b8816bd52d","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":115,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"2914cbfd-e0a5-416e-aa29-1419def4cf54","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":115,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"f3d86be9-c320-44e5-becc-22c684edcbf5","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":115,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"b27268e9-9ca6-4b53-85c8-31f5b07c4698","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":115,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"860adf0a-319c-42d1-acdc-4f434dcc8563","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":115,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"fa4c17cf-5b8d-45d1-8c1b-f212cdf6c8f6","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":115,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"71c98f38-58c5-4850-b611-ef5eb62ca020","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":115,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"18e4baf1-cdf7-453f-907d-d94f5536d8bf","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":115,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"0e1ce7d9-17bb-4237-9548-e09154c90ba5","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":115,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"a69f8c54-5ec9-4d24-8cc3-bdc8f9d6c30c","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":115,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"7912bcad-6b0b-43ea-b012-47e014401184","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":115,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"895fe8d8-dd6d-4045-b8a3-b3b96baa63bc","block_type":"box","text":"similar financing transactions (","page_number":115,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"d270ba6b-1cfd-4e80-98dc-69fdce4fd044","block_type":"box","text":"e.g.","page_number":115,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"5f2c9a6b-bef5-43f2-962b-f7e9ab14ee18","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":115,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"4935f47b-a3e3-4ca0-8a0d-033d31b88613","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":115,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"4ddc4f46-4505-4e51-a230-dcd8aa65f7b5","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":115,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"0a770e7d-53bd-486a-a18f-45bc069bbedf","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":115,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"4d61e378-d682-4f94-b098-74f2b7e63ae7","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":115,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"bb72b699-93c3-454b-a6f7-ceba00ff4c95","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":115,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"400852e5-9f9a-40df-9502-5c7abfc655c0","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":115,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"7a534a1f-eb5c-49a8-ad80-c2bbadee009e","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":115,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"f9a9cae2-47f9-4984-a744-178a3fdbbcdd","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":115,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"b4d005d3-e696-4eef-86d7-afbba5dae0d1","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":115,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"b6aa6c6d-3b6f-4b5a-a748-c84392c3104a","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":115,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"caaf22ce-76ab-4f56-a514-3318495f8d2b","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":115,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"515ba6b9-e083-4f07-aba9-91a9fc589529","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":115,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"888c05f4-a3d5-4611-b020-492b6ac3ce91","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":115,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"2791fe8d-37c7-4040-b9fa-8cd2ff2834b9","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":115,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"2b23cb53-91a6-4c02-bcae-cab488aec1d9","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":115,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"adc43298-2a3e-4cc6-9d09-893039b1f073","block_type":"box","text":"amounts to be received under such agreements.","page_number":115,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"64da2495-e235-47a5-be50-e1fa2e8c5d6f","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":115,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"0de5a280-26f1-4782-90bc-c93bb0bb56f1","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":115,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"e992ee28-25ab-4996-a2d5-d6f5c5978b16","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":115,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"4c9ed780-e23e-4e23-91f0-d88014a125d5","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":115,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"5e23ea24-698b-4337-84e9-09b288398722","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":115,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"86ab893e-4737-4afa-bedc-5c8d22152f16","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":115,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"c3181355-1278-4180-8dd7-7aff128428d6","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":115,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"b6a47d35-de54-488a-843f-9c4a33c5847b","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":115,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"a06bb812-8a49-4636-aee1-9d76dd591083","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":115,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"62b7098b-6469-46d7-8e24-584ef2125e76","block_type":"box","text":"II-72","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e8d6fa6-8453-44bc-b02d-3a37f7b59e98","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca97d15f-6c0f-43d2-a158-95126b6112d8","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":116,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"1925aea6-d817-4731-8688-d6ad818fe113","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":116,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"fa26195f-b642-4d25-9fb1-f4868ec398a4","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":116,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"80b72edb-b8c3-40d1-a65c-09d29ca24ca9","block_type":"box","text":"Rule 144A Securities.","page_number":116,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"42808862-99d7-4769-91f6-6be5e7de891a","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":116,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"2638cd75-54f2-4476-bae4-2194952f61a3","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":116,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"4013ab31-3bcc-43ca-b523-63b70658f6d5","block_type":"box","text":"Securities Lending.","page_number":116,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"4ebcad6d-fa77-439e-9809-5b8e39634d17","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":116,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"bef0788d-5406-42ac-b53d-3a1581e666ce","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":116,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"9f3df1e6-acc4-448d-88e4-eff5637eae42","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":116,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"9e4b5300-2da3-4d5f-9062-643259533f33","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":116,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"131a7a28-faf3-4917-b97a-14cc80564ca1","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":116,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"43b3982d-466d-4a73-a849-e0e58beab685","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":116,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"9461508c-a6de-49f6-a02c-c309e330c9b7","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":116,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"c88614d7-f088-4082-bc7b-d2e7fd6763bb","block_type":"box","text":"the securities were not on loan.","page_number":116,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"68cac800-5e1a-4984-b508-3f2d9598d934","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":116,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"7755b483-957d-4f50-ba88-0fd6ba75f6c0","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":116,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"52bb96f3-6df5-441c-af17-28c670258128","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":116,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"8031090e-c939-4ccc-a6cc-b384428f7d59","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":116,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"f85a8195-9e40-4995-b2ce-a1da3303866a","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":116,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"eb445235-b3b0-4ca4-9f38-13f571c6fe04","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":116,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"8955aa7a-0b0a-488a-8e14-55cd7dc4a468","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":116,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"72d7c354-04e7-4d24-822e-ce50782c0cb6","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":116,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"3da1683d-c217-4942-83bb-d7a487669868","block_type":"box","text":"i.e.","page_number":116,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"1fc374d0-d699-4de5-b9cc-4d1b5e9e9c18","block_type":"box","text":", the risk of losses resulting","page_number":116,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"c94c02e3-eb1e-410e-8e2f-0dd0468f914d","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":116,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"77774359-41fd-4dda-b9e9-6e5f65494115","block_type":"box","text":"i.e.","page_number":116,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"56ba4a29-2133-42e6-9c68-1f6c678ef93c","block_type":"box","text":", the risk of a mismatch between the return","page_number":116,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"382f3e3e-b0cb-45d6-a309-748c2575554b","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":116,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"a25cf142-ff9f-4bff-a55f-0c6bb0ddc023","block_type":"box","text":"i.e.","page_number":116,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"52c0314f-d3c1-4b72-b521-e8c68b3bbcb9","block_type":"box","text":",","page_number":116,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"5fa8fe20-ccab-4b6b-9a9b-a01b8eefe1c5","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":116,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"adaaf931-6034-4c1f-b38e-b62bcb2b7032","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":116,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"78a09745-f91e-4bf5-bc01-5227a2cbf8c6","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":116,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"eb860650-522d-4ea2-804e-5ed2f064e176","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":116,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"93897715-dbe9-4e97-a2f5-3d4f4bb9df24","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":116,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"8d89e6b3-01bd-48c0-90dc-0af1c264495e","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":116,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"f027d942-0b16-486e-8aaf-8fbce090d07f","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":116,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"10623806-b187-4b99-8857-108009b7e0b4","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":116,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"6eb1658b-2685-4cf1-8287-8d03a5defccb","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":116,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"b1b1f6ed-386c-4c08-983c-64fecd62d0d8","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":116,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"4b9cfc36-63cd-413e-884a-31bb1c867bbb","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":116,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"f287b9d2-c892-45ad-961e-e7774fb799b9","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":116,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"25691e2e-c2e4-4a38-978d-3f677d56783b","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":116,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"2285e4a9-b80a-4fe4-9c3d-3fbd30ee910c","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":116,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"e0bb5aba-ade2-45f0-8253-95f5744c0632","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":116,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"01e52582-3847-44d6-ba7a-90ea0c95ac23","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":116,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"90abdba1-27cb-4774-bea3-bfa1bbf76113","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":116,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"d979d9b4-6f51-47bf-a64f-9e76a22fb829","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":116,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"7acf3a70-c16d-46d0-8edd-26a71b1522e6","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":116,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"2b9bc7df-cf62-441e-beae-511b180e3fe6","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":116,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"5b7c92c4-7699-4a94-bdd4-b8a717b54631","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":116,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"b74b02d8-5bc9-43da-9947-7e6b4d3626be","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":116,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"aa70ec37-d775-42ce-a398-054be578c089","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":116,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"206394be-72d1-4cba-9778-e54dd09d1e8d","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":116,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"fefdba35-75c3-4f13-9987-b36db87e83b3","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":116,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"245fab13-77e5-4898-b6b7-11bc54ed3ca6","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":116,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"f47a7636-9736-4dd9-806b-dd29d9703820","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":116,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"0612d87c-97b3-47da-b141-9025aa3c2062","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":116,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"de1dd457-1613-4061-a5d1-0a71093b86d1","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":116,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"18bd9b4c-b74f-4ede-95ea-98be39d1e505","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":116,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"3fd1d5ab-2d57-4de5-a901-293a0191a57b","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":116,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"a5fad0a1-a655-4dd4-b044-69a0b631acd7","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":116,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"f339c44f-ede6-45f6-a43c-2f6b3094fc74","block_type":"box","text":"II-73","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17db1493-aece-443b-9d7f-4d8009ed0161","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45455279-3ba4-4038-9ae5-e6e944668e6d","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":117,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"38045283-57bd-4e3c-98a9-218622424c17","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":117,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"d567e86f-25ed-4294-abd4-8c72a8c0b925","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":117,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"d745b43e-7737-4db0-b7d2-9c258539e53b","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":117,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"d970b0b2-0c12-4d37-856d-95195b0d5c6b","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":117,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"b8f87d94-54c2-42fc-8899-a54cde15c4fa","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":117,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"c2d583be-316c-4e39-b321-5ce232cce4dd","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":117,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"aa8c3693-a484-4c83-b470-64716693dd72","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":117,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"aa715cc2-ca0b-4585-84d2-1f8161d2d926","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":117,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4efa319c-4fe8-4af8-a06a-2d20356287fb","block_type":"box","text":"the current expected compliance date.","page_number":117,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"55c64705-8289-406f-9091-e3cea8b317cb","block_type":"box","text":"Short Sales.","page_number":117,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"46a07316-d779-4340-b31b-b8ec590e4f6a","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":117,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"a0224bd4-49f0-43fc-a6da-2044d627a969","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":117,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"5d49d008-0a40-4488-a505-3e55b8071d8f","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":117,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"388a0e64-058f-4bcf-858e-e2efd29fbb1c","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":117,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"601119ad-5393-4cdd-8ce1-7645bfb30afd","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":117,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"26ba79c4-cfcb-47c7-9e19-85bf3bf4ad62","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":117,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"9ceb1027-2adc-4c02-8035-0a0245eb1884","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":117,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"fe4cc1d0-612e-4bfc-8792-905e3417eda7","block_type":"box","text":"securities to the lender of the securities.","page_number":117,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"b92e9424-43a3-4515-91ee-587cabf1b289","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":117,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"d92a6a57-d3ca-4577-9de7-5ef439de0b4a","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":117,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"2edb0967-f76b-4411-b1d6-ea18ca1942df","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":117,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"71441beb-1282-44f8-9b5b-199f94f0ed69","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":117,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"d9ddb9e8-f472-4080-a116-07c68660761a","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":117,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"851d9777-affa-4c96-9b55-7302279d6add","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":117,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"f4249473-ce34-4b27-99d1-929d5c0292dc","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":117,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"59509046-8154-4381-b1b5-0e5504fcb39b","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":117,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"5064e818-bbc9-4ee6-9638-ec44041f453a","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":117,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"29b5ad26-5f2c-4da7-9f21-eaeda2fc584e","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":117,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"feb9c73d-17c6-4ec4-84f5-8832586db11a","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":117,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"45770aee-58ab-4db4-a04b-b915ddfb33f0","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":117,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"bf3ef786-06e9-44f8-a4b8-fba45564bbeb","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":117,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"0542b7f5-9eec-4560-8fce-6858f15cfa5e","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":117,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"20c9b342-9105-45ee-b426-eca003e34e9d","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":117,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"655676f4-27eb-41ce-9d8f-1554d0029d47","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":117,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"1127d883-1429-40ab-b7f6-d1af1041f61d","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":117,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"0d127fff-644d-4b73-b2c4-a95c19087424","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":117,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"0709c36b-eeed-4b34-980c-e122343215e4","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":117,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"37809e98-5f0e-4c05-9338-17965cdcc155","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"8c335b64-787a-4dd5-9628-73e7cd2efef2","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":117,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"056583fe-5be5-479d-9c99-d022b3ada541","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":117,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"8f794331-7c2a-4f59-9671-605e066cd3aa","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":117,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"94777828-ad9e-4ead-b6b5-0be7eb4eac82","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":117,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"856e387c-6c79-4394-952d-cba83f1d0b42","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":117,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"d82318de-4d35-4125-a3f5-f7ac252d9ed4","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":117,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"79756193-aec5-40e0-9263-0fc25ffe83b4","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":117,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"3ab3b449-8211-48b6-b146-7b196cc181b2","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":117,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"e1366573-0ebd-4510-84a6-58658d9bec65","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":117,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"08c922a3-41c9-40f1-bd63-da429edbdbcd","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":117,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"01041c6c-c5aa-4f2c-9f40-1edb22d01b5a","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":117,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"f9b54d16-3c6a-41ae-89e9-1a50c9340836","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":117,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"8bc53fff-d40b-441b-bc64-6b8df83ac90d","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":117,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"b3ce7a91-2e4f-4b4b-b79a-0db71070a273","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":117,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"05dec6d4-67be-4bbb-a747-5fa4dcf623ce","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":117,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"11426938-a3c0-4cec-b546-d99b9ec7b58e","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":117,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"fa5a77c9-e5ad-4631-8677-b068aee32ead","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":117,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"4e76614e-be66-4c8c-a678-609400a63f1d","block_type":"box","text":"II-74","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"939088a5-79c2-4b6a-a0e4-25da6b27e8d9","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa3ff1fa-f03f-4064-a3c4-18f992a89536","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":118,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"f0a2454b-bd0a-41d2-99d3-7d3aee485093","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":118,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"9b04b43e-5447-41b7-804a-258f85d8d41f","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":118,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"6ceec091-8f5e-46d8-ba54-00b3d8d6a8d6","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":118,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"7b46b731-a4ce-4dbb-92c1-901f7a3f9c10","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":118,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"b19ff8e2-1f11-4e96-a7b7-57d8a8e30f17","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":118,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"f472f4cf-d0fd-4086-97be-8b122a7c276e","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":118,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"cfa26b64-d211-4912-b24b-363da4c8a438","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":118,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"0dd406f5-c333-4bc0-9b67-fadd3aae8eaf","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":118,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"2592349a-9052-40dd-abba-b4e1f4d3f7b2","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":118,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"962c377d-e75d-4c68-8cf3-2f03c80b7441","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":118,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"b4424696-831a-4399-8df5-a4f2382d498f","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":118,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"81ac1dda-35cd-4bea-8988-7e6e06082544","block_type":"box","text":"Standby Commitment Agreements.","page_number":118,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"72e6e715-2b14-40ac-bc15-51d1469dd969","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":118,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"1bed1053-0219-4343-bf76-1d1e0a7ba08d","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":118,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"05d79866-0bcd-45b6-abf8-e971689231af","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, a Fund is","page_number":118,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"6b694726-0570-4976-9717-a474986d7dc9","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":118,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"a5c48b6d-79b6-4163-98f4-62abbdd27029","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":118,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"1e0c6b4d-d769-48ac-9e79-f58f85153f41","block_type":"box","text":"advantageous to the Fund.","page_number":118,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"4138627c-a0e4-4d92-aa02-6c4d2c04d4df","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":118,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"7def5fa4-4e9e-4388-b116-753562a3c56a","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":118,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"127d7bda-1599-4900-9192-40b0fa10007e","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":118,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"413617a1-77aa-4f1b-b0d4-0bd766dbb712","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":118,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"3175a21f-e896-4625-bb36-c1e13acf39f5","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":118,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"c81de9c8-c5a7-41eb-9b74-68cd4467ec99","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":118,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"448f3ea6-47ce-4edc-82a8-a13871c6a437","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":118,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"98c99188-ed03-435c-ad49-b69f554b4dab","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":118,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"ecddbb89-d4d2-481c-9923-eefb8bbe5a43","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":118,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"a32ac4c2-3ef3-4ca7-8870-98e9f40a78b1","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":118,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"b1ca26cd-78e0-4050-8f95-e673421457a8","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":118,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"714758d2-01fd-4424-8eef-93030c42223b","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":118,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"0cb75124-184c-4a44-ad95-600b8e6fb942","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":118,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"6561a9d3-ab62-468a-864a-45625974e80a","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":118,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"7149fa63-7389-4669-84f0-9af3049434e4","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":118,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"c0ca247e-671a-4d29-b19e-c8b91f24ed2b","block_type":"box","text":"Stripped Securities.","page_number":118,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"3f1e0e94-dd64-4ee3-8394-5d15a9e102d3","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":118,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"d066df4d-2e6c-4dc1-9a15-dd712635637d","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":118,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"1bbff752-802b-4dd2-a07a-9cef0302ebd9","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":118,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"dda08336-d350-4bfc-bf74-1c6936572092","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":118,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"e60777c5-7202-4595-bd82-74c26fa4af4d","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":118,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"a537a91f-6f3f-4698-821e-5bd28ea9ae0e","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":118,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"6d36228c-af56-48ca-9ac7-3a55e907d685","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":118,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"4b1f87df-7cba-4e37-a0ae-baf6e6c3b412","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":118,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"e968150a-8e2d-4d28-bed5-c989dd60e499","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":118,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"b6528742-7f03-4946-828f-983e89a42420","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":118,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"79a17645-99b0-42ce-98ac-527d61b96162","block_type":"box","text":"Structured Notes.","page_number":118,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"24fcd55f-dfb3-4099-a6cc-7b38dc1f8671","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":118,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"6261b743-e518-4eae-97b3-357890de4265","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":118,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"24a1a96e-0296-4e47-a167-b7d28e4c1173","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":118,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"c0480ae5-e9c0-4df9-8756-c44eceb9b7d5","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":118,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"3f3efac0-2646-4c00-8453-5450dd2a862d","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":118,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"9357510e-3aa8-4aeb-86a6-4dfce1894ce4","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":118,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"542cc427-2ef3-4de5-b75a-7cf417f15b66","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":118,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"4a92b8c8-03aa-49ff-8935-c6b39ff7e2bf","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":118,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"c2afe76d-8f9b-4f94-a156-6c6c2de40093","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":118,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"5735ea55-a504-48b7-8c93-c968f547a8d5","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":118,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"eda12cde-7929-46a9-aeec-3548a031bc74","block_type":"box","text":"II-75","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a78e3253-5adb-4c33-8a5f-a116bb580b71","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fed95d8b-1f79-4196-94e6-96548c260c68","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":119,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"9fe6d542-c865-4895-b93c-5d385f464007","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":119,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"cd9ca046-55c0-405c-90e3-1c44343d0305","block_type":"box","text":"the risk of loss.","page_number":119,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"968d2759-b262-4569-b4f8-ab1c479f1f61","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":119,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"fa8d9bbe-3fd8-4d91-8b80-dd81110d078e","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":119,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"10fe971b-4c23-4797-a571-fe7696bd2cb1","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":119,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"8d21e289-f6cd-47c3-8e2f-21f28e7c02f9","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":119,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"d3bdd504-e94d-4d70-a82f-b0ebcd23ffb3","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":119,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"66a6f622-0e0d-422e-953b-91513adac644","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":119,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"98d4bb94-da16-4518-91ea-8ee5de76e7ce","block_type":"box","text":"Taxability Risk.","page_number":119,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"fe35b034-849f-469f-92d4-872325f882b7","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":119,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"f4e0f83d-5058-418b-a5be-42f8dfead3de","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":119,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"7691d0bf-4f7d-4414-952d-c609c0f802b1","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":119,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"6a5da366-f037-4178-9c5c-43a8b1f03737","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":119,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"4b5969a4-0f8c-4d0b-aaba-adfdfaebd76f","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":119,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"0ca7be86-c717-417a-bed0-5cf8c19edcb7","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":119,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"9e9260bc-5438-4184-97fe-8027079da3db","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":119,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"f7a7af45-0eaf-4a44-ab0b-6812d76f9581","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":119,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"d0537e0a-5e73-45de-97cd-fe79de3cd38a","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":119,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"3abc0bdb-80b5-4685-8439-aa49deaeac74","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":119,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"27307b6c-e2d9-4ccf-994c-ddfefbadf6ff","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":119,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"29c89614-397d-46e0-ac2e-ee0dbc94aa12","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":119,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"96cfafe6-ff03-443b-8789-e0ff04cb167d","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":119,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"9038ac78-d808-4af9-a069-04bd963cdb8f","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":119,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"b3409acd-a1b6-446b-926c-3a58871cc10b","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":119,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"d5188b63-b614-4b8e-96e9-4628a639b402","block_type":"box","text":"the value of an investment in the Fund.","page_number":119,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"76438583-f82b-4c84-b5ed-ff0d52359ce2","block_type":"box","text":"Temporary Defensive Measures.","page_number":119,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"909117d8-bfbd-4307-ae05-7c4cfb50350d","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":119,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"504f1089-5e34-4efd-96d3-b73fe23f69ac","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":119,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"26567b43-7fca-480f-bc2d-1f9d3f36dc7d","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":119,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"4d125a1b-6619-41b3-94b4-d2ca4df4c2c2","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":119,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"8b076c3a-ec00-40d3-8401-7b25f47d5a38","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":119,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"f4300af9-f7db-4eac-a318-708a7c7ab648","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":119,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"d7a5ba8a-d2d7-4d6b-ba56-1375457a0dd0","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":119,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"08818aba-0b29-4650-94d7-eddc2af8050c","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":119,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"0fd2738d-2303-4fa3-bd8f-459d2424dc93","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":119,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"08ff6a70-0491-46ef-8a2a-e341ee7a7fb6","block_type":"box","text":"its investment objective.","page_number":119,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"166c290e-a2d1-4c55-b258-a9fb0f3eb6c0","block_type":"box","text":"U.S. Government Obligations.","page_number":119,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"ebbc12b5-b38c-4453-bea6-0794f9a5acf4","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":119,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"368c0295-2614-41d6-aec7-d122ded2c4d0","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":119,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"fffddb1c-af35-4852-bde4-2191248817f9","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":119,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"782128f4-3752-43bb-8084-8c5b5992b831","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":119,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"97b33f02-0fdf-48d7-aa5b-ac4b8b0accc5","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":119,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"76e92062-5d9e-4950-8dc4-a0962a9670fd","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":119,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"e52173b7-6b5e-4bbe-9b43-d787110ea14d","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":119,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"5822543e-754d-4878-82ed-7dd22d53c7bf","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":119,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"c9ad1b47-4f03-4555-8c07-9fa1149f7c62","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":119,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"638fdbe1-0804-413e-bf45-fab1a1fd602a","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":119,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"97f7202d-f2c0-4f7e-8b4b-1e429f24054f","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":119,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"b0e49947-05f4-45f4-986d-f3af8ac760b8","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":119,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"cb3e0e50-b59a-4656-8473-0bfc04492533","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":119,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"09a90573-0215-4b76-a092-c9ef6a8d2d70","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":119,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"aabc0884-527b-42ed-ad48-ba05daf21867","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":119,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"bf98ab0e-9f78-4aa8-b99f-33e982aada30","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":119,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"5bdb1258-3e75-47b2-81cc-3f253df594a6","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":119,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"091d6c51-7fa6-4f4e-9c94-2deb31df9ec5","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":119,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"f68065c5-048c-48d8-9fd2-df65d81446f3","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":119,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"15c84692-629d-4d2e-b696-870a7a84ffba","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":119,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"fbfb7242-c539-446c-9ee8-0f0db1a9f4d8","block_type":"box","text":"II-76","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1202c4d4-be17-4f45-a952-c84f91e8cdb8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b17a0e68-99fb-41c3-b74e-b74a3cb23767","block_type":"box","text":"U.S. Treasury Obligations.","page_number":120,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"7904c893-4c75-4e67-b612-0e79f2f53f1c","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":120,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"69ea6651-724c-4c99-8813-1892843c8bc3","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":120,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"15fb19f1-68fc-4998-8132-2d38159f52c7","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":120,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"9b5806c9-5b8d-4ed4-b18e-ad9cd20b2cdc","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":120,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"af48f7f4-b64b-48ba-a62c-e0d0add35151","block_type":"box","text":"do so.","page_number":120,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"800c66d0-9b87-404a-b6c2-bbecd5f05345","block_type":"box","text":"U.S. Treasury Rolls","page_number":120,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"7dad7745-bc17-4903-bed9-86eb5152b5dd","block_type":"box","text":".","page_number":120,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"90ed77cc-5bb7-443a-8c25-4afcb1083e1d","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":120,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"53e5a604-cccf-4404-93dc-c64e364b89e6","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":120,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"8eba0b80-7642-4353-9477-38e9225e02d4","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":120,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"e1f8e091-8aff-46b0-bed7-caf78918cf26","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":120,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"ac9be2e8-0b60-4bd2-80b8-977732a99fdc","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":120,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"e7d42d0a-23a6-46ba-ace9-9f0a123908f5","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":120,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"caf9c5e9-bc72-49b1-9020-2ff070dac85a","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":120,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"f7de50a5-cf1e-4c8f-a393-f347a6153988","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":120,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"854956b4-d3b1-4e21-9423-56b409fa2585","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":120,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"eaca841f-63be-44d3-b216-941766fc3978","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":120,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"504614a9-5292-4a7b-a363-a8df4bb23125","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":120,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"c64ddc82-e2ec-4698-82c6-e1c6337a067a","block_type":"box","text":"Utility Industries.","page_number":120,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"a798f3ba-3a8f-4d93-8832-1116a7db0206","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":120,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"9f0fd4d0-5ca0-4654-b1b7-5cea01be5e3b","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":120,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"ef1d2601-de47-47da-89b9-172a5255ac33","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":120,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"f4a982b2-b562-413b-84d0-2554487c95e2","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":120,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"7be8f489-959b-4b38-a9ba-4392f83cc820","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":120,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"1abbe73a-ab1e-44ab-86c1-6444fb846d13","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":120,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"f625eadb-35d0-4a69-a0b9-dfc5b518e867","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":120,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"de539466-485f-49b1-be08-75c8c0365123","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":120,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"85e3176a-f9a4-4feb-84cf-458682f00472","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":120,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"7f7be5a7-e5b3-4ee1-b77b-56c477ed0644","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":120,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"9fbd4be6-2ab3-4bde-b2f1-a59fae7f5656","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":120,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"955ecda1-48cc-473b-b63f-102774c65555","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":120,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"76dd7cb5-379d-48c7-a3e3-7a768f0dcab8","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":120,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"d0562c82-c739-4966-aec0-17755b8dc4bf","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":120,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"2c56160d-2410-4242-a19f-a11d89e9c703","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":120,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"6e65fd7c-7884-4893-9660-96b581362b9a","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":120,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"08b6e818-4ff9-4f61-a2cf-7c0555f1cba0","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":120,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"1131c14f-d5d0-4681-9ba1-3430b2dd199a","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":120,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"9768a07b-c05c-440f-8a0a-0ef07062896f","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":120,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"5507b1e3-e344-4733-ae1e-de77263eb803","block_type":"box","text":"utility.","page_number":120,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"fc4d50e9-1bec-4e19-a117-2d93a86586f8","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":120,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"83a5e778-04a1-4e06-8b81-11a05b1f3db5","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":120,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"798d5f60-953c-403e-8abf-c741b2588931","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":120,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"9cbd2f22-c18c-4561-a097-2bd35ca90fb4","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":120,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"6b49507b-67df-406d-a13c-abc09b206fdf","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":120,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"0d97034c-74f6-4b71-9b95-c39e5192e29d","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":120,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"c5aed379-502a-4776-85cf-e64efeb30848","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":120,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"9623ea80-c1e3-4541-acab-84dba8901621","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":120,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"89da5ab4-331c-4fc1-893d-cce4f1544912","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":120,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"c7f5b5e9-3c5e-47ea-90dc-34320ae68ddd","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":120,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"89c472de-e7fb-455f-90bd-4a644acf5114","block_type":"box","text":"continue in the future.","page_number":120,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"701164d4-2e33-4c89-9a37-75254c6bd4c2","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":120,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"289b6fd6-a0ab-44a9-afbf-21c8579a62dd","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":120,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"da1ff401-3e62-48d7-9e18-048d9840908e","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":120,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"46c40ee6-7edf-40f0-89d8-ec48145162c2","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":120,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"84b441af-b526-4517-8899-eed54155f483","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":120,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"ecb6c83f-acce-4866-8d8c-f0d0d5310382","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":120,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"7a96d5d7-6b5f-47df-a9ef-406610978f2c","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":120,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"f30d78a2-3a3f-4ba9-aa08-a883665a0b71","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":120,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"9a38a49c-c923-4f95-b77d-c28f8f6f000c","block_type":"box","text":"II-77","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b03340eb-4b4a-459d-88e8-584ef59a890c","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0daf37b0-f445-4855-a47b-6883eeb1db0f","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":121,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"e813ccd6-c2e9-4f4b-95ca-75cd158c0425","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":121,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"fd596ed1-c433-4be6-bcd8-bdcdf6c24b56","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":121,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"40fb498f-3789-4ef0-8736-7378593f3cd8","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":121,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"8a1b2fe9-15e2-4e22-ad10-2eafc779ceb9","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":121,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"f8d9866a-a332-4f7d-ac28-7adc4bd460a4","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":121,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"61f73d13-de7e-40e8-baf4-0013d2fe6d2b","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":121,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"0108364e-ac84-448c-aeab-05ced4071405","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":121,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"58cd9241-b9e8-4ccb-9360-23aca913dcbe","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":121,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"866e1806-fd2a-482c-9501-ed23798a8abf","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":121,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"57707aec-c41c-4dad-ba4b-9df08a1c1efe","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":121,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"ebff4fd0-07f7-4b86-9e0d-64d89b3d947f","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":121,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"59eb67cf-f1ee-4670-aace-de29ffc46ea0","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":121,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"44f9b9b9-a5cf-43be-921b-2b29c2d1656e","block_type":"box","text":"ways different from regulation in the United States.","page_number":121,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"714357bf-76a1-46d2-ba48-deaa759bdbd8","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":121,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"98c9a689-2ad9-41e0-9fd7-45e91f45ccba","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":121,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"9f471090-16ec-49c2-b618-f9734d73c3e1","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":121,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"d9b73791-557c-47c6-89c7-05944db760cb","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":121,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"36244332-b695-4e63-a40f-c6ec1f35e188","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":121,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"6fdb6cd5-8128-4047-ac35-9991303de9ee","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":121,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"02adc955-9659-49ee-ace4-f995854fa856","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":121,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"ea0bef98-4c66-4063-8c7c-b8df5504bfe3","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":121,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"8a5e006d-9d8b-4daf-b9f5-5fe46b6141e3","block_type":"box","text":"increase.","page_number":121,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"5c52aa3a-008d-4437-bb74-39efcca5b31a","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":121,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"52801bd2-d252-4f40-bade-3cb6edcf1496","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":121,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"077e6276-d5a0-4946-94ba-0319801f0fff","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":121,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"bb4e2317-6390-4437-8d57-0ee12d9ba75c","block_type":"box","text":"Electric.","page_number":121,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"51930266-88a7-40ab-beb1-6afdcb9c433b","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":121,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"fbff0d47-6371-40c0-aeff-535d4f51a8b9","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":121,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"dc0bb1d6-4434-4ab2-bc97-cfc78a63b349","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":121,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"e3d92462-2472-4195-98e5-76d782fafce0","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":121,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"fc87cc96-8c28-470a-aaa1-df38734c8806","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":121,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"8bc72b75-afde-4434-bf1f-b0cf8ee42cd7","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":121,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"5f745923-f2dd-4f7e-908f-bc5f049eef0c","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":121,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"af4ac72c-ceeb-47a2-9228-e01d2037d7f0","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":121,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"4249d410-60f2-42e8-86b3-499342e9cc07","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":121,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"eb3a8ec4-957a-4516-ab2f-f6ea7b819011","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":121,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"07a4262e-ff1e-47d8-880b-03d527f0c9cf","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":121,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"b2bff78a-c127-430d-8cce-afd39566a602","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":121,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"c396d81e-6cc1-4bf4-9cba-a2311600f6cc","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":121,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"21bbcba6-c3c3-4311-aaa5-ed9838d2c35c","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":121,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"dbb26be1-3949-4abe-b070-63d8cfeb0cd3","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":121,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"7809e2ca-7d9d-4155-9668-57360dcf5124","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":121,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"917681f9-3a8c-414c-a0da-998feff0889f","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":121,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"c1f590f3-6ccd-4a27-b6e1-37437088e62a","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":121,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"c0dd45c3-be45-43e6-ad84-0d5cf3a8c636","block_type":"box","text":"and for decommissioning such plants.","page_number":121,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"1dbe30f2-b4a2-4f20-b1d4-298352caa8c2","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":121,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"daa9bbf2-faa8-4fd0-a8d1-8f18b7e4ac2c","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":121,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"29de9afd-d6ed-4306-a411-b3ad6afb75ac","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":121,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"67cd1a11-1cd5-40ae-a4b8-7a9016bcef29","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":121,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"e9dc0d22-50e6-43f8-80ce-300448be3973","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":121,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"88906c4a-997a-48a6-bda9-1f711ea96211","block_type":"box","text":"greater predictability of cash flow.","page_number":121,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"a36715e6-1cc8-4e38-b650-ce7bc8238662","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":121,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"001849c9-a925-451d-943d-3b29252660b5","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":121,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"6042ba30-33d2-4bcd-ae92-1f6a64a7a6b3","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":121,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"f5d6cc1c-f84f-403b-81dd-3d2bb1e33bfb","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":121,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"75b4a954-906b-44c2-acfc-04cbd4bd7a28","block_type":"box","text":"II-78","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a6578ad-6281-4738-8bdf-09744d00a463","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9d14892-8737-43e6-8f22-dfc41350edc9","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":122,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"9ee56b66-0f81-44ab-b6bd-5767218c34e0","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":122,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"8ae8abb8-eff5-4dee-b8db-d5674d8c2e10","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":122,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"b37cee74-2fc7-4e72-888e-0aca9653d4b8","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":122,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"7e45a02e-c16d-4d33-a0f0-42034de2d315","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":122,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"2705244b-4320-4770-859e-6a7cae371b39","block_type":"box","text":"Telecommunications.","page_number":122,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"76360922-458d-4b61-bfc5-e3ec365f7fe5","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":122,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"321b582d-3dc5-4944-b4ef-6ecfd8672075","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":122,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"cbd774a2-a869-4036-91e2-d221e4d3c126","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":122,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"e0da542f-40d5-417e-8d40-e1aecae327e7","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":122,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"e9c550b2-719a-4d76-8e4b-5cbff3a804db","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":122,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"2da8a42f-ee52-4ba2-81bd-8330220677e5","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":122,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"a74a0ed2-659d-4f7d-bc21-d859b5709fcc","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":122,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"04be65c9-2598-449e-b035-728b525a258a","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":122,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"289679ce-269a-4e5c-91ed-5a0cc6e242df","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":122,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"b2b7d475-371a-4527-85ee-0dfa9b764478","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":122,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"e4014d7e-0a10-450d-b04e-356596d63c73","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":122,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"35bfd4bf-c6b7-4986-bcf3-0bcd82fe0c3e","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":122,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"cc182aea-50ad-48e3-acd9-17dd8c5921ad","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":122,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"97694c6d-7fa3-4ddf-858b-e8560cfd34dd","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":122,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"fa22c986-f900-4218-a93b-c9ac83c0c883","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":122,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"274396de-4fa9-4e9a-a06a-af80f39d808c","block_type":"box","text":"residential, corporate and governmental customers.","page_number":122,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"e447fa0c-32e3-4f25-bb6d-3b1ae24b5543","block_type":"box","text":"Gas.","page_number":122,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"48f4f9e0-d93c-486e-b30f-34730f4fb365","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":122,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"34c57ccc-67eb-4224-8db8-d75e6a524b01","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":122,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"cd2ca871-209c-4066-9f51-00124fb051fc","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":122,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"9dcfe3c3-7a9f-42ce-9d3d-b42e2bb189b2","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":122,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"93c9dde1-1ef5-4f27-9b1a-b02a47bff0df","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":122,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"d7a607fc-a451-4376-a1d4-ae5271b808ab","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":122,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"dcf9664d-184d-40e0-930f-d084a2addf67","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":122,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"019c8bb9-cc04-4af0-87e3-7e0ea979eff4","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":122,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"7eed6482-f5b6-4cf9-b812-ef96a94bd4ef","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":122,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"55684794-e3bd-40ee-92a0-ab72fcc74a5d","block_type":"box","text":"Water.","page_number":122,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"cc3a5012-5cd8-4a74-af8a-9489f5db2221","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":122,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"4632561a-b7e9-485d-b5eb-1d7485e85d9c","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":122,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"89911b16-992c-4d37-98e2-8c54a430c136","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":122,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"a73508ba-ffab-448b-b6d6-b1971b763b9f","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":122,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"1621ca79-f932-4a3f-9691-7504d8627a6c","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":122,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"3099a75d-3c5c-4207-8576-968bf786b4e1","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":122,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"6310aecb-e9b6-4938-809b-0a74b75b83c1","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":122,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"e745d3a6-aa3a-4fe1-b35e-70d85af6d822","block_type":"box","text":"Utility Industries Generally.","page_number":122,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"6b8fa6aa-e33c-4406-a1be-e8ff900232e6","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":122,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"92acd6f3-38ae-47bd-be52-9d0482184c79","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":122,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"cba91dc2-b943-45a1-8ea4-bef574835ec3","block_type":"box","text":"not develop in the future.","page_number":122,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"26d259c7-9bf7-40ab-b983-939c66205291","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":122,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"dc361c5a-0857-432f-9b88-b8d01c7bd689","block_type":"box","text":"A Fund may purchase or sell","page_number":122,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"48525e4a-f53f-4680-a957-436a5c1157f0","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":122,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"e91460da-17bc-4104-be42-030b5f519638","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":122,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"fcbd37b2-6917-4945-a17c-3e2d87f8f2df","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":122,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"28f94f9b-da93-4110-ab87-9d9db5385c44","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":122,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"44d8a8ab-51df-4c2c-8209-e4d98c02b2b3","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":122,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"6acc07cb-6ce9-499d-a17e-3c455428b4cd","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":122,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"0f24ab50-baa2-4bb6-b106-78797ac9d292","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":122,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"e6d4c6b2-a88d-4849-b7bc-e5e32b19142c","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":122,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"cf973662-5a91-4abd-9001-1af7d0f83e8e","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":122,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"bb6de999-f103-4455-80fa-843da57867f7","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":122,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"a76af2ee-4f1a-4b3c-b164-70251ab8a7b4","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":122,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"70b38045-9401-418e-ae43-4bd7ca5827a2","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":122,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"21a5c4c2-487c-4faa-a082-721582103c65","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":122,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"99c4f6a5-bd94-445c-b702-6e8670ad41ce","block_type":"box","text":"II-79","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ffd5d22-e0f4-4f3d-bfd9-8c5c657db12c","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4eebfdce-70a3-4afc-b022-d49d533ca79b","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":123,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"b7c5a216-9aad-4885-a3ad-fb3cebd53c38","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":123,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"c91e2d6a-ae44-4274-a682-740956d01440","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":123,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"aa9ddc16-e950-4a73-832c-dc6c5d6a4222","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":123,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"ceec8b9b-9a65-4fae-8733-81943428bc4d","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":123,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"e9765dbc-b511-4c14-8de2-c3185e1ed712","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":123,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"c6458b3e-92ce-458f-b48d-19a7647d11a2","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":123,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"86738891-c584-48b7-b79b-2995f1520489","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":123,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"88858db3-ffc7-46ee-85ac-710298d0f900","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":123,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"df6f92c1-acfb-49bb-afbf-319e70b86ff2","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":123,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"d559957a-245b-4bb0-8219-5c4ad41796b3","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":123,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"7214145a-b286-483b-b4f9-b481c274c687","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":123,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"2b036669-bd0a-4dea-b488-43d7be807dd7","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":123,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"b5a84b1e-aff1-45ad-894f-7b78cab7d231","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":123,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"480fa3e3-12b1-4fd8-ac87-e8d96dce711d","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"a856a346-55df-47e0-9ff7-c234da182f88","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"c78f3956-3ff8-4849-8d5b-d18f4cd389a8","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":123,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"29955ce2-9d59-4cc6-becc-73cf2150a805","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":123,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"dd274e69-75f5-47e8-aaed-3e69064f9b28","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":123,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"c7398bab-e49c-40cc-b50f-6a64125e8c29","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":123,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"05df7c3f-c6e6-45c7-8668-b1c524e29dce","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":123,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"db80ce84-b6d7-4599-895b-540cd1b809eb","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":123,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"70c515aa-8b93-44ca-91d9-42fcf31ec400","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"03e570f7-5cb2-4509-bf29-3e36b185d91b","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"d15a75e3-9039-421e-a9e8-314f1a134188","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":123,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"0f9a8c2a-56cc-4752-8844-f9375bcc3734","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":123,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"0329a562-c884-47f8-9673-ab0929021fdb","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":123,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"cc84d43e-5548-4b6b-b6be-7d96a9a7f846","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":123,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"7f1d8b13-a80a-4aac-aba9-d263611fa3f1","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":123,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"9841369d-7e25-497e-a2a2-ab4b041b3c8c","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":123,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"bf67639e-b455-423c-8f47-a5fe8d592fd0","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":123,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"04b85b90-fe4a-43fc-bf7d-543184684371","block_type":"box","text":"Yields and Ratings.","page_number":123,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"a2ef153c-df8a-40c0-a5fe-d0abfae7a75a","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":123,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"5f313035-33f2-4f7b-b5ab-4e6a74df62be","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":123,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"25b75e49-d445-4925-bcc4-5c5c3d33327e","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":123,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"43afb675-990e-49fa-a1d1-a95d49bb7769","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":123,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"6cc6ceb5-a9a3-42d2-a261-f26ebc3d52b0","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":123,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"5cfd0d63-a049-412a-bb44-8babfe07ab2e","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":123,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"c6ce922d-266f-4c4f-acb1-6b7106d6eee5","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":123,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"38d2e9ea-1ec6-473f-8e01-6a1fd6f07831","block_type":"box","text":"continue to hold the security.","page_number":123,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"8164e1ae-a3a1-4f80-afa8-034a57869e30","block_type":"box","text":"Zero Coupon Securities.","page_number":123,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"33b53b79-ea24-4e22-a31f-82dd306ea61c","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":123,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"156b60b6-2c7d-4d40-8e84-b5ed6ce21ee0","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":123,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"8fe3c3c6-6602-4218-b983-bfb77cded062","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":123,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"5cdeb033-901e-4e2c-9826-260392b30b50","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":123,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"97aa0364-5ae3-4d77-98c3-aac348fa81e9","block_type":"box","text":"security.","page_number":123,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"f65f6b68-c9ca-4260-a915-7282de394d81","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":123,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"e8d6b90e-ea3b-4c22-97ba-fc0880b595bb","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":123,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"470184f6-921f-4146-a64f-705aa60b0a83","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":123,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"ed51e4c7-1ae4-494a-9183-8f561f29a550","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":123,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"8d781af0-51dd-4be0-b764-f4cebe1117a7","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":123,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"71c401c6-925f-42de-a0be-fd6ed185360a","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":123,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"5492bf09-578f-4627-b457-ba1d4910369c","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":123,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"abf5aaed-85f1-40c5-94fa-f6d6922d2a9f","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":123,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"9607cf62-8002-4d24-bf30-40e9dd483d05","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":123,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"21822d26-d3c5-4074-8144-ee15a6fb2d30","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":123,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"fa93d233-54fd-43a1-a6b8-d01e2bc7d400","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":123,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"09998c1f-9d08-44ce-86ef-23f27ea1a471","block_type":"box","text":"II-80","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e2690fc-969f-4ab3-b1ed-b42a7e2cdd94","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0ec34fe-f660-49f0-a638-c53778c30551","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":124,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"6b96e671-bc85-4c39-ac35-520c65a78a83","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":124,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"67947423-4d43-407f-bf80-32ca81832e63","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":124,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"c095c92b-85e7-43a4-9710-3e9a0f9b8a13","block_type":"box","text":"intervals.","page_number":124,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"b36292a6-9b54-47f7-8f33-2b74e2c7ff50","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":124,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"89f093cd-86c8-4d91-a59c-ae67f4957c24","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":124,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"ad714b7c-184d-4845-ac70-8c98099fb86d","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":124,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"99d91a33-9e0a-4e73-bd04-fd89ffb66f94","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":124,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"fdebad24-170e-4c4a-8500-3296655f5e67","block_type":"box","text":"exposure to zero coupon securities.","page_number":124,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"9e17e461-5439-4268-b3c6-e49066e9df65","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":124,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"4d63e3f6-6dd6-4d86-9d02-d450036dfd36","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":124,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"386acf10-0902-467c-9437-0ecf8bb039eb","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":124,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"44f64024-21de-44fa-992d-df47e1306e73","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":124,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"309b2860-c0ce-49e4-bcf1-876adcaf7adb","block_type":"box","text":"Suitability. (All Funds)","page_number":124,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"b2e76cf0-ad85-4a8f-90f7-fd98e0ab7131","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":124,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"1574a594-164f-4996-82b4-b94dc60565db","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":124,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"4b456917-ebff-4ec5-9ed5-3fcc3aef28f8","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":124,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"3005d2b7-b93e-404e-9e75-b102b1ed4c80","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":124,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"8d26a930-d28e-49ea-80fc-d23c4c97b975","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":124,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"e584cc6f-8b1e-4795-97c9-d09265605ae8","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":124,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"34e76e5d-f432-4a24-8f81-f1ffecab121e","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":124,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"bae5f62c-939e-429e-bc4a-5d7e7a57fceb","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":124,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"7f3ee8db-f1b9-4c3b-8f39-8381ba72a816","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":124,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"896c409b-a3d3-4ecc-bb43-d21212847b32","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":124,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"32d26997-6de4-4d15-9784-e3236eaf1c6c","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":124,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"5f395bc5-0979-4f19-8b34-22caec5e4a2c","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":124,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"e512fcbf-a76c-4d99-855e-e9f009a8c170","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":124,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"672f4917-c8fa-40f9-baba-3e5104ba9a1d","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":124,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"590fef38-92ce-4c43-9177-b8bcde4cb951","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":124,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"b6376853-a8d6-406c-8ad8-e04f8c63b303","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":124,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"5e1bb82d-f020-44e2-97fe-ba03fe357991","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":124,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"8547e8bb-16db-406a-b953-66b486551a88","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":124,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"48376626-9cd0-40ba-8a86-04694ca2d38b","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":124,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"613f341d-7654-44c6-9188-1f8501afad0b","block_type":"box","text":"(","page_number":124,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"333a1b2c-4514-4179-87a9-14b2ae23141e","block_type":"box","text":"i.e.","page_number":124,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"62f4bf48-a17c-4c27-a3ff-d3b45dc0e434","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":124,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"cd9b2798-d962-4adb-9579-31d6574bd489","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":124,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"32f52a9b-8460-4c93-b967-165e56e2bf85","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":124,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"fee79314-dd14-430f-aa4b-2a3dd22d632c","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":124,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"2dd3aa0f-3ece-497c-8484-6010c25389c6","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":124,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"ab107eaa-fb2b-4ee0-8bcd-32f0e0d697fb","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":124,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"57978f8f-9e53-4f45-a343-c7d21f80015e","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":124,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"2e97ce76-06d9-41f0-bece-7f2854eb3cd0","block_type":"box","text":"regarded as the sole issuer.","page_number":124,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"f1a5bcb2-7118-448d-adf4-168e62347afa","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":124,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"427b23e2-bd83-4360-ba24-7dbac9258f26","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":124,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"7f65e0d6-e7fb-47b2-bcfb-50dd1e07f5a9","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":124,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"505f7fae-39a6-4300-9c95-ab4af5d8425e","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":124,"box":{"x":70,"y":770,"width":747,"height":12}},{"id":"ecf835c9-ef9b-4007-935f-3c67206e2693","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":124,"box":{"x":70,"y":785,"width":834,"height":12}},{"id":"92fbae6d-8bd6-41ee-83ba-fb274493fbc6","block_type":"box","text":"75% of its total assets.","page_number":124,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"b87918fe-aabd-4b1a-9097-7694445200bb","block_type":"box","text":"II-81","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c680b775-ff9f-405e-82f3-b4d341e77844","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba2a01e4-5858-4148-80a6-4fbc97d7b2a5","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":125,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"515639d1-0dd0-4555-8927-84de035a12cf","block_type":"box","text":"Directors and Officers","page_number":125,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"c1a39300-b996-4a78-901e-ead59da25653","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":125,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"bc391614-2503-4fed-a77e-c25b9179167d","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":125,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"e39adca6-6b91-42ce-942b-68900d85cf81","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":125,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"2355303c-651d-46e9-882c-257876251601","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":125,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"5245f124-c05a-4d34-a7af-3eacb9b80acb","block_type":"box","text":"Management Arrangements","page_number":125,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"c5d8e32c-db26-4abf-abad-05315f972e6f","block_type":"box","text":"Management Services.","page_number":125,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"0a6cd8eb-15ce-4ac4-82a6-1259aa3ea95a","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":125,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"00d9c075-c58c-48a4-939c-bc80b78fc364","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":125,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"2e819ede-60c1-44cd-981b-e38c6185d3ff","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":125,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"fc4ac426-983f-4093-bd17-810b271479da","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":125,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"48eedad5-2165-45a6-837c-52826e2dfa21","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":125,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"16488cd8-7f93-42fa-9944-0800c0081257","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":125,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"55a2c74e-6e70-4954-bc70-799256e6eb01","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":125,"box":{"x":102,"y":295,"width":778,"height":11}},{"id":"00882c86-430d-46e8-9df0-2bf10c817eba","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":125,"box":{"x":70,"y":310,"width":800,"height":11}},{"id":"ae8bcbd1-6e98-4c2a-894d-e29256516396","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":125,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"014c25e9-eb58-4dad-839d-4b968e1fa94c","block_type":"box","text":"Management Fee.","page_number":125,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"eb00c146-ffb8-4fdf-8d74-3ae3a63937c3","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":125,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"904417c4-5711-4259-bbac-9d584a05b66f","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":125,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"4dd27e32-3874-44a7-bf96-d852eec571af","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":125,"box":{"x":69,"y":378,"width":833,"height":11}},{"id":"0994238d-411b-4c7b-91b0-3e25af1e8a72","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":125,"box":{"x":68,"y":393,"width":746,"height":11}},{"id":"f5e50dd5-023a-4f00-9a2b-6286f2dc6141","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":125,"box":{"x":70,"y":408,"width":825,"height":11}},{"id":"fbf4cab2-4b2e-4264-a2df-931be0f8e72f","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":125,"box":{"x":102,"y":431,"width":774,"height":11}},{"id":"08669009-34d9-4831-a77d-4b84f114978f","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":125,"box":{"x":69,"y":446,"width":826,"height":11}},{"id":"82e03676-b1b6-4701-848b-6e4721b1c63e","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":125,"box":{"x":70,"y":461,"width":820,"height":11}},{"id":"88051c25-7ee8-4b92-8922-e3f95f731edc","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":125,"box":{"x":68,"y":476,"width":797,"height":11}},{"id":"293f7089-b082-4a60-bdc5-4cf05cb324ec","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":125,"box":{"x":70,"y":491,"width":830,"height":12}},{"id":"c1a5cffb-7739-4971-979c-79fb5d528a7f","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":125,"box":{"x":69,"y":506,"width":802,"height":12}},{"id":"1e38108c-e98e-4679-a3d1-c0f0c4090310","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":125,"box":{"x":70,"y":521,"width":809,"height":12}},{"id":"bef29a78-eb64-42df-ab22-564e64c6c0e9","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":125,"box":{"x":69,"y":537,"width":838,"height":11}},{"id":"756a6243-9b86-483b-ab89-ebe7d5073321","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":125,"box":{"x":69,"y":552,"width":830,"height":11}},{"id":"7f913764-5459-403a-8772-6a0dd278e1d7","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":125,"box":{"x":70,"y":567,"width":784,"height":11}},{"id":"b616f45d-a72a-4086-a249-bef0a3fd559d","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":125,"box":{"x":69,"y":582,"width":767,"height":11}},{"id":"cfdebdd0-ebbb-428c-a082-6dd616757a8a","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":125,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"19699d38-7d25-4758-9473-552b918f4792","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":125,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"3c381ac0-9aab-44e4-a528-095858cc4eb4","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":125,"box":{"x":69,"y":627,"width":794,"height":12}},{"id":"cd1ef101-b932-4662-acf3-05f8fcbf2f87","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":125,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"53f1a0b1-de15-4a1e-8da9-9a41f96a423c","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain expenses are financed","page_number":125,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"0718be4c-aee5-4589-a58f-9194aa149be0","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":125,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"c89f5923-0c23-434f-8112-ead014db560b","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":125,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"25733e91-e4d5-43bb-b7d8-22a2c372eb49","block_type":"box","text":"Sub-Advisory Fee.","page_number":125,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"b5b2ffe7-d807-476c-b224-7af8910728c5","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":125,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"727fa77d-8ce0-466e-8689-be3adac8150f","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":125,"box":{"x":70,"y":726,"width":839,"height":11}},{"id":"f1e160ba-9fda-47b8-a730-df20655da67a","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":125,"box":{"x":68,"y":741,"width":830,"height":11}},{"id":"a5a77780-dc5d-4903-a96a-54e3e5802c81","block_type":"box","text":"Organization of the Manager.","page_number":125,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"38486bb8-b24e-4060-8280-8ded0ae97111","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":125,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"709f065e-fdbd-40a7-8ce5-1ee35355840b","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":125,"box":{"x":70,"y":778,"width":819,"height":12}},{"id":"cb4ac7f1-fcd9-40d9-b2f3-0615081389a7","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":125,"box":{"x":70,"y":794,"width":817,"height":11}},{"id":"b8d235e1-08a9-42af-8ad8-36c93aae5435","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":125,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"65b65d28-8387-48aa-ad54-7271549c1116","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":125,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"e24cdc72-6007-4f2f-90d0-b4950047ccff","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":125,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"a2239fa5-c227-4529-a377-101683195d31","block_type":"box","text":"Duration and Termination.","page_number":125,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"3a06fbf8-c644-4136-bfb6-6501065c9d2b","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":125,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"fe240fc7-97a0-4318-b798-3a06420c852f","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":125,"box":{"x":69,"y":877,"width":835,"height":11}},{"id":"30d911a7-bbd9-4781-947c-76168c59cf8c","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":125,"box":{"x":69,"y":892,"width":803,"height":11}},{"id":"309d1146-8a56-4ce5-b583-fa58673e2d3e","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":125,"box":{"x":69,"y":907,"width":839,"height":11}},{"id":"d8a1340c-5117-4b29-9b15-0953b9fbdcff","block_type":"box","text":"II-82","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5cabd73-919e-4b46-8989-45b05e561fa7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92d676a1-01ff-4901-9330-42207ceee8e6","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":126,"box":{"x":70,"y":45,"width":778,"height":11}},{"id":"d771437d-55f5-46e8-9e52-3993ea018064","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":126,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"147af0d7-c98c-4ecb-8932-75e6f4e7f08d","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":126,"box":{"x":69,"y":75,"width":388,"height":11}},{"id":"966e370a-51c7-4d1a-98df-29451d97bc7e","block_type":"box","text":"Other Service Arrangements","page_number":126,"box":{"x":69,"y":105,"width":205,"height":11}},{"id":"0dddeaff-94e2-41a1-96aa-cce3f74af7a3","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":126,"box":{"x":101,"y":128,"width":338,"height":9}},{"id":"19092b3e-490f-4c98-ac7a-71accd4877be","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":126,"box":{"x":446,"y":128,"width":439,"height":11}},{"id":"d27f1523-fa04-4314-90a7-9a58b0cf40da","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":126,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"62bf472e-6983-4fdd-8602-fead17ac2d11","block_type":"box","text":"SAI (each an “Administrator”). 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Such contract is not assignable","page_number":126,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"24647907-864b-40ea-bf06-a5c85072a68c","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":126,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"138fbd4e-034b-47c8-89f1-4c2f490fd9a3","block_type":"box","text":"shareholders of the Fund.","page_number":126,"box":{"x":69,"y":415,"width":181,"height":9}},{"id":"432a17ff-778b-4b4f-be09-6ef5f0012c8f","block_type":"box","text":"Transfer Agency Services.","page_number":126,"box":{"x":103,"y":438,"width":180,"height":11}},{"id":"708ab8bf-8963-4a77-ad38-5facbfb9272f","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":126,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"8c3392a3-bd30-4364-9ca9-56208a838fd2","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":126,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"c1f58ed9-d18b-4049-a26b-a083ceb74db3","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":126,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"05c1ad45-25b0-40e8-8fa9-dda859b1ccae","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":126,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"9a0b759a-3618-42c9-bd5b-85bbbfc64fcd","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":126,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"1516994a-395c-414b-88f0-94f39425bf01","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. 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For","page_number":126,"box":{"x":68,"y":543,"width":813,"height":12}},{"id":"fb065f98-d8bd-4a29-8044-13b36c2366d2","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":126,"box":{"x":70,"y":559,"width":836,"height":11}},{"id":"f701b81f-bfd9-478e-ac8d-f775866785d4","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":126,"box":{"x":69,"y":574,"width":806,"height":11}},{"id":"2eac768b-6e46-4d7b-ae2f-8d7dbaa26ce4","block_type":"box","text":"class on a recordkeeping system.","page_number":126,"box":{"x":69,"y":589,"width":238,"height":11}},{"id":"4b4c4194-468a-4e59-b9c7-eef5e055bf46","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":126,"box":{"x":102,"y":612,"width":338,"height":11}},{"id":"782a1ede-7df0-468a-83f7-272fe73f1358","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":126,"box":{"x":446,"y":612,"width":441,"height":10}},{"id":"78579ff4-f002-4c42-b73b-e92d417b6128","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":126,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"aaf55f7e-7683-44e3-9395-7483dc99fe54","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":126,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"ff245370-9546-4a22-acbb-64cf8e54205b","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":126,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"b1bf78f3-5e43-4100-8845-be9d1fa1ccea","block_type":"box","text":"Custodian Services.","page_number":126,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"bc3fca05-9c0a-4d85-bad9-34fb4d232dd8","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":126,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"0624bfbc-8491-43d7-b66a-bf88c27e0992","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":126,"box":{"x":70,"y":695,"width":820,"height":11}},{"id":"94112b90-3434-4b5e-ab9c-2d0c023103e0","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":126,"box":{"x":70,"y":710,"width":814,"height":11}},{"id":"dea80fe5-216f-4c27-a713-bef1c03ca042","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":126,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"9a02f2b9-b1b5-468e-bedb-29872d6ce7f3","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":126,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"8935cbf2-f2ac-4701-9cd4-77a37e04b3c1","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":126,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"27245912-7814-428b-9c4d-19f714b23e31","block_type":"box","text":"cer tain assets.","page_number":126,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"dd43ab51-68d5-4608-a54f-7e8b2e6890ea","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":126,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"fd80c6b6-5e26-44a5-a116-ccf3497c8c18","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":126,"box":{"x":102,"y":816,"width":803,"height":11}},{"id":"77686727-0058-4fdb-96f7-87a6c4ce3028","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":126,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"986eb664-468c-4dd6-b46a-c9dccd98dd26","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":126,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"3dbf8dfb-32d2-45ea-9196-aa13ed527e4a","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":126,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"df1b30c2-810d-4575-a124-574ee6218644","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":126,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"f213e008-533d-469d-9f1a-df081a2c5fd5","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":126,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"89f3cf3a-ff52-40aa-9e74-845f9728ce3d","block_type":"box","text":"Fund.","page_number":126,"box":{"x":70,"y":907,"width":36,"height":8}},{"id":"6259e518-4c58-4fd2-9532-9caf93aead81","block_type":"box","text":"II-83","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"640af8b3-2816-43bb-adf4-7ab2bde8251c","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07dfa6ec-79a9-4aa2-b41b-ec85414a47e7","block_type":"box","text":"Accounting Services.","page_number":127,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"2917e2ac-0d8f-4d21-bf10-c204ba1744d6","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":127,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"b85e5808-eda0-49bb-b556-9dc59d08879b","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":127,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"2fb0df92-3e7c-40f5-9856-7f2de5adcce9","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":127,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"e11559b3-1fc7-4eec-8780-a7dd1667a084","block_type":"box","text":"Master LLCs.","page_number":127,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"01243f71-2224-4226-91ce-ea2a7befbf36","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":127,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"2012dae5-11cc-41ad-9876-36b202abd2f2","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":127,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"9cee3b23-a8b7-46eb-a1c3-1aaea0d659e1","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":127,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"d49f5b74-85db-4efa-8af3-1b03dec964a9","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":127,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"5d57cd1b-5f31-4477-b53f-96457d3d86c6","block_type":"box","text":"Distribution Expenses.","page_number":127,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"3fbdc1c4-2364-4587-b409-2623e27fcea0","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":127,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"290f014a-8c61-4765-bf6e-a1398a866501","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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shareholders, prospective shareholders, consultants,","page_number":131,"box":{"x":69,"y":299,"width":818,"height":11}},{"id":"542d1f00-f816-456c-96e9-613076e01488","block_type":"box","text":"and third-par ty data providers upon request, as soon as such data is available.","page_number":131,"box":{"x":69,"y":314,"width":562,"height":11}},{"id":"54ef728c-e7a9-4af1-8383-4e7dc3fb0666","block_type":"box","text":"Contact Information.","page_number":131,"box":{"x":102,"y":337,"width":144,"height":9}},{"id":"89843a87-acb4-435d-90ab-0751a6cb4968","block_type":"box","text":"For information about por tfolio holdings and characteristics, BlackRock fund shareholders","page_number":131,"box":{"x":253,"y":337,"width":639,"height":11}},{"id":"ff7f4091-d0ed-4876-8561-3043bd76ca90","block_type":"box","text":"and prospective investors should call the number set out on the back cover of the 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In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":132,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"d696dfd5-f88f-4dd0-a203-5f900bf9c136","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":132,"box":{"x":70,"y":846,"width":817,"height":11}},{"id":"b363ac9d-4962-4d71-894e-d36d6119c131","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":132,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"13e70e94-14a3-4465-ba5a-6e421f9aa105","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":132,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"647bdf7e-9174-4b08-a0dd-80bdb23a87f4","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":132,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"2b1dab18-e8cc-437e-b376-32133b493c53","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":132,"box":{"x":70,"y":906,"width":785,"height":11}},{"id":"0d277681-1932-4ce3-bc9e-8bdf76ce8a18","block_type":"box","text":"II-89","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fc394216-f184-48a8-b371-b66c26fe6b39","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db8975cf-68f5-4667-a3b7-8f5a4f5f69cb","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":133,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"da8d059e-bede-4bce-a7f7-a9d94a4779fd","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":133,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"094b0163-4123-43eb-8c99-f86792e16172","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":133,"box":{"x":68,"y":75,"width":827,"height":11}},{"id":"7ba2072b-e7d6-4d6c-904e-8af98f878d71","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":133,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"c297c23e-f6cb-44ed-897c-6d246284efac","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":133,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"b4fea27b-0f63-42ad-9221-3850b761382a","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":133,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"99d1ca80-8d4f-4cae-9813-a9e924657e3d","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":133,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"e5cd457b-48ff-4697-a8d0-3af6221f9b8a","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":133,"box":{"x":70,"y":150,"width":809,"height":12}},{"id":"638202fa-5938-4b6c-83b2-c779a2f1a9c2","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":133,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"098abc12-8d62-4a7c-89d0-6639e7375618","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":133,"box":{"x":70,"y":181,"width":797,"height":11}},{"id":"9b6d5802-0002-446d-9b2e-f0645a715f65","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":133,"box":{"x":69,"y":196,"width":573,"height":11}},{"id":"09a0341e-2624-4e0b-b935-85172fe019f9","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":133,"box":{"x":102,"y":218,"width":797,"height":12}},{"id":"8f864fa4-6055-46db-be49-4016490fc734","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":133,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"6a786f14-deab-4cb9-a6e0-0d2096f4de6d","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":133,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"8b919d4f-058a-4aa8-9e75-f95a1e673005","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":133,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"30da53d6-cf0a-4b85-9364-2a8e5080b179","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":133,"box":{"x":69,"y":279,"width":803,"height":11}},{"id":"a2327fdb-6aee-47aa-a495-0f43809cd1a7","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":133,"box":{"x":70,"y":294,"width":783,"height":11}},{"id":"fc2c3799-53a5-46a5-a2d0-ccd3f763cf38","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":133,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"fa7f9200-cf1a-40cd-a524-e2c2415493fe","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":133,"box":{"x":70,"y":324,"width":777,"height":11}},{"id":"083156be-5f84-48f3-b664-7e457bd1760e","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":133,"box":{"x":70,"y":339,"width":780,"height":12}},{"id":"eb69a057-c562-41ce-8100-ce3e596b2274","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":133,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"ab826357-5116-436c-8a5e-a6dfffbf6fdd","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":133,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"f0aa2b6e-b308-41e2-b242-0fe71098cce4","block_type":"box","text":"Funds.","page_number":133,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"ce4a0a98-3747-4a14-99db-6d86942c0238","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":133,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"04d24f2e-fc02-47a0-a44c-f3d42459b37b","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":133,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"a5b3dc24-f28a-416b-a8ed-b31f04d25641","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":133,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"e0a0a0c8-40c0-4e1e-a7e5-006da19e9862","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":133,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"6c04311a-a94b-463f-ae21-0125e1c63570","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":133,"box":{"x":101,"y":476,"width":760,"height":11}},{"id":"5d110e3a-b884-41fa-8c98-06384312a44e","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":133,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"ac728aa7-2597-4249-842c-5bcf8fc5925b","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":133,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"5b2167ff-e721-49fa-9ff5-3b3f510ab5b0","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":133,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"b527d39b-345a-4c47-9abf-a16d65d50d23","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":133,"box":{"x":68,"y":536,"width":421,"height":11}},{"id":"4d4551f3-b2c6-44e9-8890-02e5f5250f8a","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":133,"box":{"x":102,"y":559,"width":794,"height":11}},{"id":"0523b99a-7b2c-4e48-836c-db7346076024","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":133,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"0558f151-d48f-4500-9ce3-269d9c88a1a5","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":133,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"f8f3de86-3446-4404-ad98-006f665cf650","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":133,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"94180809-338d-48ee-84e4-f6636348499f","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":133,"box":{"x":70,"y":619,"width":780,"height":11}},{"id":"767fd763-26f8-4a8b-8f33-04425400ef1d","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":133,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"ed157ea4-2ed7-4f4f-961a-9a28dd9116fc","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":133,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"3a8b0a6c-99cd-44fe-82e4-3a50701678cf","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":133,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"aa09d524-b312-4d9e-81b5-0167a80d697d","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":133,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"0e2bf716-2549-4180-a81e-d50b93b46865","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":133,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"7f999ead-f5a7-403a-a1ab-a96791b5aa15","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":133,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"f9674a30-9e5f-4762-9d7d-d0695faa5f45","block_type":"box","text":"case.","page_number":133,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"9dbe1f05-3a65-4a34-9b93-6c52f7c178d8","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":133,"box":{"x":101,"y":755,"width":791,"height":11}},{"id":"4494bcd5-2265-4de4-8571-6bc297cc74f4","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":133,"box":{"x":70,"y":771,"width":824,"height":11}},{"id":"ff1878df-7b70-446a-b32c-99006a633ec8","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":133,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"f11f2d2b-5d73-482a-8cbb-183821aa0e77","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":133,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"54b2bdbe-d3f9-4d2e-8dce-2f02c155c2c8","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":133,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"7bceafe9-6c66-4b12-9a65-f460a72a86e8","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":133,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"cb61ddf3-53cd-4f61-8f0f-d608d9605355","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":133,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"08b47009-1e70-473e-ab55-bd2e33288aa7","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":133,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"668e9b9d-9d42-40ae-81d1-69bcf94deda1","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":133,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"1af94e20-1759-4651-8cd7-f872f2f9c436","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":133,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"eb422f86-0a5f-4a7f-8ce2-4cbccb0fa698","block_type":"box","text":"II-90","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5a22ba8-6af4-48d2-96d6-aeb8608fe3e6","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08c09402-b136-4938-9e5b-f2190ecf8c73","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":134,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"28964965-7f94-4b6a-9081-19625e257716","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":134,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"53002893-20f8-436c-82d6-ee25e4daf1b3","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":134,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"1377a654-e3e4-400c-a7cb-238a5284d3cc","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":134,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"2b650dfe-77c6-4afa-acbd-13622850457f","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":134,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"277e2aac-efdb-4bef-9df4-b2cf5867a2b3","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":134,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"5a5493a5-4746-489b-ba8b-9a8242a6cf6a","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":134,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"32f66d38-fcf6-44b2-b1a7-99f4603c0eef","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":134,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"1e57bf0d-2c61-46ff-8fbf-0cccc784c00f","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":134,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"9b1f1ae4-0f95-4163-818f-278545cff1aa","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":134,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"1f47ddde-f615-4822-9583-d5cd61a39e2c","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":134,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"3bd24951-c6b1-4577-9727-bf804e94769e","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":134,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"b8e94e28-6766-4d0f-8850-20aba0c231e4","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":134,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"57f25bdb-22f7-4cb3-8ee7-b6e7a5d29ffa","block_type":"box","text":"managing a Fund.","page_number":134,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"1e7c5ace-5823-42fe-a6d1-662e6cf8c6c2","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":134,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"4b5b932e-e2e7-41ba-9b6c-5b3e9cda8504","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":134,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"e0db8b1b-7232-40ac-9acc-a5474b4daf27","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":134,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"f37ebc15-8afc-442b-9b10-9d12d77670df","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":134,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"8f6f7425-bb2c-47b5-b63e-337c68eeb19d","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":134,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"4284f037-0e86-4ea3-8d99-c3ad325d7ec3","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":134,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"4831c0cf-977e-43b9-958f-3791223a3291","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":134,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"c50179ef-e7c0-4e27-aac1-9f9dd6293811","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":134,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"401cb4ce-7469-4fe3-a97c-dd5a343acedd","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":134,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"285afbd3-3144-4cb5-85df-58bbe8c8cf6a","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":134,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"e6adac83-8b55-4cba-a2ad-f3bef1cd523c","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":134,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"521e3c64-297e-40d3-bef3-741f4c758bfd","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":134,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"5f48e7cf-4e50-4126-8f1d-8a0d28237671","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":134,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"b66bb10f-f3d8-4d34-b6ef-64716a401f7e","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":134,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"81b00ebc-b26b-4d2b-96a4-c9d86edf68ed","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":134,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"6c26777c-d88d-41b7-9293-ee301f625000","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":134,"box":{"x":102,"y":521,"width":741,"height":11}},{"id":"0b5b52f8-3c01-4460-895f-c47bc85efeb0","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":134,"box":{"x":70,"y":536,"width":824,"height":11}},{"id":"181de840-684a-4f8d-8610-f258a1e2d6b1","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":134,"box":{"x":68,"y":551,"width":825,"height":11}},{"id":"1416dee1-47f7-493b-813c-334b5aff3d74","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":134,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"eec9b179-e140-4505-b0e0-bd2794fdc53d","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":134,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"49b27edb-cc8e-4d2d-b64f-3facc946f2c0","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":134,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"7ebde6ce-2dd7-4ade-90d2-61a715e97cc3","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":134,"box":{"x":70,"y":612,"width":798,"height":11}},{"id":"d18d2696-d81d-4677-9096-e579ff1a27be","block_type":"box","text":"under management for BlackRock.","page_number":134,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"96a6ce79-bcbe-4fdb-9933-4a0578f53d6c","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":134,"box":{"x":101,"y":649,"width":773,"height":12}},{"id":"b63d8b65-cf21-4c9d-892a-8ea34aa6a14a","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":134,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"d735b0f1-572e-4238-a63e-f7ad1d6029a7","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":134,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"7320bda8-d087-438d-9533-bdd15d17d88b","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":134,"box":{"x":68,"y":695,"width":837,"height":11}},{"id":"ccbff5a6-1037-4237-8da6-4e25650ea6a5","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":134,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"ff019653-1573-4d49-aa37-8302c75ef816","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":134,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"0c8a45cf-d2c4-4e4a-92fc-23986a58a36f","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":134,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"d3ebea5b-deab-4fe9-b9c3-d53c12194baa","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":134,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"7b4149c6-2294-4e3d-ad52-9d3fd516de19","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":134,"box":{"x":68,"y":778,"width":802,"height":11}},{"id":"5cb77329-9ec1-4bfe-9efe-3f0e621c57fd","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":134,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"4fbe7c16-826a-49df-9d1f-38f5f7e63a4e","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":134,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"69577533-e536-481f-bb7e-5228d710c75c","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":134,"box":{"x":70,"y":823,"width":833,"height":11}},{"id":"0e4d69bc-5cec-4eac-81dd-563548f67b89","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":134,"box":{"x":68,"y":838,"width":726,"height":12}},{"id":"d3a1a41b-6278-4d3b-9150-7de7a446f4f3","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":134,"box":{"x":102,"y":861,"width":796,"height":11}},{"id":"97f05fc6-7f0d-4dc9-a134-d4f86286fd48","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":134,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"8debe999-65e3-43d1-8d1c-74c659071231","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":135,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"afa839df-3e58-47af-bddb-3b0d0a44c194","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":135,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"ab469f75-f054-403f-9dba-aa913b532841","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":135,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"cc1e14cb-d253-409c-8da0-8b5aa963478b","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":135,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"b0550b0c-686d-40b9-b1e2-2532f7fc6d41","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":135,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"581cc7ae-57d4-4751-8048-6177b9ddc854","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":135,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"7b0e41d2-b4b8-4de0-971f-805f0fb140c0","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":135,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"beeb7943-d6ad-4809-88e4-2f28039a8a04","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":135,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"f1fbb528-2d83-4aae-8730-707a7ed8d654","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":135,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"f2163404-7e57-454f-a408-23f45bec6775","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":135,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"344154e5-600c-4743-859f-83069c772bf2","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":135,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"2c13780c-9d8f-49e5-83ef-8dc8f6bb2e70","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":135,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"c362dc67-185d-4030-9eb6-cf88122e965c","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":135,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"fd2adce2-d695-4916-b749-41083cb85b21","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":135,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"7ea3f426-4963-44e5-b46d-52b1ce094d89","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":135,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"33b48152-fb36-48eb-80bc-6c6445b1f2f8","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":135,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"7e7e19a9-93da-44e7-9e68-464e63dcb1c9","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":135,"box":{"x":70,"y":393,"width":816,"height":11}},{"id":"37194deb-1ee1-4b57-b4aa-9d1d95c57cf0","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":135,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"be03978f-9e5a-4575-aeb8-3875730787f1","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":135,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"7b27fca9-1709-4101-96df-b6984f0f391e","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":135,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"c6331d2a-9f96-429a-855c-1a67c102cb61","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":135,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"fc60c5d9-b6a9-46e0-89fa-fb75c81b9f4a","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":135,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"f2f2e20e-efda-4a8e-a4b9-53e246ec54f4","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":135,"box":{"x":69,"y":483,"width":799,"height":11}},{"id":"aa33bfef-69d3-4120-b673-9bc0f35d67c7","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":135,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"8d7e8898-3994-436e-b1ce-2b83661d8def","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":135,"box":{"x":102,"y":521,"width":801,"height":11}},{"id":"23814f7d-baca-486f-a925-050586d51a97","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":135,"box":{"x":68,"y":536,"width":817,"height":11}},{"id":"970fdc2b-69d7-4376-9bdb-9d774c085633","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":135,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"6c3569bc-00ef-4b93-878d-21c0fd2aaf5e","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":135,"box":{"x":69,"y":566,"width":789,"height":11}},{"id":"5003f476-8423-4a78-9275-14be1da2d421","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":135,"box":{"x":70,"y":581,"width":783,"height":11}},{"id":"cbd3b030-c0d9-45f4-b7fe-1a38979441e7","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":135,"box":{"x":70,"y":596,"width":790,"height":12}},{"id":"558645da-3274-41de-90e4-125eb69f3344","block_type":"box","text":"regulation.","page_number":135,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"8ed5e8f4-7f9f-4f2e-bc5a-ef5f58776156","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":135,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"38225e52-3c98-43e1-9aa4-a27da0903f05","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":135,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"5b76329d-73ee-4583-bac4-4167cb2a4aa3","block_type":"box","text":"various program limits (","page_number":135,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"93df97bb-b80a-4e08-918d-eb1c07db9302","block_type":"box","text":"i.e.","page_number":135,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"e3b84110-37db-4c0c-8bbc-41d48e2cc78c","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":135,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"e89d699c-8532-40a4-897e-14576f236b8c","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":135,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"a582d84f-4023-4240-9622-6081f5653706","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":135,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"43642f48-c6ac-4404-9927-9ecd811711d3","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":135,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"f8b9513c-d743-402e-ba3f-f541a568dd96","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":135,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"dfba4261-8b25-4d1d-b2bc-6e27ae0475fc","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":135,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"940d2c0f-6e78-4f68-8bb1-9024eab514bf","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":135,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"079355ae-38f3-462e-9c3d-f6b67acaf546","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":135,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"3c721eeb-2ba0-47f2-8545-26c94f9bb0a6","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":135,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"ebae71c4-4491-41f5-9e8e-640a1b942e17","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":135,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"42a80213-1fc7-4eb2-88dc-ee5b335e9ba5","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":135,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"bb54e42c-f7c4-4cfa-8093-2a14f9665fc8","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":135,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"c6fbe35f-be9e-486a-b4d8-e023a24920c1","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":135,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"70d6bc3b-593b-4534-af54-6e83c0b57bdf","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":135,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"4e357d55-cae1-4840-8b73-e775dc24fa0f","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":135,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"dc4cf921-c167-4897-8cee-21ca28c493bd","block_type":"box","text":"II-92","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f954d23f-8f87-48e2-8704-ac6ce838ca5a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca23a002-16c9-48cc-a329-dc84639b5582","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":136,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"be0adbcc-575d-44d1-b4e6-96415a304d37","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":136,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"fd52dda0-109e-4f8e-ad8f-98d82c0adbea","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":136,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"ce1f415f-c364-4935-8a85-f1f494e1e7af","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":136,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"9fb4784e-84eb-4dfe-ac31-cefdaf6f36dc","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":136,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"b0769fde-e35e-4a47-8035-c5bc8037c656","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":136,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"0016bf72-ce9c-4b17-9c27-82886d7d5318","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":136,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"8f814657-db1e-4184-b930-5fe125e642f5","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":136,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"e858e9fa-d245-4cba-a562-a47edb588db4","block_type":"box","text":"than through client commissions.","page_number":136,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"083efd3e-097f-43d4-8a66-ca59b1651008","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":136,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"1d192f56-7e91-4ec5-b9d1-4897e3cd65a7","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":136,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"cb5b3259-5858-4ea8-84a1-d2e3368e6f54","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":136,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"64b7a792-c2e9-4230-a7c0-47fa985e5c73","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":136,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"b3fffa17-6c48-41d5-a023-38a8ad06f01c","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":136,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"6dc7ba9a-c951-40bc-91fa-73c212f1ade4","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":136,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"009c2b0a-dcd8-47ce-a7ae-c0a7b73c4c8d","block_type":"box","text":"research-oriented software and other services and products.","page_number":136,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"9e366d72-8754-4a0a-b9ba-a64c854b2d7a","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":136,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"680e6dfc-4fde-462c-828d-a1fdda383b06","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":136,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"b0779a52-d116-42de-93a3-beffe8a7a83c","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":136,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"b4611369-4855-408f-a2ab-e7ddf83e7879","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":136,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"34282bf4-ca92-497f-b51a-54f097c25e96","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":136,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"1ffc1887-2848-4c2e-844a-19afe705f2b3","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":136,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"0af6a004-101b-47be-8d5d-6fd39f4f6779","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":136,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"535d91cb-6f88-45a8-b761-6da4aee72841","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":136,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"49e82f58-d9a3-4bbb-ad79-472542b20b3d","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":136,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"42d77298-b468-4633-806f-017cc798871b","block_type":"box","text":"and services itself.","page_number":136,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"3ac8fa6b-76d0-4900-b588-c2bf896b3a85","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":136,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"86dc5042-2cc8-492c-9d75-8b82dfffc571","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":136,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"719d7c5b-f23a-4bdc-ad56-d14485a8d064","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":136,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"95fe7db5-9fbd-43ed-b4d0-59472efc4490","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":136,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"1c5a096f-931c-4580-bc36-11b08a57cfff","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":136,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"a6ec4531-033b-41b7-8a5a-600dd6958871","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":136,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"8fdb6481-4447-4c23-976b-9b394dff9cc3","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":136,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"94ad84b8-15d9-448e-a7a0-239ae310083c","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":136,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"fbebbc46-544f-49fb-bc0f-b81738a6d49a","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":136,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"86db6527-c347-46e4-88c3-84d1c55bd9c9","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":136,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"a347b458-c24e-414e-8048-3071a4974b9d","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":136,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"066830b1-dfc5-4042-9774-4f993dab5cf7","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":136,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"3426c80b-b93e-4951-82c8-983efbe625ab","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":136,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"1b4ba742-b675-4bd3-a41d-4f9bb290cbb8","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":136,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"e5c58f67-6c0b-4319-adff-a7da11e4b3fc","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":136,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"765df8d6-3fe4-4cef-be67-ab5613f4ce3d","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":136,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"878d8f9a-5907-4254-b255-7e23a5dab2f1","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":136,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"ea4a173b-c823-4c9b-82b2-123129f02ffe","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":136,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"ac252b49-9a52-4122-b83c-1445b4adc005","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":136,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"b77d5f5e-793d-4701-9afb-a13ab8e877c6","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":136,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"ee0c8109-cc2f-4ac3-bffe-e038bea4af49","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":136,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"b5133366-9c79-4dea-8a31-227e917114df","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":136,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"4d01ecb7-4c27-494b-81e2-eef2c69eabf7","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":136,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"7bb22e58-dd70-4a20-b462-b6d5457bf96f","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":136,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"c93cbd60-4221-44d1-860f-7781d7411f29","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":136,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"00c54f41-8770-45d3-bbdc-a8e133710e76","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":136,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"c98504de-7204-4dad-a49a-fad5b38a627a","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":136,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"595f97e0-d632-4c17-a94f-426cbc5d6de0","block_type":"box","text":"II-93","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cff879c5-f96e-45dd-a656-89a4756f687c","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91505ae4-094e-4bf4-97c0-6b64e87a1b9a","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":137,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"a8d313ac-91f7-446f-80e6-71385a431cc3","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":137,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"176926dd-d5ff-4046-a2db-52ae448d9d3a","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":137,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"a985b625-1ca0-4320-b604-95cba6b4bf6e","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":137,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"68210069-7808-47c3-b9b4-ee02ba9aaec9","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":137,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"c8f01b9e-6ea0-4dcb-bfcf-9d513919c3fc","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":137,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"5c00d770-f7bd-4303-a670-119718db2d33","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":137,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"8dbfb144-7be9-4199-b2d9-61d70229eb0b","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":137,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"bfe6913f-b0bd-4f8b-b645-40d12c68a9ed","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":137,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"77a7faa5-d3b2-4112-b027-e6ab80c2e002","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":137,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"5ffc39de-5974-4116-be47-4422a9a26bd3","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":137,"box":{"x":70,"y":203,"width":838,"height":12}},{"id":"29316fb1-f3e5-4f03-bd19-14d7e3a281ba","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":137,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"5f4963fd-ba9f-4bba-bea8-5177e5b4c431","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":137,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"13f9b399-cdc9-480f-983c-9ab6a0d6df66","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":137,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"34b4049f-11cc-405f-96e3-0934b03b358f","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":137,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"483709ad-9683-4b6c-b04e-aaf2fc3a5c10","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":137,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"3b4c086b-2913-42f0-b59e-dfeff85b2702","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":137,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"58ac4818-6315-4b6f-97be-478c1e3b20cf","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":137,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"4e8576ac-ee3d-41c1-b726-6224195ce7a6","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":137,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"6ae180a8-6f56-44aa-bfe5-c3562f9186d0","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":137,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"8a4ad553-6d41-4f70-af14-2a43aa1b9e3e","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":137,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"2b45c7f7-3725-487d-810b-a361767aa928","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":137,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"48888270-34cf-497e-993d-7eafa67a59eb","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":137,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"a61c56c5-0d0e-4c68-abae-5a6cf3c9cf64","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":137,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"18f1132e-42bc-43c6-b7df-7e812f880b59","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":137,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"03555ddd-90aa-4b33-a84e-01e7418aaa19","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":137,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"68fbe521-b383-485a-b2b0-75f6633da39c","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":137,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"1a77e59d-02eb-45c2-b7cd-b849fc8d7ca3","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":137,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"1c137194-012a-4da7-a2ab-0aacb11fedd3","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":137,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"8a32ee7c-996c-4785-8c14-8d412b6cab90","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":137,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"2b4aaa79-a93e-4c0d-bf7e-af2f93afc32f","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":137,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"d5c33975-af4a-41bd-aab5-a1076e79de83","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":137,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"834b0319-cbae-4e8b-9f8a-56295146d897","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":137,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"41360ce5-1b51-438c-976b-39407858f914","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":137,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"0aa8f99d-bf5c-437d-9178-5ecdad507deb","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":137,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"43681905-a437-46ba-949f-d0b040c88f2c","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":137,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"7bcd413f-c8b9-418a-a556-2891acaf8293","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":137,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"0f6a8bf7-8a50-499f-b934-03fa60d4cc82","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":137,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"adaefc7f-20d9-4719-bd13-7e01308ca1be","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":137,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"e7871ec0-3b7c-42da-bee0-b84919807776","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":137,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"e9e0f554-f5aa-423c-8c42-4ce3833ac6a0","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":137,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"ccb61708-52df-4604-a4ff-ffb979d4fe93","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":137,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"e63b258e-a7ef-4bb5-913c-de144853c8ef","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":137,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"2ca150bf-597d-4686-8a1b-8fd67ef690a2","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":137,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"bbd36843-140b-448f-aa9a-9a3131b4ca40","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":137,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"6355ff29-c485-4c84-bf04-f7bc430393f0","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":137,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"da11531a-653b-45ea-b622-b4e6ebd1aa3f","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":137,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"5dcec9cb-9048-4f96-b338-7af5801a3e39","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":137,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"3992bfcb-c0ab-4b00-aebc-3950dadf695a","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":137,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"ba56d4ef-ffc7-428c-a96c-d3bc3e08d56a","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":137,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"f874f6a9-ada2-4414-9e00-5982eec268f3","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":137,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"1703ead0-87b7-4c26-8677-b87bbc2bea3b","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":137,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"d8855db9-9bd9-4aad-af35-89ed1c161af2","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":137,"box":{"x":69,"y":869,"width":833,"height":11}},{"id":"dcb5280d-4209-4c6a-9ebb-a036c1670a51","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":137,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"51fdced7-bd2a-4da6-8f88-593864040bf8","block_type":"box","text":"some additional expenses.","page_number":137,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"fcda1272-e9f3-4551-99f3-5d8f2cb65afb","block_type":"box","text":"II-94","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"819efe02-b018-4bab-8749-a45916e035ce","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af9af314-a98b-4150-8dfc-f05dee977e48","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":138,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"3a74546b-1afc-4606-bfb2-17bf3a0c8c38","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":138,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"39d9ac42-eb0e-4a98-88eb-26958ecdb72f","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":138,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"5b160885-4ea7-4471-a4d8-eab6dda6e63f","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":138,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"0dad5d2d-b10e-4daf-9467-0fe7d7040ade","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":138,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"50873287-72d7-4490-8fd0-744024c4b98e","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":138,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"3ee94cb7-6154-47d3-84d9-cfa3616b7c27","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":138,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"d4d3e190-2b81-4674-b09d-4b3bff14f78a","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":138,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"035012da-ba97-4c10-ba53-6ef1eae9a085","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":138,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"252b9335-f5be-4fb3-a847-01f2a019e90c","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":138,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"8b6fd54d-4c67-474e-a7c8-7525804180ad","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":138,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"33f44309-f2a9-432d-8e96-17530c42e8c0","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":138,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"e65b2838-7977-4349-b9f3-92b81fddbe10","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":138,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"13cb67bd-9971-42e5-a085-b6b9c8d5640f","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":138,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"24d0e102-7905-4231-8e7d-6f8aedcda682","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":138,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"18ded7ab-e809-4aff-a523-9c19e05732eb","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":138,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"2a4baf30-552c-46b7-85ee-ec517dd0473c","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":138,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"88feb36c-06ef-4ca3-8752-bc3c5cd17111","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":138,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"9c0e2f45-478d-40d9-9fda-bb33f401707b","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":138,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"5b7ba8c6-001b-43a1-adc9-cc361730222a","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":138,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"89e8db7c-5dbd-41d5-9ab9-0acb3bcf4bf8","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":138,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"9d00c711-f31b-458d-943b-48af8f5b841a","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":138,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"2b662795-23bb-4612-9d5b-4b5badaf4876","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":138,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"7f572ef9-73c9-4f99-9889-f1aece5d7f64","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":138,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"9e56ec6d-0df6-4856-9886-4ce94d0d985a","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":138,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"6ea52db9-5827-4a9e-9537-32a5aaf66ef8","block_type":"box","text":"public information about the company (","page_number":138,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"27adda5f-011c-48b9-8f96-902711dc167c","block_type":"box","text":"e.g.","page_number":138,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"58b3345d-05c3-4972-bb42-2f4a2c941f4a","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":138,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"545cc816-c70d-4b0c-836f-f497fd4492fe","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":138,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"e25720f6-3536-435f-8237-8cb376404367","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":138,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"b41f9afe-6382-4a24-87e9-c09befad8712","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":138,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"d7b401d8-e47f-498e-99e8-8c324e5f6407","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":138,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"c3364995-00d1-4c2b-b436-30d435874453","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":138,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"e0920a94-b6f1-4c07-b133-4c929eaaa045","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":138,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"27f8a2ce-77b5-42a1-bf28-25a2117d1ce2","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":138,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"c19a76ce-6ce3-46d0-aea4-cf5480fdbb6a","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":138,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"ca10b94d-e0f5-4370-bf28-0d3563d13809","block_type":"box","text":"of the issuer.","page_number":138,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"f07c0d9d-c22a-47ed-9193-44e1050add78","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":138,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"32f5d906-d30f-4822-9ccb-e353dcf86b15","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":138,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"3247e417-08cb-4249-ab6c-112bfd823a40","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":138,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"b635fb16-c2a3-494e-aaeb-ba4dd1d97e9c","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":138,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"67856802-1f21-4b16-98f8-9980f25c3719","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":138,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"17577bcf-553b-4480-85e0-8a785c7605f0","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":138,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"eb31f625-909d-447e-8bad-88966ff91621","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":138,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"9d5f5d74-32c8-4058-a8c4-383e7c5b5989","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":138,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"580a55d2-96ae-4689-845c-28623382fbfa","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":138,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"12ad73f8-76a9-4696-9edc-78b16fc45edc","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":138,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"eb9a9b67-a9d2-4644-910e-aa38d5b450b9","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":138,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"1eaa63e1-3051-41ea-b66e-cabe43ee0687","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":138,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"5c22b7f3-64d0-44ec-b027-c58ed86c8f5a","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":138,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"44042b8c-162c-41cf-a746-a143bc38fd87","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":138,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"bf95da9a-74d5-44f9-969a-9024df3cdb0f","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":138,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"30fcdc5b-0673-45ab-a4f9-7a77856c795e","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":138,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"f091fa44-e591-4a1a-8d8a-81a374d31360","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":138,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"ae6d4105-9eb2-435c-a1ba-4dba1e532d73","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":138,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"2069d9cb-9069-4293-a398-4d054f8b357b","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":138,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"b4980263-6897-46c9-bfaa-e4d1f643e266","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":138,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"ab68a588-59d9-477e-b943-6c240a0df789","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":138,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"5c42da55-b155-4a82-8ac4-943b70c2ea09","block_type":"box","text":"II-95","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3f468cbd-400c-4a51-9632-d90ce397a6b5","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08d02580-6276-49a4-8e7c-70af2eae4973","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":139,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"6b1c5fb9-736c-4622-a1d6-5a9eae18b967","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":139,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"125e4f6d-f5ae-4903-9165-56e428785a29","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":139,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"055c1119-22b0-44cc-8a99-f2515ec405dd","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":139,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"a3417ec9-e362-4a79-8ae2-c80089fb3244","block_type":"box","text":"a barrier.","page_number":139,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"4bbbb6a3-40e9-4bbf-b981-31bc15e568dc","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":139,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"6597c45a-c77a-43fc-9388-6346900257de","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":139,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"a75498fb-6568-4d53-ae4a-0ac1c077fce6","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":139,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"35c9508e-f3d6-4e15-94aa-7f26fa5a26a6","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":139,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"c6a6c8bd-4aa9-4f48-af42-ab4c0191a2a8","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":139,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"5036ead6-1fda-4b0c-a660-0363c4e95086","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":139,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"92df5c1c-ad6b-47af-9e65-8d457b0d3970","block_type":"box","text":"that operate in cer tain industries (","page_number":139,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"fc2cb0c1-dcc5-4603-a9b1-13a2e64f1ae4","block_type":"box","text":"e.g.","page_number":139,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"0eebddf6-ff62-41bd-813a-7efd638ba037","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":139,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"152aba7f-95f2-42ee-b4fe-19fea70eb8b8","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":139,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"a491604a-7888-4b37-88e0-771508fa09ce","block_type":"box","text":"e.g.","page_number":139,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"1c9ee05d-c57a-4a57-a318-5910b64c2e12","block_type":"box","text":", with mechanisms such as poison pills","page_number":139,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"63d68e5f-1f52-481e-b70a-8670887d98c0","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":139,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"2b57eee6-f2bf-472c-b0c8-0bd3babe06b0","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":139,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"24aa721b-f686-4e3c-aacb-1f3aae9031ed","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":139,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"8e5cccb1-b118-4da1-b7df-20712282a86d","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":139,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"2cfcd838-712b-4ace-91ee-03ba6a6eed06","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":139,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"81145954-4f4a-4691-b657-0d9975e1fcf5","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":139,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"a1cbb7bf-d09e-489a-aa2a-8c7dbc5c2bd6","block_type":"box","text":"seek to make indirect investments (","page_number":139,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"fd6e9d8f-37ad-4827-bd6e-9467f8fd0a28","block_type":"box","text":"e.g.","page_number":139,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"9e829a15-f4cc-4e39-aaad-098d2db14a88","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":139,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"aa1c68f1-376d-425a-b98d-7afd1a5040d7","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":139,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"f1396cb7-1498-4a33-a237-c8e371fa5f54","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":139,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"8d79b465-a8ba-407a-9d5e-2cfa7e726f1e","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":139,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"dfcfa7ac-8416-4537-bcdc-caa613eaaf42","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":139,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"17104aed-318c-47c6-a2b5-7b11c4cf99f9","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":139,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"c2544af7-a0b8-499d-becc-f546d059fb62","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":139,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"4586980d-b1e4-40ff-a13c-719d625eae59","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":139,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"3a692a2a-105a-4bf7-824c-0724359149ef","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":139,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"bd3798ac-34fd-4fd4-8221-b1fcbda2d5a4","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":139,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"dbe60675-bf76-43bf-8918-006323583d94","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":139,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"73ed09e2-aeb9-4830-a537-71fa15121b55","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":139,"box":{"x":69,"y":514,"width":821,"height":10}},{"id":"ebe7f94b-4773-4151-8730-0e49cc837d3c","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":139,"box":{"x":69,"y":528,"width":806,"height":12}},{"id":"d3092b15-2c64-497a-8c27-fa9615c35ea9","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":139,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"c31e684c-646d-4220-ae00-d996d7161e2d","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":139,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"623b48f3-5b30-4bfb-bb17-f95317684edd","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":139,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"2915ee20-6a5c-4258-89a5-37c2ee807952","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":139,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"a75bb31b-9653-4f67-999b-35740ea2cc53","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":139,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"f61634b9-f9e2-423b-8f53-df7c6874c1e3","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":139,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"76674c2a-32f8-45c1-9661-251c20492443","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":139,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"c5d49839-1122-4f16-9499-9a793bbd9728","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":139,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"39fa1828-5580-4d88-aa31-0f5d2c71d29e","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":139,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"40e9fd74-7321-4213-87d1-30d589f5f503","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":139,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"5bf122de-ac5d-4d66-9550-f5b25e6e430a","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":139,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"de999904-c152-4c7c-abce-32697ccdaaf2","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":139,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"8c6b46e0-4f56-46ca-b134-f20a38334343","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":139,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"9e34993e-219c-4b3c-9258-2ed84977da9b","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":139,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"e0aa5e46-ef3c-4e07-b925-fdef9ac10ced","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":139,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"8d9363b6-4487-4d97-8f83-d370fa8169ea","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":139,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"7607eb23-c23b-4c3d-8063-c23d73c3c44f","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":139,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"ce929975-d0be-474f-8a24-cb399c734a6c","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":139,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"772bc9fc-ab5d-44b7-9e88-960bf687ad09","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":139,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"3e6656e0-d445-4b39-a5d9-62adb4425bcc","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":139,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"e8acb37b-6864-4520-9f30-730b2c65eae9","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":139,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"7b8fe923-95c6-44d0-b277-b2e6e2778f77","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":139,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"03a703df-2434-44c6-b47f-aa61f82ca950","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":139,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"e4963237-61a3-4899-9dc8-6c311eafca89","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":139,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"36b73784-528d-4df2-9e5d-bdee8c3ea1c2","block_type":"box","text":"II-96","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96978691-b41c-4e09-8b30-b1e7ba99b97b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c954fb9-6579-4fa9-be58-e6bc47cc3a7e","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":140,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"0da66f98-6cf5-462c-b0c4-78bd1267a27b","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":140,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"36858827-7297-464b-af62-163f4b9f905c","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":140,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"a049b3f7-7285-4f51-bb74-df91d0eb2947","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":140,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"879512dc-4e1a-434f-b63d-20f64b81cce7","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":140,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"fdf6c5b6-9823-4b2d-9b17-849c204de2c1","block_type":"box","text":"strategy with respect to such security or asset.","page_number":140,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"10257ef2-404d-49aa-9a0e-bd56f06562c0","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":140,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"2674e303-4b66-4bb5-8868-e6303d98ae78","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":140,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"96f59542-09d5-4a02-a66b-05a0e1da7b49","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":140,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"eafc48b3-9652-4216-90c9-484935a272f4","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":140,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"7f74a0ad-7cfd-4019-afad-0345f047cfe2","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":140,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"b6403b4a-a1fd-4ffc-8dc3-61e6a609048f","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":140,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"c2269d7e-feee-4041-8619-fdfa7248d4ab","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":140,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"6db9eae1-26ba-4070-a945-6619f29ecd99","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":140,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"fd0879cb-aabd-492a-8570-f91f1643acac","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":140,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"eb453473-c9ac-48d1-a528-e8e2c7dbb857","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":140,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"a6c9194e-6015-441d-a749-e7eaae53ac08","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":140,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"8c893026-83a6-45e7-99bd-1576c8eb4535","block_type":"box","text":"e.g.","page_number":140,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"ee842cfd-084d-42b3-ae91-7a5d4e186772","block_type":"box","text":", custodians,","page_number":140,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"180c40d5-ada6-4f24-b4bc-d93080a1e14b","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":140,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"2297fc66-dd44-44ae-bd22-9e93f093a5b0","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":140,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"6f377327-5a98-4955-b9e1-0cefa1193fa0","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":140,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"583a1d62-458f-4847-9be1-71dac0679c31","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":140,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"c848c6b1-f6a0-4da8-8a11-48304bc8197e","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":140,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"c9533b58-4b1a-4210-adb8-8d6e055a1ff9","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":140,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"57775f9a-2073-4a9b-b8a9-855b06b60a35","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":140,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"fffb130e-a70d-4433-90e2-dfdf14bcf9f0","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":140,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"f3ebffc6-8be8-4e7e-8c31-26eae4fa4acd","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":140,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"cb5eb566-c55d-4eb9-b1ce-6a50ae98ccd6","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":140,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"ebf1d40e-a291-43f0-8a68-2e8063cb02a5","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":140,"box":{"x":102,"y":483,"width":788,"height":11}},{"id":"42a5094e-4ece-4026-ae56-dc827ce7917b","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":140,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"c43f05b4-c770-4977-8428-26d1abc20f0f","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":140,"box":{"x":69,"y":513,"width":835,"height":11}},{"id":"674ffcb8-a55a-446c-b3d3-cbd69f528ed2","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":140,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"78fd7b4a-06ab-4627-afb8-c5af6a918258","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":140,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"91b20a88-d49e-4f36-9b97-577123e235fc","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":140,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"9742b78d-5491-42d4-b99d-f810b3aaf42d","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":140,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"45e18868-0a15-42eb-8a67-88a62b65a43e","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":140,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"c3f6ab91-11dc-462f-b260-4b4160d37ee8","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":140,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"53641c96-d4c9-408c-b696-da5d2ff34bd1","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":140,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"98c79342-8293-43f2-8fe6-a1150ac6c7ff","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":140,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"d1cf14db-5cb8-4ae7-a72c-5b24cdf81004","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":140,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"06681178-b9a0-4017-8f55-7bf1c258f490","block_type":"box","text":"provider.","page_number":140,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"85bcfcd7-4d7d-4195-9bcf-344d9015299f","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":140,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"3d2875b8-ea75-46b6-b94c-941f8d104da0","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":140,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"4a9c2550-84f7-4aa9-9f03-18206dd25527","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":140,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"d90a405b-32e3-481d-8a21-f8bfbb99c463","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":140,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"9a72a07b-a4eb-4622-83ea-b8db090d4c34","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":140,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"5a847393-b759-4bdb-b215-d4aa0df5488b","block_type":"box","text":"PURCHASE OF SHARES","page_number":140,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"0d8d3621-7dda-427b-9c8d-ae54cf384b2a","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":140,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"84861a2d-40c9-424a-b8d4-2d356762e8f3","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":140,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"3185f0e7-3010-470c-b2a5-74d26bf4d02c","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":140,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"4df5acd6-de00-478b-8166-9a6f12448177","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":140,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"f494c384-3336-40ef-98c4-8b32b7a8b0e1","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":140,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"de94cae1-6108-4eb1-93c0-23cd463e8435","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":140,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"76924c06-69ca-4382-acdf-c30770cf621e","block_type":"box","text":"II-97","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b9f0f260-4adb-4e97-93d8-ceba6ca96cf8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34043792-bc55-40b7-a33a-107da6c594ea","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":141,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"3d8766eb-2794-447d-b304-ba37be8b4f0f","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":141,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"064e9f97-062c-44ee-aac2-d2c2914dae93","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":141,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"e1fccf6a-8e33-4c07-9e94-701b188e0bc1","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":141,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"da7553eb-81cc-48e5-a84f-003f0229f31c","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":141,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"5d73ace9-fd4d-4f21-9795-85aff96c2a00","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":141,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"d43ca452-afbe-4431-b381-57fc1394a2bb","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":141,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"fe0019c7-ae7d-4c0d-a9b1-f02399bda4fc","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":141,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"16654a8f-e64b-45c6-b461-0caa64c01a4f","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":141,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"dcf5217e-3a7f-4976-b850-60166ae4f677","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":141,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"370c9aaf-5daa-4969-b401-08dba7110806","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":141,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"23a70bf0-9f99-4a12-96ee-95288575c483","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":141,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"1808df67-53e2-4bbe-b541-9c74b8c06aee","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":141,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"daad4d83-5187-417a-859e-0a4d2e8823e2","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":141,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"cd9b30d3-4db8-4625-89ad-91557430cae4","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":141,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"958737b5-6cac-45be-8334-e4f8f86a8187","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":141,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"652d2883-e301-4f45-bb4f-75a3cd625c33","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":141,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"be52a76e-cf46-4324-b1d5-54b691ed37ad","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":141,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"c40b7875-d32e-4307-9868-79b69a81cc55","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":141,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"d078ac03-d287-4b57-ad48-b55589418be9","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":141,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"6408aea9-92f8-413f-bdae-a7895ae5e7ca","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":141,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"324f765a-40d8-4143-9306-d72e03efca3c","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":141,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"f951dfc9-7bdd-4faa-b4ab-abea5ad985a6","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":141,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"e9c78248-9c4c-4740-9321-ac14d0ac972c","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":141,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"74d88183-bea8-4f68-a631-a96f39e73622","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":141,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"77d447cb-02e3-496f-a327-cafb9e9fab31","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":141,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"7464f864-be6b-4e66-9368-4c988e7880f8","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":141,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"38435225-7ce7-4570-8e93-73ef769983c0","block_type":"box","text":"investment is $25.","page_number":141,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"47c38514-9e3b-415c-b295-9a3ecbf123a7","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":141,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"3b105385-aaf3-4d0a-b526-93a8031d2710","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":141,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"475796d1-0547-4a7f-bb9e-b3415ff5743f","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":141,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"3d4754d0-1cae-4c2d-b169-f247b1f00f5c","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":141,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"9840ff9b-932f-43e3-ba3d-dec19d0039c5","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":141,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"d5831928-eb7c-4c52-9dd4-07f33659f3fd","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":141,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"7759d2b3-dbf1-4da4-ba27-8e40250e53f7","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":141,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"6d5914d1-f5f1-47c5-99bf-f2313f9a61d9","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":141,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"2da447c9-226b-4082-877c-3b3a3bd48174","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":141,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"328ff736-b6df-4b18-a661-9199f3d70a91","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":141,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"87b8e58e-04ad-4df2-bc83-6767683579e4","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":141,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"c723b0cb-c3e7-4fcc-a85f-d678099351bb","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":141,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"d6cc10b2-1ef6-4920-b1ad-628b9e6bdbb3","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":141,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"480ebd5c-7ef0-4dca-a186-349890ff8487","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":141,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"b4f8281f-c7ef-470e-95d0-f695abbd070b","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":141,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"5ded294a-ca65-429a-976a-be9e4ec8c90d","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":141,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"c45333d3-8b05-40dc-82e8-6c1ff90b57f3","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":141,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"79744757-9e5d-4b74-96e2-d83e7d70e236","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":141,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"79edf174-3f93-431b-9323-e52a9ccd9d8a","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":141,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"7835afdc-f54a-4d21-b695-8c01e32fe4a9","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":141,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"1797207f-3f56-4576-966f-74e9bc97264a","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":141,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"d2e8241d-8096-4da4-9903-d41053578c80","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":141,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"1c5e207c-3a67-4f2a-9fdf-45e1da4b2bad","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":141,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"aa31d210-416a-47db-addf-2ada67e18732","block_type":"box","text":"adviser.","page_number":141,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"244607db-7927-4d5e-951e-3035f4301f99","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":141,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"12155a7c-8d6f-483c-a861-f78afa0cea0d","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":141,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"5944d89c-b2f8-47ee-a191-0d9c237798fb","block_type":"box","text":"II-98","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e288448d-16ef-4899-b9e7-44c8be428bda","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdaa637d-bcdd-4c9a-adc9-7544149c4a69","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":142,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"64b4806a-0a32-4b4d-b96d-57379fba32e3","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":142,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8dcb64c0-ace7-432d-99aa-15d0dccd126c","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":142,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"c4abf8a5-cfff-4a13-8a47-8bc7dd75ff5e","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":142,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"380d7f7c-dd45-4386-827a-1f67f5125cc1","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":142,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"dee057ca-4f87-468b-ad60-da42365fe914","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":142,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"8757e923-84e8-40b9-b3b1-8aa640ce1f74","block_type":"box","text":"also be restricted from making additional investments.","page_number":142,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"0c7b9808-14b0-418d-9891-3d6edfcb1128","block_type":"box","text":"In-Kind Purchases","page_number":142,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"12da40bc-5360-4e69-a0f8-942494527819","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":142,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"09d3173c-c818-499f-9dc8-0e07c357fb95","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":142,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"fd29c384-823b-4fe5-95eb-3c5ee761c0c8","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":142,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"4cecf56f-abbe-45bd-a7e9-db9a6fa2108d","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":142,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"a4a9e66d-7f12-471c-93eb-3946bd6913b0","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":142,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"b4da8595-f146-4cd3-bae7-b5e175d6f4b8","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":142,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"11fbe7a5-1358-49dc-8a37-f251700442e8","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":142,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"7a9f28e9-fc7f-4eb2-b91c-f93b622d9786","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":142,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"ec8f6a2f-3248-442c-8cec-7fa6b64c73e0","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":142,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"e6bb8bca-de85-431f-bbb4-1089364d1bbb","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":142,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"ea0bee4f-470a-4aaa-85c9-eabdc2f54d93","block_type":"box","text":"has settled.","page_number":142,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"001f7329-352e-46e9-8fba-df33e389682e","block_type":"box","text":"Institutional Shares","page_number":142,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"fa6a5996-fbc6-4aa8-a45b-e10664f2ae2b","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":142,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"ccb7e05b-dc45-4827-8b13-5db4e32fa5c9","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":142,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"0abb425c-ddd2-4db7-9af9-f13e146f0988","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":142,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"131f7048-f301-4eed-adb0-d76f3f949f72","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":142,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"687078d3-c412-4342-8b75-d802084a276c","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":142,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"bd07134a-50f4-4365-8b85-dcbd9b9c9e7a","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":142,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"44c4f98d-2e74-41de-891a-d31515807cec","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":142,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"5b2ec88f-eb93-4c0d-aec5-667ccb9fe923","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":142,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"5a160fae-8754-4797-ac40-7d91374f918a","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":142,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"e8fd4ebd-fb1c-4848-96f4-38c73467fb5a","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":142,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"fe75a858-a7d8-45d7-9b94-fe98d550ca8c","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":142,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"9f6b6efb-83b8-4a23-8d01-bbcd4f96a680","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":142,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"efa15341-e471-441f-aa55-60344485f9b0","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":142,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"11839f05-5898-4a27-a8cb-590a5222a8c5","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":142,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"4f2e436f-3ee0-4829-a43a-e9baf552c1b6","block_type":"box","text":"these fees and conditions.","page_number":142,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"164c512c-6df2-49c0-bdf7-dbeab5503585","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":142,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"2ad8356a-a7df-49cb-b5ee-d4236be36a05","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":142,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"598fd585-0e2d-4fa7-988d-2c1a368a7843","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":142,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"9e43a57f-7ed6-4f52-a3bb-219092615795","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":142,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"e6d40d47-6576-42a8-983a-a2311d92d41f","block_type":"box","text":"incurred by the Fund.","page_number":142,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"983cfcb5-ac6d-42bf-82cb-4a68b3cb14d2","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":142,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"4534e9b4-c864-4b40-ab25-06c55a8c49dc","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":142,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"8c3c705d-c8af-4d6b-b9f1-b1183f13b86b","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":142,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"ed3847da-b880-4e81-b4bc-5cd51c63c86e","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":142,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"6e14b06d-c542-4353-b29f-89b7f85fcd75","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":142,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"a339c03e-f93f-4c25-b078-60c238b3ba56","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":142,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"246dd5a8-d0ab-4d37-a66c-e89a469dd023","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":142,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"1be5095d-4486-4916-88f3-b391b384da56","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":142,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"6b9a9c1a-cc22-490e-846a-5c975214d6e8","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":142,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"044e986e-b7e0-4ea1-89b1-3b707a6e724e","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":142,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"64588a14-c169-4edb-bb03-7b06e39ff412","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":142,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"333886d3-4b87-4cda-9e0e-f54c55e5e61a","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":142,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"1f14e6fe-aefc-4067-90ee-7d9c5d4bd898","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":142,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c431371b-f0b0-4902-993f-91d75aa976d7","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":142,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"7d9628e7-f80a-4c48-be31-894eadb5cf21","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":142,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"f2609815-15a5-451e-a1be-39afa11307d9","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":142,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"4f1f0e16-1a94-4f97-95e0-93de289f36e4","block_type":"box","text":"II-99","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a14de4c-91c3-4caa-ad19-985ed0648f02","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4b09da3-e59c-4f89-bb73-fa88c2974c74","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":143,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"b614e63e-2c20-409a-afb8-d6963fe37dca","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":143,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"8a983ed6-675c-4bc3-89f1-7f2bae087324","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":143,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"adba1747-33a5-44e9-bc6d-0ff3d871d7e0","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":143,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"8c12b95e-1d67-4da6-8f6e-94e8d6bdc6e9","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":143,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"6e90c555-7cea-4a67-b8c2-c4b437db005d","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":143,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"9dbb9f96-b690-4984-8217-1a000502ce56","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":143,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"3527f719-c090-4894-b747-fe028699c784","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":143,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"9b1c2d43-c4fd-4d16-8191-a59fb4dab666","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":143,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"013e22af-2c54-40b8-bffb-db8df1f21b3b","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":143,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"bad5f92d-f542-45b3-bb81-ac6900d6a7fb","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":143,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"8d4e7a79-a29b-4948-b84a-f4784443153d","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":143,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"96b4ca69-6450-4d7d-a1d1-046fab5ec1fa","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":143,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"bcee212c-597a-45a3-9c09-74e9e5d3cd9c","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":143,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"2caf4b7f-46d5-4ec3-b761-166b93ced083","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":143,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"ae1a9253-471b-4de8-98c6-b399af28332d","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":143,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"af4aa04f-bf5e-46c7-8996-b7a1b74e79df","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":143,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"bb0d3a9a-c29a-40db-aa86-e98e1bcbbf9b","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":143,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"d5099cc6-48cf-4998-bc45-150625dbd89b","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":143,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"4e2ae3e6-6cec-40a5-b74f-a6de6e7087ba","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":143,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"057f7ace-4ac0-4000-8e25-9da13a89d726","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":143,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"c00a6918-07fe-4488-af79-8c9b5da1d48b","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":143,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"e573b6cc-0817-4377-b91f-8374872d0df1","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":143,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"1f811191-db15-4f49-af92-1ab34d4de6fa","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":143,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"c2afb622-bf8c-4f05-bb50-77b5911f7b48","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":143,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"cfae92a4-419b-4b85-ad8b-d7804f459a94","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":143,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"df0d22a5-083d-4107-8a63-6737eb2d7a28","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":143,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"07dc747c-df20-4049-a40d-c3c88e966ad6","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":143,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"ee56880d-a3fa-43d4-a35f-038fe7eaae00","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":143,"box":{"x":68,"y":491,"width":808,"height":11}},{"id":"bc7c6aeb-72c7-4ed4-94d1-4a3f854196bb","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":143,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"1c79cebc-740c-4ddf-b604-357a18d42e09","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":143,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"cafe97cf-8c40-4864-ab1f-a87e4e093f7f","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":143,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"1745f6d1-6353-47e3-9d06-f9a1e5339c77","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":143,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"6c8f2b25-64c5-459e-b85d-f202325beda0","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":143,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"30281ca5-c34a-435b-be4f-271e9d4efde4","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":143,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"5f105ce9-8e90-4b6a-9998-91f06030f474","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":143,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"dcc4df72-1f27-4d62-92cc-e9840336d503","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":143,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"8f66c7df-b065-46b4-960d-b3bb018fa362","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":143,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"df907fbf-e7a5-441c-9ca9-72cf04bc85be","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":143,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"a4777676-af5b-4b96-8313-0d7f68f66fe2","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":143,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"72a0c480-5166-4b3b-8e48-b8363fccbdea","block_type":"box","text":"periods indicated.","page_number":143,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"0dded6b7-d2d4-4d1e-b932-bbaa8339705f","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":143,"box":{"x":101,"y":702,"width":806,"height":11}},{"id":"6769add1-c937-4f64-b2a9-c9dd61495bcb","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":143,"box":{"x":68,"y":718,"width":830,"height":11}},{"id":"0fa37282-e270-4bae-93e8-0a84c0e7dca5","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":143,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"93cf87b5-2d26-452d-9d9f-6033b23ab608","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":143,"box":{"x":69,"y":748,"width":714,"height":11}},{"id":"0af551aa-ec0a-4e35-887e-0610a068044f","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":143,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"6418c89a-94c6-4c61-a3eb-f2d9b7c8d70d","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":143,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"c0218e30-4425-4f5c-90f3-89d4695f58fe","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":143,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"91c14a82-cce1-43b7-9c97-4e09439cd4f8","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":143,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"570462de-d181-45f6-a677-f3e12d02b971","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":143,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"98e2615a-62e5-434b-9c9a-5bbff7ecad17","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":143,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"a523cc06-4c9f-44c4-ad75-536004b8e0d6","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":143,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"c9e19c89-1b12-45d7-a748-1e6529173002","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":143,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"4932eb16-5d15-4fc5-9fd8-2f92bb1dd6b6","block_type":"box","text":"II-100","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"060e30b3-850c-42d0-b58f-1c953a432e6a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6315727e-1eee-496a-848d-a9998fce9637","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"a9018fe0-5614-440c-9d48-d3778c73c270","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":144,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"64b92c92-0a4c-4da1-8cb3-e9212cb1eb25","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"b5b8eef5-d0e4-4adf-9532-e005d649f934","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"d88fd6ce-ddce-40bc-be78-e7153637e261","block_type":"box","text":"Reduced Initial Sales Charges","page_number":144,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"8538bb14-e041-4b50-8b5b-509017d0fb7d","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":144,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"49ca15f3-8f4b-4375-b65c-272f08a385a5","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":144,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"2bbe3988-8fe1-42ec-a8a4-91b90147e0ba","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":144,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"8f0a4b6c-1a22-406a-9c96-80d4dc1de90f","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":144,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"8cffbc4c-b77c-4e71-abe3-d035fdbdcbed","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":144,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"dd597c9f-edd4-45a2-ae99-acc1a0253237","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":144,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"a4677cad-fa4a-4976-9876-e362f87504db","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":144,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"bba6cd1b-faa8-4720-8ba6-e69a0ba3c870","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":144,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"a2859ba7-c9fe-4314-a18f-a61d826c8856","block_type":"box","text":"Reinvested Dividends.","page_number":144,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"d374a069-fa73-44fb-81ea-a24fb3451e09","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":144,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"910ed9d8-f132-4159-a25c-9e8e86a4b45f","block_type":"box","text":"reinvestment of dividends.","page_number":144,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"701534a0-c696-4785-8be0-63b6537da862","block_type":"box","text":"Right of Accumulation.","page_number":144,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"1abf5dd1-8115-490d-b1d7-e96dac8e876d","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":144,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"8c81c5a2-0953-43d7-8a02-a30833feef02","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":144,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"30dde730-47d8-459b-82aa-11bc8ddc4564","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":144,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"65b3ee97-8d38-4bf2-ab27-243c7cea20a0","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":144,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"9cb96f94-672d-4b9a-94b2-50999dec05e7","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":144,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"5d167e17-a40b-4203-8965-9b9a0a0d1ea7","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":144,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"c2b88925-8886-4fcf-8b7b-aa9533fbeb77","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":144,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"50d62110-5d57-44fd-825a-f939e2dcd6da","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":144,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"37220cff-05a6-4bd6-9104-43a40e67c40a","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":144,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"66fec27f-aec1-4c8a-8c43-2be4a0c19acd","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":144,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"da0cee9f-bc82-416a-9559-bb9e3294137c","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":144,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"2fe50931-2ea1-440b-90c4-3edf7b1754bb","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":144,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"63930136-5557-426f-9d0e-fd67ae86392c","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":144,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"524e44ae-94ff-425c-ba58-d9040421bc34","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":144,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"80b5edfd-f95c-4ca5-9f2d-6ba916bb073c","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":144,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"e13a994d-aa2b-4600-99ef-87f82ac0d93e","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":144,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"84980b3c-12ee-4c3a-8c6a-dfd63c9f943d","block_type":"box","text":"Letter of Intent.","page_number":144,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"e6aa9672-cc2d-4e7e-b444-ed10e47a0b78","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":144,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"aee380c9-fc83-425a-bfad-8da0b645a8ee","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":144,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"b22c0227-25d6-414d-b34a-112a1d1e5aeb","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":144,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"8271b00d-5111-42fb-a9c2-7fd168654010","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":144,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"6b1a04be-dbfe-4cd5-adb2-e91bad519652","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":144,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"37250d11-1433-4363-bf5e-0886e6d333e1","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":144,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"f12a1eb2-0185-4a9a-83e6-234a7dda131e","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":144,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"acf8d7db-4da6-4c10-a97d-d439807b667c","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":144,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"6e6bf951-6803-4e26-8a22-098d13046ba5","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":144,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"6497ad4d-29b2-42c5-b393-95b2d80a12f6","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":144,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"14e61ad1-565f-41c5-bfa5-68330f9b55bb","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":144,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"30c34ca0-81e5-4196-bda3-7be9482fdcd9","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":144,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"53ba3e73-0dc1-4819-826e-4c43b05dae19","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":144,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"102293d6-279f-4500-852d-21ea372106de","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":144,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"61f835a0-81f4-4abc-a668-388563b6b4a9","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":144,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"21023c1e-67e4-4918-bcfc-49fb639fb58f","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":144,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"104af2c7-32f8-4f5d-90b0-dbe7407de18f","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":144,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"1df07afe-ac52-4bcc-a741-157add1c7f1d","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":144,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"d13201f6-2d6e-4ebc-bbcf-d868778bcdfe","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":144,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"135b12d7-9981-46d4-8708-7f2bffcd49ed","block_type":"box","text":"Placement Fees.","page_number":144,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"0b1c41d6-34b9-47d0-b3c0-52373e8537c0","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":144,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"b1119bb7-9016-41e5-bf0b-bf8359fe2608","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":144,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"3b1524d6-e2ec-4f5d-b7dd-256242d85414","block_type":"box","text":"II-101","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f5b2fa96-ce1c-4e3b-a1ed-931f365226a8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b02584da-4267-4fc2-9944-a9e0f6c73410","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":145,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"a66dccfb-8a00-457e-9160-5d6a07320b42","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"6e4469db-b5b2-40a7-8a66-e2b5576e208b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"a97d1ba6-5325-4973-83d1-2d9f09220bca","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"1c8ce661-9ce9-4243-a7f0-7aa12e49054b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"313b8a67-25da-41a5-ad2e-795772b1707a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"8b261c86-9171-496f-9909-cee44d53cd0d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"e2216aa6-5758-417f-b9db-3454d6c6db1d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":145,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"0ed1338b-9ef2-4a3d-a9e4-d9cf00b46877","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":145,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"f7a938c3-8089-45d2-b056-c4853adc8ef7","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":145,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"684c18ad-c7cd-4b57-bab4-a7ae36f8995b","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"8bd4e190-7911-4433-ab3f-d1871359e2e0","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"04a57bfb-594a-46ed-84e9-bab8d89d30d8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"fb595200-2f92-45b6-a33f-2e58ebe85dd3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"8e8dcc1b-41af-4b6e-b423-3334f57dcc2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"f7fe8878-2c75-4324-b8ba-548db6b84c37","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"6a6723e0-732e-4147-a6af-9d84b23b966b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"8aac2bcc-e623-449a-be05-cf438484aa6e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":145,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"0601cc62-9405-44c3-bc57-672d2cac9c8e","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":145,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"52406a42-4984-4b72-8968-a654ae80d2e6","block_type":"box","text":"SM","page_number":145,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"24537f68-a53f-44b4-89e0-57d13db2fbeb","block_type":"box","text":",","page_number":145,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"f2baec3b-b6cb-407d-8818-2f4dbd9c288f","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":145,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"bb58aa5e-f7fe-4dce-8b90-e6dd9cc15d8d","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":145,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"5caaef2b-2860-4140-aa26-1787a3f9d4ce","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"703e4deb-44e2-4f77-ad3c-49165a9ce14b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"687d0146-ba62-4cee-bfee-88d9d7836d69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"4762ed30-44e4-4025-b2a7-8cd1138b88e9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"45069636-1947-4bba-9cf5-b15953100453","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"3eaf21b2-869c-480f-8225-b46429ff80fa","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"f605c0a9-7cc6-47da-8422-93ed44547a89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"add7c9b2-2336-47f4-a791-ffca3685b425","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":145,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"d2e0ae60-7ec2-4b53-ac05-f77830ca6cd3","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"4a6e58a2-02f2-4228-8eaa-bb91acebbeb9","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"4cc15ed2-a1d2-4ac4-8855-61678b06aa91","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"8b85ae17-ce62-426a-b5b3-6a3dd866be63","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"2cb9a093-f0ac-4ae2-b604-58d10ac25c34","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"4b305b56-f4b8-427a-b692-1acb5c71ce7f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"adc693f3-51ca-49e4-803b-84f84e78fa64","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"81266511-6b80-43ab-a46b-5f6fd074ec2d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":145,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"8aa4d4c1-6300-4508-9d22-a587cbb15d1f","block_type":"box","text":"may be up to the following amounts:","page_number":145,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"380b49f4-885f-4535-90a0-fdfcc091119b","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"a11f606d-d56a-44b4-9da8-fe36ca367f2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"62e00f8e-0842-49ba-b950-da13e83193e8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"aae2b26b-5560-4696-a1e8-0d130eef7ab0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"0a8eb4e5-eff0-4ddb-812c-b169e4088f2c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"24fd86e0-549e-4425-aa17-4b89c74c2fd9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"e430c190-9d7b-4bf8-98ae-ecd980506b20","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":145,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"63bc6839-0c16-4c98-9f4d-11213fb8afab","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"007ba33c-8df3-463b-8d81-18fe748c2cf3","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"7ba06d87-fa07-42d8-ae08-517646656a41","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"4517784f-9b19-4470-bcc2-5a29ea63fc57","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"be8d6be6-260f-46b0-ae1f-7467bd8e38ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":145,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"ba24e1c5-2359-40d9-9939-776011d5cd86","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"4bd4767f-f03a-41e0-9e74-260eea708f36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":145,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"65d32598-d775-457a-a1ba-86d70b01b0dd","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":145,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"f6bca0c8-943c-4d6b-87f4-1ecc11726139","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":145,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"20c38bfe-f6b5-4fcc-a5eb-8f7655ca5cde","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"a4d9119f-465b-45c1-89a8-e628e77151f9","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"c9fe7c3a-507f-4104-bfb6-e9e41b41be7a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"51c1b036-5f9a-4e38-8c10-e6c8cec691cb","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"7abcdcd7-c9ce-4c02-9269-a83b0eeb25ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"cb1c0f57-3b8f-4340-99be-59465d07fe06","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"6609fba1-3cd8-4f79-9e00-1af517afc500","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"a997b30e-4b31-4929-9f58-4846f40d36ca","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":799,"width":779,"height":11}},{"id":"feebe105-35c1-4b14-b5f7-70fdd7ac266a","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":145,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"f58eec63-4b25-4f2a-bdeb-e7bf1ef931cf","block_type":"box","text":"$250,000 and above . . . .","page_number":145,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"b106e889-7f46-4c23-a6cc-9cc5e87b68a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"0fd9c617-42a6-4c82-b307-58c3cba28d3f","block_type":"box","text":"II-102","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9bd5a77a-438c-44bb-aed8-cdcde6b71670","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7695c8f-a708-4ff7-93a5-7e20fbf28bb2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"ed25e58a-7980-47de-95cd-5d6148656a5a","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":146,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"f67a8df3-e650-4476-b078-9f2b412e06d1","block_type":"box","text":"the following amounts:","page_number":146,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"3a1541f8-e6e3-409b-8ff8-1fbd73fcdfc9","block_type":"box","text":"$100,000 and above . . . .","page_number":146,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"3ba9fadb-2a9e-452b-b9f1-cd8b6c564a55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"5f33b46e-532e-4a7a-b534-36943bf856fb","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"63794f97-ac8e-4ea4-b971-5ea5249cdcf8","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":146,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"cb6e8fd1-6ac1-494e-9e80-cfd52754cc6e","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"4c1c6b50-72b2-4203-b850-c2462fd384f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"88a10496-0cbe-451b-9cbc-366ae3952fe8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":146,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"461b0a59-6719-414e-abec-c3ca355f2096","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":146,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"7ebe7a9e-ee8e-4f6f-a1f2-5d4ed6122e86","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"b0f9bb56-1143-4bef-bdb5-1c79c55ff8b6","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":146,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"5ed0daa9-1999-4034-9b31-b2e203655c4d","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"8246537f-9997-46f6-b9de-54c71513cb83","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"9be2405a-e156-48e0-ac23-e04d34792806","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"eb4b348b-8f33-4ed4-a231-019f13bad3ef","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"a0f6d1b0-9ef6-463c-8a98-a499e079cd90","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"57c2de40-41c8-49c5-9b9f-61095474a53b","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"19d12427-5a76-4059-88a0-a78c476fc8cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"1b77033b-6df6-4640-838d-4e22a3c7d083","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":146,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"e4f0c170-ce25-4e95-a025-12d42f89b0ea","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":146,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"04b37e2e-b0ff-487a-90a7-ea4521258710","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":146,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"c8dc120f-97d6-421f-9b32-867c50eaa453","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"ae018ec4-81fc-4686-9831-4e9ce3990241","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"5054ec47-2df3-47c7-a17f-b7a3f5f34263","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"b1f8400a-b63d-4063-b254-14c7a0b63086","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"3e53a599-73b5-4edb-8d08-76223707487d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"c632341a-67a9-4ad3-b7e3-cc0b45278a6e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"7ee8df2d-171d-4fc2-b620-6c2c0d75ebbc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"f7ff5b75-86f0-44de-ac3c-4558d6812e78","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":146,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"8a29e269-e935-487b-8de6-e3efaec9ee2f","block_type":"box","text":"®","page_number":146,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"5b248658-452e-4bd7-9453-2bc7a59dbaf9","block_type":"box","text":"Index 2030 Fund, BlackRock 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Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":146,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"830d8278-ba8a-4cbe-be3a-c5528e2effeb","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":146,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"d92da413-cdda-4def-90b3-18944a16498d","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":146,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"8725992c-e3e6-4aa8-a551-2f2f18fbfa7d","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":146,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"2e2521c5-a9ba-46aa-8eb8-3dfcd7eaa149","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":146,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"5be6f1a2-ea86-4c09-ba3b-817971e4895d","block_type":"box","text":"$1 million).","page_number":146,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"747df970-971d-4e07-9164-5758c113d45a","block_type":"box","text":"Other.","page_number":146,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"79425f98-6b98-447e-9dba-e6f59fb55240","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":146,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"ac35d943-0b26-45c4-a574-7647247c5727","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":146,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"689888dd-6010-4dd6-a038-cfb0adae8af4","block_type":"box","text":"not include SEP IRAs, SIMPLE 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by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":146,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"dcbaa4e3-64c0-42e4-80ab-12a85ac18a5d","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":146,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"cf83b3d6-4b03-4605-a911-26865388b21a","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":146,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"8b04e83c-caad-45bc-880f-6214cb22c808","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":146,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"e13ee8d6-1529-494e-b4cf-d328f2575e8e","block_type":"box","text":"II-103","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"59e85be7-1c87-42ce-a4c9-b8cf91f7b8da","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5331372a-9f53-48e3-afba-3d5d6d121ce1","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":147,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"5dbec7a3-7879-47dc-ab9c-7311ccf51e84","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":147,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"648d02d0-1bdd-4a3c-90f4-9c676d4377c9","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":147,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"463e3373-cccd-4d6f-97e0-471538b212e4","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":147,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"c8ff22a2-88b0-4248-8a22-c9acb62e4d5b","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":147,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"60ad2a1b-82f2-4c65-9ae7-1a770380d0da","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":147,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"045677aa-5896-4b09-a5ce-ca4f5343ee8d","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":147,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"347ef784-45c9-4d37-badf-d3c9b065a66f","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":147,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"422cd0dd-4c62-49e6-8ac5-7322f37e9edc","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":147,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"740aae89-584f-4874-97da-953040e1be70","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":147,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"bcfcfab4-d189-490a-8a55-f019f2ef93fc","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":147,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"41e09f4b-7ea7-4435-b8eb-626931d10543","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":147,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"a49801d4-5929-4402-acfe-a005a6423f84","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":147,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"d3e6cb82-233d-4789-8f72-eecb3aa46108","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":147,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"1fb3b8b5-4ef1-481e-a376-c233f46b300e","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":147,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"540590a6-36db-4022-ae94-333bbc4d0482","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":147,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"22623ec3-9981-4e3c-8763-d3f9cba888d0","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":147,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"10579575-2f7c-4919-8dcf-3b6da4615121","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":147,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"b2e6fa5f-012f-4511-9f1b-4388c7e6a4ff","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":147,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"2d36a125-0d8c-4c4f-a4a8-caca604ef1f6","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":147,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"f9c3f717-2629-41d0-b57e-48e215e206fa","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"65b0b153-a073-4dc8-94f8-edc470617e08","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":147,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"596d3adb-2fc1-4c92-97a7-1709c3a25d3f","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":147,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"0ff15309-5d25-4bee-a6e4-ac13e85abaab","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":147,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"abc2a226-69a9-4450-a9e8-46a2a6dfb5a4","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":147,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"962ad0e8-efc1-406a-9f8a-e4bf93867004","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":147,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"6015140f-ea7b-4b4e-b2eb-1c15b00cdd43","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":147,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"f6ca12c9-e954-42ed-ad4d-d80fb9114b0f","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"0652f653-1d4d-4938-8ee4-1c0c1a77ec66","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":147,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"3b579305-64e4-42ad-8306-87a4bf972f77","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":147,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"198cb865-511e-4bae-8f80-f8e4e2ac457b","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":147,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"3afc65d3-d3f1-4fa8-a743-6ae0237e7a2b","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":147,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"52f98c4c-16aa-4137-b26e-1b7f38592c65","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":147,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"7091d1f9-937a-4b52-b1cb-c5aa4c91283c","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":147,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"86d51f3c-42d6-4cad-82ee-6efe44af2ead","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":147,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"7fbdf083-8703-4cba-9078-e0a3853950d8","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":147,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"04cd1cf0-f942-41e0-8687-962c45a32859","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":147,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"5acdbb92-1090-4a04-89fd-7fe6e579b93b","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":147,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"392034df-b275-489a-8a56-3d1227208556","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":147,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"6e4bb29f-12d1-4357-bb33-059fe71a45b3","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":147,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"a7f0e835-9a6e-48eb-9f10-b59fb772228e","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":147,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"df60cc69-06b7-4dfb-9f79-d0dd58254e7e","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":147,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"b0c80a07-0478-4f94-ac9c-3f904ad66d36","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":147,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"32cb4207-0ac8-4975-b039-cf590e225569","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":147,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"d3135e93-d149-41a2-bd99-0d12ff237bc2","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":147,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"ac778cf8-18ba-425d-a834-c8289d662606","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":147,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"9024ea7b-7bfb-43a8-b8b2-d06abeac6f87","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":147,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"ae44fd94-62d0-4db5-afea-d5552da89733","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":147,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"28709398-ee58-4943-a0ff-2dd78526581e","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":147,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"e8dc5f4c-8670-482c-bca0-f0eed7361dd7","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":147,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"0cd0e2c2-d05f-4a1e-8639-2f6e70d870ea","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":147,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"b8a89308-c6f4-4a77-b595-8af3641c7304","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":147,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"5a175310-6099-4b8c-bee0-bb0cc887bee9","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":147,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"6e3baa9c-ff7f-4d13-b22d-053474dc21a2","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":147,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"83a8851b-e3a7-4969-a321-381ce708e063","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":147,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"51540f43-ffda-4415-b1fe-b3669bf8c870","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":147,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"adf5b7e7-29c4-439a-9fef-a9cafef27c5f","block_type":"box","text":"II-104","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"49907575-e4e4-428d-9f88-46d1d3578c86","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e40d1265-7fdb-43a6-bc09-ac05024f1ecf","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":148,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"d1a33e8b-dfd2-4b58-a7a4-c75877fd2392","block_type":"box","text":"the absolute discretion of a Fund.","page_number":148,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"ad215b99-e1fc-4791-8b52-c52696feb692","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":148,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"9c544469-39d2-4ae7-bdd6-deded704f50c","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":148,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"745e1d5a-4c14-4130-88bf-ef342543d3b7","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":148,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"af5104b4-5b53-4c32-8793-8ad093031edc","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":148,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"4a17d17f-072c-4f08-a329-e520cd6bf19a","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":148,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"cb9ed8c7-9841-45e0-b67b-857231e1ef7d","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":148,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"f3845d78-3bb9-4466-ad4e-de2f7eda50cb","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":148,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"8ed8157d-7850-46c8-aaae-44dfb869034d","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":148,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"5ae61c3c-01af-458a-a79f-d8bc6ff0fb85","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":148,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"9a3f3bde-4e87-42fa-ac43-d0f93d4c247f","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":148,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"e1257a58-e90e-4859-8d48-e0448ae109e7","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"a21d804b-612a-4d29-87d9-bf1625b5a573","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":148,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"96985cc0-ed0f-4cbd-8766-53cd5148855e","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":148,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"7b57f4bb-80e7-43cf-bcb3-2bd7a946c46d","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"e172ffd4-e4c3-408a-ad8e-59fd16cbcad6","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":148,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"2403e2b0-d3ac-41e3-b0c9-c5d07494f7cc","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":148,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"563a58db-998c-4c66-b293-edbac962bb27","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":148,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"159c4c01-140b-421a-bd09-241b779504b5","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":148,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"411a6169-6b68-4d59-a80b-3c4307b115a5","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":148,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"3798c81b-7367-4779-a7ce-181a8fb39aac","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":148,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"8f8005d3-dbe1-4650-a47b-aef1ef03fb2d","block_type":"box","text":"public or private investment company.","page_number":148,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"b7112a4d-24bb-48e4-8fcf-09878feeaec6","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":148,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"55ba8c6b-64df-47b1-a263-07b9ad5119ee","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":148,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"42c6b2f1-1204-41f5-8c56-db44e6cbf1d6","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":148,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"8af5cbcb-9ae3-4a63-a743-f3e1feb8b45c","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":148,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"1434844e-7aee-4a35-959d-96ba4bb291a2","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":148,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"29d6e904-bbbe-4ae3-8e86-e7533c543d28","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":148,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"2b541002-28ac-41f7-bd2b-dbd9673c1c50","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":148,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"8d696664-2825-4212-a4ed-283e330ee074","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":148,"box":{"x":70,"y":520,"width":778,"height":12}},{"id":"d2f03ebb-e043-48fa-a748-5195aaa47319","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":148,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"59f42034-53cc-49f9-934a-a759a9940c6b","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":148,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"4aa72b06-6327-44c0-a247-0b83cec30d7d","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":148,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"8e4e71a6-8718-47b1-a6c5-430c6278d2be","block_type":"box","text":"intermediary associated with the account.","page_number":148,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"9a5b837b-ae1d-4614-8d8b-24ec7b10454e","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":148,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"14a35d17-35fb-4b53-914e-0db7d3de312b","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":148,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"7ccf5cbc-b07a-4d07-867b-f72f93b5e338","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":148,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"6b4d54d0-0228-4321-9c27-07ca49726827","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":148,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"c3fce873-cc5c-49d7-be3f-15a379ca0bcd","block_type":"box","text":"CDSC shares.","page_number":148,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"9ff59a46-c257-4434-8fab-4bb7dd1ed2c5","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":148,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"4433a23a-e21a-4084-8407-35591fff3b1e","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":148,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"58a6eb33-2481-45c2-8081-ded73b73962f","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":148,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"ef294a40-5d95-4224-854e-06c1858ffe00","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":148,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"c9bbde2a-61ca-4959-aa74-affb333ba30f","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":148,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"49d0590d-2433-4431-a7fa-9f40abee0f8d","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":148,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"606f4392-d7fe-4cac-b574-b1906062cda2","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":148,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"6b9a2aaa-d127-4c7a-ad37-aca5544e664a","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":148,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"5879d91a-a81e-417f-abda-8dc0b6b8c1ea","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":148,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"c2182cc7-8a87-4d38-826b-a9fa6869f684","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":148,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"ef825cd5-d0ff-4d69-af2a-bf36cf4d218f","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":148,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"5e9a19e7-dd9d-429d-a110-1b1b8388abf9","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":148,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"50fae149-05bc-45ba-bb44-efbccd4300fc","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":148,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"109c1074-1122-476a-b958-c5c9a88acc6d","block_type":"box","text":"II-105","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"00b84ca9-5160-46dd-9b66-2d8b2da35998","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddb9429d-7158-4721-8be7-c8f60080198e","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":149,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"3c720653-ebbf-480a-8fa2-29906ad58f33","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"f5dee0dd-8169-4c84-aae9-eebb2ad6a39d","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":149,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"0869ac3e-b773-4857-b0cd-739a40a326cc","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":149,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"11a4f93a-a6a1-440d-bade-81983e14fa9c","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":149,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"1ff16745-af87-4282-bf20-0a9c0ef5d101","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":149,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"73430745-0dfa-4397-b2ca-edaea83593ea","block_type":"box","text":"Investor A Shares.","page_number":149,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"295c0cc3-5b7f-48e6-9b27-1c20004c86b7","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":149,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"d2e33587-c359-492a-9f5a-d90b2129ce66","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":149,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"0cce26f2-9488-49f2-a287-7a6601c866b3","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":149,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"d6313c45-d9ef-434a-a91e-d5ebb056fb1b","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":149,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"745e7a86-1724-455d-9693-15e06255c749","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":149,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"f8b571eb-3f70-40d2-8275-ce68e2820c92","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":149,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"f94e8721-578c-4ea4-a37d-9fbe0b656aaf","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":149,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"db7a4586-222c-434d-914e-7d9226edcf21","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":149,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"e0f5d777-438e-46bd-87f5-9dd37e783d35","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":149,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"a0a78282-b108-43c7-9ac7-e4f5c77c6244","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":149,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"8bf92730-b11e-46af-9b93-426fefc408ba","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":149,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"f7890d9a-a61e-4bc2-a2fc-a0ce06a6e6a7","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":149,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"53ef78ed-f248-421f-b6e4-4ce59a36b7d8","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":149,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"1d468b5e-50a0-4307-9752-17334a68f806","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":149,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"4ef28e15-b0c1-48a9-966b-bf40aedfb0db","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":149,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"838d99ad-0f4a-4fd1-bb47-e481d76aa76f","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":149,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"db6270e5-150b-4631-ad44-4ef543ddd989","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":149,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"65e48fa6-06a8-4f77-8214-e2f873f19b9b","block_type":"box","text":"“Investor C Conversions”).","page_number":149,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"036a63e8-5ff1-4d55-a5d4-5936c5c8fbae","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":149,"box":{"x":101,"y":460,"width":776,"height":11}},{"id":"7d00da0b-b059-4fea-9029-1a07e80448b8","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":149,"box":{"x":69,"y":475,"width":824,"height":11}},{"id":"1d76a63a-7df5-4492-b737-4289d7b29979","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":149,"box":{"x":70,"y":491,"width":827,"height":11}},{"id":"89b0e01b-8dd7-4de6-b88e-d3cb5db5df22","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":149,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"cb1e4ab5-e18c-4aef-be2b-d2e1b59cc930","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":149,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"4a31932b-3279-4710-a79a-de6eb4dbae60","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":149,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"608f97d4-262d-4d30-8374-edadf5a87b1c","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":149,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"bb7c3ac9-327d-44be-ae94-36cd72305ac3","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":149,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"747fd20b-a8c2-4605-9635-88183d6b38db","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":149,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"fe783a26-1321-4ba0-b1c1-0052a642d408","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":149,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"49e36c4d-8bf2-4ba2-88b0-51f5b0b50605","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":149,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"2f4ded26-2ba0-4a24-8c38-fe302b8b8166","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":149,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"1f63edbf-d4ea-404c-a389-dbd78c2585d1","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":149,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"ddeee4d7-73d3-40cb-999d-6f093ef46c10","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":149,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"69475d88-c8ff-41bf-ae55-a589b8e012e1","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":149,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"7c9df954-2f70-482c-80d8-299f3d0c6fbc","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":149,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"54f1edb5-ed77-4df4-8b21-2916c99080d2","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":149,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"ecb13969-f365-4851-b5b8-5041b3357e79","block_type":"box","text":"redemption.","page_number":149,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"1a614b54-92e4-440e-ac07-a952b2abca7e","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":149,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"6a7b4503-0419-4880-bdb6-dc1575b29ea4","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":149,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"35d004ec-1412-4de4-9eda-0f33ecbeab97","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":149,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"c37b441b-8184-49fb-bf1a-531960ce7302","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":149,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"87a339f3-9438-4d7a-8b14-092bb323a4b9","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":149,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"a1ae4ec9-a04e-431e-b04d-573700bf89f4","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":149,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"829089d8-6806-412f-beba-b7c0e6bb3635","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":149,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"0eba1701-1a23-43d5-9cc5-606e1819a6b8","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":149,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"1d5979db-0185-409a-8b21-68d5590fac51","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":149,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"f00e76f0-c67b-4a8c-ac31-40bd18d860b1","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":149,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"2046f27d-dea4-4e16-a1a8-cee32862a0c1","block_type":"box","text":"II-106","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"499361c4-a971-4666-a0f7-20ff6a393b94","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7aa6bfaf-952e-4c77-9586-94fd4a51e795","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":150,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"f717e436-57d1-4b9d-99bf-15ec7cb2a109","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":150,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"81a0d7b5-4262-4441-bbe4-6e69c7867c8e","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":150,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"47a1cd0d-a716-4321-ba5f-4e226a0215e5","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":150,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"dbacc46a-f989-413d-968f-020807410cbd","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":150,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"b4ca77b3-4f46-4986-8ef5-40430c140a20","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":150,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"e7851972-5348-44f8-9dd7-1537779ceed9","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":150,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"ff3c67ef-b029-4cae-846a-8b050e3df05b","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":150,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"3d364e55-0822-49f3-8285-379164a0a402","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":150,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"1509aa6e-04d4-49f5-a76b-5aad671625ca","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":150,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"7d3c590c-e46f-44f0-bf8c-136dbf42a6f3","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":150,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"6ec06427-eaba-408c-b1d3-fbdb84cca0b1","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"c3e9c944-46fe-4012-8756-2d5f2454c048","block_type":"box","text":"Class R Shares","page_number":150,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"9cffcc09-5a06-4dfd-a4b1-4dfbd75983c3","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":150,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"4852ecfb-624e-4fc9-a043-ee7819fc2a59","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":150,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"5e99ae67-ae7b-4c2c-9286-5e59bfe9b83e","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":150,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"83e589c8-0628-45f0-b81a-c9957d491cb1","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":150,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"8e479adb-e377-463d-b0bf-65b2df9ce19b","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":150,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"816a7b87-4a67-4976-a2f6-40f2671c194e","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":150,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"124f268f-2bbd-43a2-8e21-81a17697ffa9","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":150,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"941828bc-693e-4ece-ad56-f70ef8b294a8","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":150,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"dc767c38-237a-456b-ab7f-ff70b845a5e6","block_type":"box","text":"Class K Shares","page_number":150,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"7bdcd097-bc5a-450f-b503-de34b4e163f3","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":150,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"9c357622-a0d7-4d0f-9e7a-3e10a8f45ba7","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":150,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"b7c1deec-40f6-4d12-b054-ba09d94d4556","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":150,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"e265d9e2-6b8d-47d0-8c1f-0b7b2ecb8576","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":150,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"e262f08c-8ece-42be-9f8f-1c01498c4eca","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":150,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"90f96d44-42ea-4a7a-8482-70a74b45d8b8","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":150,"box":{"x":68,"y":514,"width":748,"height":10}},{"id":"80c67c32-3042-4c5d-9718-45305a9ccbfe","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":150,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"c5dec8ea-771e-4bbc-baef-8f37347385ec","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":150,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"83de1c98-b976-413d-929c-877f92b37a3a","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":150,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"65c32e1f-aca0-4b54-8980-1a501af24d9c","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":150,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"671d03f8-6384-4f9d-b9df-5e5c826ff888","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":150,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"5178d861-083e-4695-92c1-2ebcdba04fdf","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":150,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"d378b37d-ba8a-45a2-b45d-e6e297e9d12d","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":150,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"7d479a7a-1b70-4cc8-bd80-e605dcd1f76a","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":150,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"872aad7d-d78e-4417-afe2-dd911107356b","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":150,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"0132b7f0-a44e-4980-b488-89647b0c6b68","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":150,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"f85c1083-e6ea-4e38-bae3-abdf1744b60e","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":150,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"4bd1c6e0-317c-4de0-b7a3-270836bf0014","block_type":"box","text":"distribution and marketing agreement.","page_number":150,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"ff23cd48-63c8-42bd-86b2-c548d9d46ecb","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":150,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"40e8e294-7e0e-4324-ae79-9e025fdeba19","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":150,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"6f039e9b-283f-40a2-86ac-7ed9548985aa","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":150,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"8a5b569a-2390-44bb-9af0-45303203679a","block_type":"box","text":"Class G Shares","page_number":150,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"29fac426-110b-40f8-95af-88f19112d126","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":150,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"6b179655-f55e-415d-9438-bc6e51b082eb","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":150,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"1f8fd658-614c-497d-b5e7-d40c1b12b6f0","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":150,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"03c78ef7-d4a5-4036-be03-afa085c78f4e","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":150,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"a9b47de1-9deb-495f-8aa3-cafc7e9d5085","block_type":"box","text":"eligibility requirements.","page_number":150,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"d7265544-980f-4769-9f16-71ec09b43fa9","block_type":"box","text":"II-107","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c1265765-c53a-4d0a-b1aa-2cba52c8ddea","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd85d7fc-ac03-4a70-960e-08bece67a80b","block_type":"box","text":"Service Shares","page_number":151,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"aced3f79-0777-4c0f-b27c-4b70d4c87e48","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":151,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"d54e4233-26c7-4826-bb68-93ada234539c","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":151,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"d742ab51-27a9-4085-80e6-c34e19b16ace","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":151,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"b0f9fbe2-d0b9-409b-ab10-61d60cc994ee","block_type":"box","text":"®","page_number":151,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"45cc6f0f-96e9-40f6-8d80-5316eeb1d676","block_type":"box","text":"Fund in 1996; and","page_number":151,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"0f92d802-d926-47bf-825c-2e507fa45d24","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":151,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"dfa75ca8-8608-40aa-8494-f6ed3dc88eb1","block_type":"box","text":"SM","page_number":151,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"d8aa8bdb-f61d-4261-80b8-2b2d35ec8419","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":151,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"a9490388-304f-4cd1-81ac-1aa20409755c","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":151,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"65c69d3a-435b-406a-9348-b4054f8d51f5","block_type":"box","text":"BlackRock Shares","page_number":151,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"23eaf8bf-82b7-4d49-90a9-f04e16fa6fe7","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":151,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"f77127b3-a9cf-4837-b193-581acf5fe4bf","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":151,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"98e8e3d8-3e5c-4025-9dfd-dbd86b6dd8bb","block_type":"box","text":"fee-based programs.","page_number":151,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"649734e7-6a36-480c-8b96-17b59fff5796","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":151,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"c8225647-44aa-4ae6-9dae-14fb2c51bd4d","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":151,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"e2b3f0ae-c1f1-4e53-9342-99bd982bdb16","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":151,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"4fb101fe-feaa-4600-9b52-f259c18fc2a5","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":151,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"74739b5b-5d5a-4b2a-8907-1435210869e4","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":151,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"8d0a4b45-6095-4fa5-bd22-b89a0eded64a","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":151,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"fc43d51c-4c98-4b96-9d1c-3ca4a2956b38","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":151,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"021e0aa1-e378-4471-991b-173174b1afd0","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":151,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"f4a40461-f619-4690-ad6c-bd050dae8862","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":151,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"54b42bc9-068a-4de6-8aef-16c0f8a4cc6a","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":151,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"33613dc8-5a9e-4a1a-92cb-3af39944a939","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":151,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"5cade03c-9458-4079-a6bb-575def9a3f6a","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":151,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"57a80f64-c400-487d-8fcd-2fc425c19ec7","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":151,"box":{"x":102,"y":453,"width":727,"height":11}},{"id":"f23c146e-eade-4b93-8960-9a302eb73132","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":151,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"07e0f590-6f62-41d3-ba4f-e09baf26bc9a","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":151,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"0e6516e5-645e-48fb-b3a8-19cdfaddb5bb","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":151,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"69a7f0d4-6242-46c6-bae5-fb67cb900c7f","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":151,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"76eb07f4-b58c-4da3-9e62-e083b73236e6","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":151,"box":{"x":69,"y":528,"width":789,"height":12}},{"id":"be75161e-0161-453e-a1d1-165f99753a91","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":151,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"760f8db3-73c7-4897-843b-44efc86dd6e7","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":151,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"ade03210-1bba-4707-8a27-88dfef70c0c6","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":151,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"8a7175af-b5b5-4c00-ad51-e709b1d0c0eb","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":151,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"33ccbb36-8ee5-4b11-87a1-db637619a79c","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":151,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"9aff955c-04be-4b6f-b888-7c247f92daa8","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":151,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"bbba9966-177e-4ab7-909e-393a0f80edf8","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":151,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"45afed4f-7282-4fa3-97b4-b8dcb56a2b51","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":151,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"b4de23bb-d9d3-47c7-82e6-64bca8c00fdb","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":151,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"765fb114-19e6-4895-8d12-66162eb6a184","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":151,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"e8684ced-0462-4a03-89fb-d510e3be70f4","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":151,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"692e7ea2-56d5-4fa8-8259-96a3bef7636f","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":151,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"bc2d4cfd-0c1c-48c5-8fd8-3c7825235ad6","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":151,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"0ce810cf-e882-4c6c-8df0-1a9467e1e5d5","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":151,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"875709bc-275b-4d70-b277-e73bb488e72c","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":151,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"7e25bfa1-a66a-4328-80f5-bfe03f077a32","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":151,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"2617b942-2845-48a5-91f3-d6889b2609da","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":151,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"08db3fb2-ef4e-458e-9125-86328998eddd","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":151,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"242f6e62-aebd-4b73-85ab-d9b703f7dc58","block_type":"box","text":"compensation for selling different classes of shares.","page_number":151,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"ce508b87-b862-4ef2-a37b-91d2bd410041","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":151,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"0d78b8e2-6318-4dbe-bcc1-92792f6eadf1","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":151,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"8d8dc224-5f37-4dcf-a918-9e794a873891","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":151,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"89a4bd6d-c05b-4ee2-ae2f-6b37042b451b","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":151,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"13f89bcd-fb1a-4917-9c4e-1e2efc643123","block_type":"box","text":"II-108","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e1ecd4e3-fc64-4120-b16c-c404d0413815","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30580c38-fb83-4e2f-8ac5-bfae9a7eab8f","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":152,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"7e0221a7-58f8-4007-89bf-3daf2bb78612","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":152,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"e6eeba55-4143-4356-acc9-fd688db79a50","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":152,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"9cd6bdf3-e370-4693-8460-8f6f3b8fa20c","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":152,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"eeef85b7-3b5c-4792-a896-80320210d520","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":152,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"c59140d7-2c28-42ee-983c-225a9882d655","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":152,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"d37c1f10-6b07-4f8c-82ab-4f5673bcab38","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":152,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"713e75e5-73db-413c-a464-520303f4e97b","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":152,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"d6c1b9fd-75eb-4b9d-a648-35f221d9e157","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":152,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"205b42e6-b538-4bff-9d7b-c00ff3aaf9cf","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":152,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"643970ac-80e1-4429-bdd2-2d71998cc8b7","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":152,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"83852b1f-a248-4ba0-87d8-55c4ee09d8a5","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":152,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"07796410-8187-4a65-8d19-313bce268d5a","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":152,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"d70481e5-edaf-463b-a9b2-dd0f8d58980e","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":152,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"197c730a-06f5-4658-8257-c0f64efae74c","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":152,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"4e1f16b6-eada-488e-917e-feb27aee5a7b","block_type":"box","text":"easily accessible place.","page_number":152,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"c7809acb-8966-47b9-b7f6-9dfe35659d6d","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":152,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"3a102de3-0522-4b1a-9c41-e2e92a8ef49d","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":152,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"84557e6d-5552-4875-963f-a355c2ddbf49","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":152,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"c2b3b385-7098-426a-bbd7-7cb594a3a686","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":152,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"4ca28b75-e360-4fad-972e-10fde4b70c52","block_type":"box","text":"fiscal year.","page_number":152,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"4fb0162d-3222-4a7d-a34a-8a8fa4288ac8","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":152,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"733ceb08-5af8-4a34-bf75-5991b2062664","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":152,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"be4731b2-c6ff-4f5e-bd93-3ca84f047cff","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":152,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"ece11a3d-b85a-450b-a44a-860539915520","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":152,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"455a69ef-337b-4020-96a0-39e1733bc657","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":152,"box":{"x":69,"y":460,"width":778,"height":12}},{"id":"0c4f1002-5236-462a-a510-9444cd148d1d","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":152,"box":{"x":69,"y":475,"width":840,"height":12}},{"id":"81181f15-cbd4-4107-bcb9-3d303da302d0","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":152,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"b63d3aff-60bf-4696-87f3-ff2639485b06","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":152,"box":{"x":69,"y":506,"width":794,"height":11}},{"id":"997c2e93-c128-495e-9907-20755507d870","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":152,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"ca54a424-601a-40cb-bf96-3cc74cf141ca","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":152,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"a9c24247-270e-44bb-97f5-edcf540012cd","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":152,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"55e93c55-69b0-485a-bde3-7a514f3c7364","block_type":"box","text":"and Class R Shares of your Fund.","page_number":152,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"b8476f2f-678c-487c-ad4d-f94332921fbf","block_type":"box","text":"Other Payments by the Fund","page_number":152,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"03e8e576-d0f8-4710-aefc-e6c399a74e9e","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":152,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"2ef3ea4b-4223-479b-ad93-fe777d26210f","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":152,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"c477e2f3-54f2-4599-a7f1-12ea926cbe9c","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":152,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"37797389-a6c4-4cec-a29c-78c074aadc7b","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":152,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"e6f68b57-f566-4684-99d0-96cf8cb84d5a","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":152,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"81b134f0-024f-4f21-b3e0-34950c64a85c","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":152,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"b4f82a5d-5d77-4482-87b5-0c78864b1443","block_type":"box","text":"of these payments may be substantial.","page_number":152,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"68e8a564-3ad9-4c53-b51b-18a0606f7ce3","block_type":"box","text":"Additional Payments by BlackRock","page_number":152,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"e710f694-1afd-4e49-8ca1-868e15ce6e0a","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":152,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"51798a64-e835-4c2c-b448-a3a12cb6892e","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":152,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"2d6646c7-41b9-438a-b7c7-394c1605da4f","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":152,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"412fdcef-f2b5-4269-bdf1-47a170219abd","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":152,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"f6324d41-3c22-4088-bcf3-79acb98d65a0","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":152,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"13e2f6b2-d843-4f02-8435-d1a82dfcb70f","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":152,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"9570b55c-0118-4a00-82c0-f0c351e5f7cf","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":152,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"f18b2d30-b5ea-4659-a821-a5b58b36201e","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":152,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"a2955014-061c-4f35-9c4a-df9bdd0070ef","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":152,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"33624d03-8781-4c90-997f-ba8762a6ab26","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":152,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"9bdd5bfb-11ff-4bd4-9fbb-e903155fd2a6","block_type":"box","text":"II-109","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"13d4a474-a516-48fa-95a8-4dc8069f4fb8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fcad4cec-c9ab-4314-afff-ebd2a0e276df","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":153,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"fa0dbca2-6839-45e3-9bf4-f429d091b3e8","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":153,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"3c5eda58-27a8-4336-bbd7-1adf2bec2a39","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":153,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"7e892f0c-c540-4958-9f20-c8059231ae23","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":153,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"8d6c9108-496a-4611-a7cc-11e65398f8da","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":153,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"ffdcdf09-b158-4ad7-a8f9-c3a41a21771e","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":153,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"914c023e-2a7e-42eb-b6ee-f29e4b883868","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":153,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"73114134-d3b9-448c-b7db-39d2b1163057","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":153,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"33e5c10f-eb61-4daa-bbf1-392e9216131b","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":153,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"698924a9-b2d2-420d-986e-236160521263","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":153,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"a8a6ddcf-9a13-4ded-adee-8d3482146413","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":153,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"3ee39980-0749-40d6-8fb1-77e2870fd825","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":153,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"b17ef4b2-e6f8-4d0e-91de-02070050419b","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":153,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"67327981-591a-45d0-a113-79931c414013","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":153,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"9b5319ba-8dc0-44ef-af28-320dcb51e41f","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":153,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"a9cfce1e-365f-415b-9b63-2b63f096b27e","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":153,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"02b86df8-04bd-4215-a038-ae74d3c9cfc7","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":153,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"9c43c06b-e6ae-4952-a763-fd612dcc75ca","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":153,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"f16c85d8-75fd-4c1f-8640-b01969487280","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":153,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"549590fd-4897-4bd1-b134-93a698aebadd","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":153,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"06ddf62d-9e65-4dba-9e8b-6bbb88b97e9d","block_type":"box","text":"Funds.","page_number":153,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"c175547f-b6c3-42d3-a7ea-c677b3e44f06","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":153,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"7bc05a8b-d06a-4677-bd30-090ea2e18131","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":153,"box":{"x":101,"y":415,"width":740,"height":11}},{"id":"1e37584e-adf4-4051-be18-2aae96749a6f","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":153,"box":{"x":70,"y":430,"width":764,"height":11}},{"id":"ab7bc9f0-0a79-4df9-8765-4947d04e167a","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":153,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"adcffb95-1c86-4a70-a27b-f17b3d6996b2","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":153,"box":{"x":69,"y":460,"width":742,"height":12}},{"id":"878b6af8-97a2-4f20-bbdc-be78ed717d8a","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":153,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"3d750afd-5a0d-404b-bca0-3fcf2f841360","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":153,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"5c1e04e4-67a9-4a68-9730-22f45c1ed291","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":153,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"d8c57e91-49f4-4d6c-8e89-e8efe3b9ed8d","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":153,"box":{"x":70,"y":521,"width":803,"height":11}},{"id":"0b64ed26-66b1-4b15-afd7-c2c46f2ab114","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":153,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"326edbb6-6e18-4b4d-ac62-ca8502591504","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":153,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"0fe147c3-2d1a-4893-8c44-a52d9a93c83d","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":153,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"5366c525-553e-48a1-92f5-d88a4590be39","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":153,"box":{"x":69,"y":581,"width":828,"height":12}},{"id":"50ab07a3-4553-4fdb-82c5-f936b49c87b9","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":153,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"d84b6fe9-c55e-4521-8c76-b3a702470915","block_type":"box","text":"B. Shareholder Services","page_number":153,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"00092b4d-d283-4a0b-b45b-379155a808b9","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":153,"box":{"x":102,"y":642,"width":754,"height":11}},{"id":"666b2371-36dd-4ca7-bd90-1e85553351e7","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":153,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"a44e0ef7-4c14-4ee0-8417-f4ab2711e8b6","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":153,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"1077d0e5-0fb1-442a-8d38-c7d91c53bd44","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":153,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"03f92565-ebdf-4b46-a641-1ff17738bdb8","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":153,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"dcc85d29-dd23-4707-8b9f-f4854921a6e4","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":153,"box":{"x":69,"y":718,"width":837,"height":11}},{"id":"39dc8ef2-e1be-431b-b8e7-6987b4de9f65","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":153,"box":{"x":68,"y":732,"width":828,"height":12}},{"id":"8414fa9b-ae38-40f5-9ed3-532bb0cf1b34","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":153,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"ac78a620-32c0-4678-a8c5-b11b3bf6dc8b","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":153,"box":{"x":70,"y":763,"width":328,"height":11}},{"id":"f1cf91dd-40b3-4544-badb-aa8a0956d34d","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":153,"box":{"x":102,"y":786,"width":299,"height":11}},{"id":"a252c2f7-809d-4049-ac68-f3c59731329e","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":153,"box":{"x":102,"y":808,"width":805,"height":11}},{"id":"3a182651-92a7-4920-a7b8-5ae8f39086c1","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":153,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"b446b3f0-2503-4e65-b85c-86fed43efa36","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":153,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"37d96c05-4a13-4667-bbe7-6360bf3c7c41","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":153,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"ac21d77c-636f-4a2c-9a0b-e1b845837bb0","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":153,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"cb24a6a5-db98-4346-9f7f-bf85c0ee2991","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":153,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"5b9a1dd1-d306-4881-bd6d-a1c254a831de","block_type":"box","text":"II-110","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"43770108-6651-4dfb-bec8-e07327782fd5","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b37020d8-0419-4a3d-8ede-09f467bd44b0","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":154,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"f131f927-9c7a-476c-b9f8-4653869aeae4","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":154,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"d6e7104d-c9db-44d5-b31a-c9d8a00cf1aa","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":154,"box":{"x":70,"y":75,"width":523,"height":11}},{"id":"c3ba6002-fb6b-4c29-9cea-efc656b4d145","block_type":"box","text":"&Par tners","page_number":154,"box":{"x":69,"y":106,"width":71,"height":9}},{"id":"a90830c4-16bf-412d-b733-fefecce16d9d","block_type":"box","text":"AccuTech Systems Corporation","page_number":154,"box":{"x":68,"y":127,"width":219,"height":11}},{"id":"0b481aa3-d3a8-45d1-a700-0b6d8622bbde","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":154,"box":{"x":68,"y":147,"width":164,"height":10}},{"id":"8cc6eb36-a58d-49a3-9a70-e207d0d8668d","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":154,"box":{"x":68,"y":167,"width":207,"height":11}},{"id":"eeac403d-1509-46af-98c9-f1febdb0f2a4","block_type":"box","text":"Advisor Group, 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The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":158,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"60f1c764-27bc-46c6-b807-632839b8ebe1","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":158,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"c92605bf-c222-45ca-ab78-3e7165931977","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":158,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"06f1182b-36b2-4530-8a47-e88ef541739c","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":158,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"038511ee-8048-4ff7-9c57-d4b266da87a2","block_type":"box","text":"redemption.","page_number":158,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"c76b153f-e713-446f-a6ca-11ae65af7c96","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":158,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"9057cd45-3262-4973-8438-c6e172fa9937","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":158,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"0f928cce-3025-4450-95ad-1dff31648902","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":158,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"f4224958-d9d8-43a3-83da-9b5e017792c0","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":158,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"425afb10-da5d-41e0-a335-871c511c8fa7","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":158,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"4feab800-26d8-49b6-ac42-087938b47ab5","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":158,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"f5b4a86f-969c-4781-8e84-4b73ace50c34","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":158,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"383422c9-d9b5-41c5-a9cc-236acb733f03","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":158,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"873f4d03-8eee-4137-8184-00fd9fcd4326","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":158,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"92bb90df-e6f4-485c-8cc6-79615bac1bca","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":158,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"485f3573-f761-4bc4-a441-b494efc7b342","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":158,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"6ba030fa-4106-42df-8047-af148d880138","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":158,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"f264de0e-d2fb-4fdd-8290-8af45f867905","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":158,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"479b7b07-2204-4aef-acf0-daf23c95d001","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":158,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"912374b3-2611-4902-bd3a-f18a01bedc5b","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":158,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"60019a58-3830-4bf2-88b2-a3a54fbda495","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":158,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"29d2e1c0-ce75-4dae-a486-6030d2eb0e70","block_type":"box","text":"Redemption","page_number":158,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"3c42893b-d002-4e5b-a9bc-9c4561a55e05","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":158,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"7e88b037-c2ee-4276-ac24-44ad8785740a","block_type":"box","text":"Redeem by Telephone:","page_number":158,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"ab6feffb-e7a1-4785-b56b-1a40aaa341d7","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":158,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"d1633fee-e10c-443c-9e5b-ce16051b5ca7","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":158,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"f4102829-b71d-448b-91c8-e674bf7bd49f","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":158,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"e06b55e2-8c91-4fd4-94c8-b68b29b7ea51","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":158,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"f4984f17-7050-43c2-9702-bce8382b6816","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":158,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"b606ce67-a969-461b-8076-6fb6078ed56f","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":158,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"ec214bc9-5d82-492a-adf9-0971b5fc2b10","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":158,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"da2b5c4f-9d73-4c45-bfbd-07704d407a2e","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":158,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"d1bb860a-1aef-4bc0-a4e4-42b7d4a99801","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":158,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"7af4a717-5917-482b-b1e9-7d4302c35537","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":158,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"6e87d37f-6399-475d-86a7-a5169bbc5673","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":158,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"ecc6294d-609a-43cc-8af4-0bad4e8af31a","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":158,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"590962fc-1af4-4725-a3c4-524e89ecc902","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":158,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"2ca296d7-e023-4f28-9dab-28d26feb1785","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":158,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"f8d9f5ff-d13c-4f3b-b57a-64dddc82b30a","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":158,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"09026cf9-7cf5-4053-baba-99ab1de9df9e","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":158,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"01111003-646e-4ed0-b8b5-3b38e46effd6","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":158,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"77b75c66-7dd7-43fa-bcca-7f9bcd22afdc","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":158,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"1c5ce3dc-6f96-4b5a-90ba-cb7c2f673e44","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":158,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"7ac8c461-b440-48dc-a982-a4ab407b01bb","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":158,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"3409f25b-ef09-4fb1-b732-c0c7a2fc7404","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":158,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"e7baa996-2ca2-40a9-adb7-21e5ad677f62","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":158,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"276e22b2-0659-4de4-b37e-461e06e72f87","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":158,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"4da00aee-8251-4e10-97de-39a152436c70","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":158,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"f43ffcab-8fba-440f-926a-15382f23d6c4","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":158,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"9dd02464-0c04-4285-8e60-9fa3f297f864","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":158,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"b87032a8-7579-4c91-bb73-31004c74a351","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":158,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"efc007e5-b3ce-4d81-8e8f-f5da79052e6c","block_type":"box","text":"II-115","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"de7f900e-324c-4bdb-b31c-da1109a19bb4","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"173930bd-1b16-4279-beca-de5b87b59114","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":159,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"21e5d089-4048-41f5-af46-b8a0f34a9dc4","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":159,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"4c887f08-aebd-4e95-9506-b4d050766b94","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":159,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"fde0fee1-d956-4124-8179-0eaf1359bcc4","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":159,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"a0cc4a48-42b2-411f-8002-9e00520c09d6","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":159,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"c14bf530-586f-4269-a034-ce985f3d54cc","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":159,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"b3cc68c5-f831-43b1-a7b0-b766c3f13e60","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":159,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"ea91a753-0d04-4eb8-9da3-fb8ce006502d","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":159,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"603f4849-a1c3-4c7b-9007-a5c70e38eb9b","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":159,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"6f037e5f-e57b-4ddb-aceb-159298ab52a1","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":159,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"9c3f4449-e9d7-4a0a-9c17-a51aa6732465","block_type":"box","text":"Redeem by VRU:","page_number":159,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"04907b3f-3938-4f7c-a142-70c0ac32cdc9","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":159,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"39f9e6cd-595a-4057-8432-2828236a2463","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":159,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"dafa74ea-8e4e-4823-a5f8-26e681ae3d35","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":159,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"8ec41813-ec26-4c55-bfb4-fce719094a2d","block_type":"box","text":"Redeem by Internet:","page_number":159,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"84120cf1-ff46-47e4-bf19-cca09e77a07d","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":159,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"050527e2-19eb-4c44-9316-5a99457ff516","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":159,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"1415c980-257d-4dfe-ae19-152ca6f5162e","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":159,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"8ffda676-6fc7-4296-87b4-e3c679206b0b","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":159,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"a6aaaf45-a52b-4508-841d-5b73de8d61f7","block_type":"box","text":"institutional investors.","page_number":159,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"756c1eb9-be3e-40b4-9ae2-0d403b2e43c9","block_type":"box","text":"Redeem in Writing:","page_number":159,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"37cab134-59cd-41ab-91d2-ad97f7de2790","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":159,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"fa058d76-3624-48f2-aa3f-62567b33cd50","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":159,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"e2dde262-4b38-4e80-8969-a7d07ed53b0d","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":159,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"d12f0498-baf3-4d1c-9888-9289dec71c1b","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":159,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"f86e83d3-35c0-49f3-90e8-14489042416e","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":159,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"fb955d6b-8e7e-4318-9260-d33eb06ddef1","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":159,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"582a6158-4b03-4c99-b6f0-8265a3480d92","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":159,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"afdd837d-05e4-4abc-856b-88597049f85f","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":159,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"1c667206-910c-4f64-a821-70ab4c22f1fd","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":159,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"bba8a934-c813-4844-a0c5-fae62effd3cb","block_type":"box","text":"or wire to the bank account of record.","page_number":159,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"01ec8a74-4cd9-4769-b3a2-9fc0aaed0d5a","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":159,"box":{"x":102,"y":506,"width":802,"height":11}},{"id":"38d2e714-e51e-4ea4-a744-9e66e98e3c6c","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":159,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"66770501-3bf7-4e12-ba29-637f094b2420","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":159,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"881454c6-b5bd-4eb1-bdcd-5e0bd0385767","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":159,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"22d73acf-f775-43c9-8967-06f5b3a6fcbc","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":159,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"697f944f-a0f1-4bc6-993e-ceb5151b516c","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":159,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"4600baea-3520-4712-91ea-1a36be140226","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":159,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"0313b9e6-0db2-4251-a7db-80ebae30275e","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":159,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"193dfa42-937e-469c-a45c-31615d9e75ea","block_type":"box","text":"redeemed by the Fund.","page_number":159,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"940239ef-f75c-4f13-b2fe-24b991573ec8","block_type":"box","text":"Note on Low Balance Accounts.","page_number":159,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"32297c67-c889-4de5-bdec-3ca02e60093e","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":159,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"0b0b6ac8-b5ab-4113-ba08-a56f41b6995f","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":159,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"8da7c3e4-f1a7-46a4-9a06-64559dda2bca","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":159,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"a4b998c0-a824-4857-af02-0d0610057963","block_type":"box","text":"for any reason, including market fluctuation.","page_number":159,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"a2d40269-9be5-4c99-9fdd-435488ee467c","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":159,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"b806a135-916b-4bd6-8b1a-05af474dba4d","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":159,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"54efa03f-9010-4e2d-8111-be811188b029","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":159,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"3bf92b5c-a145-4535-be6b-ef432b1a841e","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":159,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"8a237e05-bd1f-4afd-9494-5ee63b38e8f9","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":159,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"ac842471-2a63-4515-a7e4-cd471c2f86a0","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":159,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"2bf26f01-74e0-40a0-8bf0-012c1f1eac90","block_type":"box","text":"Redemptions in Kind:","page_number":159,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"641af50a-f8fb-43d1-b044-59d7081119ae","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":159,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"78f77e6b-d254-489a-b84e-1923270c7337","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":159,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"bea12250-1437-4294-aeef-5fd739372740","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":159,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"2c67925c-825d-4d1e-956e-08c8ab76769f","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":159,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"dca1b0fc-53ce-4174-8186-f333b5bec6b7","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":159,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"df8515ee-567b-479c-a45f-35a75673b509","block_type":"box","text":"II-116","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e296f652-ad47-4f02-8340-aadca54690e6","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"356d46bc-a402-43d8-bfdb-71b816e7e768","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":160,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"82df2b68-19cf-4159-a6cd-46fb88a11cab","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":160,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"9f8fe91f-fa4f-4e4a-be9f-cd1132ca5c5d","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":160,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"86b64309-350d-4d89-9ba0-85490e0b475d","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":160,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"d96c534f-2e7e-4690-9c53-25e9379fa5ee","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":160,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"91214e74-b372-42e9-9351-22f54ab8a77e","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":160,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"7f048e87-3694-4ade-a5ae-c5d95377e00a","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":160,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"db8c1430-2769-4ba7-8591-dd164a8f4d27","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":160,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"6757a0ea-fb51-4578-b017-bc070820ab7c","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":160,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"9e411ad9-8698-4e1a-b612-bfb001ad387d","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":160,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"144d41be-ecc6-4284-8016-8ddabbaf20fe","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":160,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"98f7a676-c35d-44f2-8e66-ff07e08159be","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":160,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"91233f90-592b-45e7-985b-94709d3bb608","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":160,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"0d57332a-1869-4586-9a41-4cfb9ae0a43c","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":160,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"43e53a09-4ade-4531-bb56-51976ea3db14","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":160,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"21e821f6-37c8-4dd4-85f2-3377669feb03","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":160,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"03bdfefa-fea3-49a6-88d9-b3b5b9e73b08","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":160,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"af6a5b03-a559-469e-8425-a30bda5e3660","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":160,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"842d3f35-a4f5-4a2a-a2d6-6259b792e1b0","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":160,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"5530886f-0e21-4f71-9934-cc11e1984cf5","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":160,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"ffa2523d-a863-4f89-8008-721f14e18efd","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":160,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"bf8860e4-5906-4ca7-8c8e-e8ad734d60af","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":160,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"c941238a-29ab-4adb-988a-f98a649eb4f5","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":160,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"28092d24-8b65-4588-8cbc-5eb96f931d04","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":160,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"df3fb845-1c50-4df5-9324-a7aa3ee670b3","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":160,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"53215bb0-5411-4a30-952b-b918a00798e1","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":160,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"98dc9216-19e0-4cb9-bdb2-c00347cf40d8","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":160,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"8aae31f3-d866-4628-b749-3761e42f1737","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":160,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"88900240-3c6d-44fb-8b5f-4acdc06b5827","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":160,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"1c2f224a-4de5-4d04-9ec6-d41eeebdafb6","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":160,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"72f159be-950b-416f-821c-89255af18795","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":160,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"7f804467-4a7e-42fd-84cf-d390f2dc9887","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":160,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"0846d331-fd8c-4e64-82e6-fa49a34a5ce0","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":160,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"f53eec4e-7ed2-4955-8ac0-c8e8e22909af","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":160,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"f240761a-af2a-48be-8db7-20bbe228a0e4","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":160,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"dc2927e3-726b-417e-a4cf-8b0a916fabcf","block_type":"box","text":"Repurchase","page_number":160,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"87549e72-2099-4589-b743-a3b58e92e1a0","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":160,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"b8660150-342c-45ec-acd3-ec6697e1364f","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":160,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"085161db-161c-46be-ba49-a4dbb34d1706","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":160,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"d0716a18-7f5e-4b29-b8e1-292c78f1429e","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":160,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"b3949e79-9644-42be-9c50-d4af190ccca5","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":160,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"869c6cee-f70c-4aa6-9f9c-08510f88c652","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":160,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"3994e833-bbe5-4fe7-89cc-429594da54d8","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":160,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"57a8c9c3-6aad-4795-810b-391e60a8b10f","block_type":"box","text":"next business day.","page_number":160,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"aa30b9fa-285e-4d4d-9bdf-bdb6610f62a0","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":160,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"bc51f187-7061-4a87-8105-49037dbc5581","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":160,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"c1787173-16c5-4d71-a44f-0e4d29acd64b","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":160,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"461731f9-b653-429c-8bd7-2231bc83d026","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":160,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"214cc9b2-6003-4c3d-8ff6-3fe4adb6f013","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":160,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"6abbba91-2ba8-4ddc-964b-1af624416d3a","block_type":"box","text":"redeem shares as set out above.","page_number":160,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"ad1d5bda-547e-44a4-9324-e8c85aa2e788","block_type":"box","text":"II-117","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f9b50688-8a5a-4285-a1d5-633aa87f2f79","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63157bc7-a3b2-4d1c-8f67-602e1940b95f","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":161,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"64d5e0ee-0b39-4078-8f94-b99b65c27204","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":161,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"6578563d-6311-4673-b62c-bbe34292deb3","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":161,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"5a3d86fe-03c3-47d0-a0f5-9e48e95f7ff9","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":161,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"625211bf-d014-412c-b998-04db9114228f","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":161,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"58532f18-76a6-43a2-870b-69ba76e708fe","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":161,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"8c256234-78e3-466a-8f57-6bb7ef9148d4","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":161,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"d037a99f-9457-4b60-81d0-9b9241f9bfec","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":161,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"13661bd7-84ca-4370-8b2e-a3d8c51e3c15","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":161,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"c801d9a9-b08a-41a4-a7f1-f76e6ecc83c4","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":161,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"9863c443-486c-4d84-a52a-5655586b5e4e","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":161,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"54a42c84-b559-4628-a751-751cb07b0331","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":161,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"e7964778-910e-44d2-b166-8f4bc6c49bf3","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":161,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"29100098-5213-40a2-b39e-bcd087e4f0b3","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":161,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"5a5eeeff-aebf-4e1e-bfee-7509924f95e1","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":161,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"1ec559b3-7d9a-48d5-9613-0a36c2878e66","block_type":"box","text":"Investment Account","page_number":161,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"76bec7cb-fa74-4c01-8543-aa23a276bbd2","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":161,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"815bb177-6f7b-482e-89f2-ec54590cd3be","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":161,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"3b5309fd-67fc-44a9-8ab1-217ae65c96bc","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":161,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"ed0fa7b0-4638-499c-8f30-742711fbef67","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":161,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"5cacc0c6-2cad-4517-a7de-07d86adef182","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":161,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"05052c58-51b3-4ad0-bde6-1dd709333702","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":161,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"a849c1b4-65ab-4813-b5d7-bda5cb69860a","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":161,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"64022810-1211-424e-a674-cf1f853e3aab","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":161,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"6928f004-d2f1-45bd-b780-dea79f7e1103","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":161,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"c4ee7c63-c4e8-43ac-88c1-191509baed18","block_type":"box","text":"automatically at the Transfer Agent.","page_number":161,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"4cfb3b78-4b46-46cb-9efd-b91c0ae558a8","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":161,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"28a32076-6b92-438c-89e6-41c318c3eb0e","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":161,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"e86c7575-74da-4105-a79b-432d54e6a495","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":161,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"a14a1c6f-b18f-49d2-884a-ca3b7ef05854","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":161,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"b28c1b39-4b03-458b-9e44-d3f9aa790142","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":161,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"b3d9aeec-a9bc-4472-a800-3f4ed252e8c2","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":161,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"c81254ed-114e-4405-9df4-68eb6a89fa32","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":161,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"c86ea099-6fb1-40f5-b2fa-6552f6391481","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":161,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"edeb02ea-5be3-497f-97fc-d0367072d8d2","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":161,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"0126c222-7ad2-4dbe-b4dd-d26de47ea894","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":161,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"023b86a6-f823-419f-be47-a1df72458e99","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":161,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"5f0d7a3c-91f5-49c5-8f5a-12a1d439f96e","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":161,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"8ba1a4c6-710e-42d3-9dea-dfbaf114d88b","block_type":"box","text":"issued.","page_number":161,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"4db6cf31-400b-4bc9-b178-fac1532c1425","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":161,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"8b44a36f-b249-4062-baaa-60a8ef0bcd5a","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":161,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"f008e5c5-cdb1-45d1-9cac-d3789b5b6865","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":161,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"a6b99cb4-815c-4d2a-a368-5f5339fbb104","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":161,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"2012e1f6-be5c-4173-a10a-f19032d05d8c","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":161,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"611c46eb-f61b-4a57-800c-bb6ea3dad60e","block_type":"box","text":"Exchange Privilege","page_number":161,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"300952ba-a8d6-4b94-a414-84349220c485","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":161,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"ae53090c-3f0b-4506-b39e-cd2df6391c7b","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":161,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"d900a139-9055-4763-8cff-70f5bec2d41d","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":161,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"1d954be6-4a55-4eed-a056-bac9aa1c1f95","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":161,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"772a737c-2192-4a3f-874c-d496ce273589","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":161,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"c8df7b4d-6099-4983-8b30-565aa09378bb","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":161,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"9b2999e7-c231-4e72-839c-dec8b822a691","block_type":"box","text":"II-118","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2d77fdbe-25aa-4cf7-8791-5c3358722bc6","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57e82034-d486-4c84-925f-145f7bb09ecc","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":162,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"c2102c5a-99e2-475a-846c-fbc92c10acb3","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":162,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"ea97a57f-cdd3-449e-8b2f-68f2fd0b76b4","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":162,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"5f11ea18-9f1d-4c05-a60a-adbc26775d38","block_type":"box","text":"Institutional Shares","page_number":162,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"4f2b0a8e-5238-445a-9c68-dea75005355f","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":162,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"92cd815a-18fd-4cfe-a9a5-24514a269001","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":162,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"d91261f1-7f0e-432f-9ed5-a26491f2de90","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":162,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"b7a567bc-97f3-49f0-b096-8fc996496b96","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":162,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"e3a4faa8-5ca8-4251-b4c1-220fefc293c5","block_type":"box","text":"for Class G Shares of other Funds.","page_number":162,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"159d5263-dd3f-4c80-a12e-3d46f1073197","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":162,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"72e80ed8-cee0-4430-ad3c-fedd221f3067","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":162,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"f8ae3dcd-dc0d-4e11-8924-2c0f660817e6","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":162,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"2e0e881e-b950-4232-a50f-d2f6e0a0b968","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":162,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"05f76ef9-7a01-4ac3-b7d9-67cb166f6da8","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":162,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"84502904-516d-41c0-a4b9-ef2437572523","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":162,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"620cf3f4-869f-49cf-8615-4ca00e4339f5","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":162,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"93867dd8-9292-4e99-bafd-e7d2b54405ad","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":162,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"a8a88cc0-be86-483f-a9f8-c240bc1d20db","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":162,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"b83eea51-7195-414f-a169-33ee966c2e6b","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":162,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"c5abbbd8-4a71-4707-bb47-54c7ad18893b","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":162,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"f40ee4e3-becd-4ca2-8b90-71bfa1a5ac3d","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":162,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"e6bd6451-b1de-430f-901c-3694ae6a9c7b","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":162,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"e1014e9f-1574-4d36-bd1e-439f8337623b","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":162,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"4bf19b86-bad8-43db-8063-db4999e63a4d","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":162,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"b54115d9-274f-4923-bf08-2e2c73141ccd","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":162,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"a77b8fc8-7b24-4108-93b5-e8856f89ae28","block_type":"box","text":"Exchanges of Service Shares.","page_number":162,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"3384a61e-38fe-434c-a209-4c2583e89aeb","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":162,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"0d5939bb-776b-4f1a-adb1-90429a3c47fd","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":162,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"937376b2-64f6-47e2-9ee7-b1936dde49f6","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":162,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"0a627072-6d9f-43d7-bc4a-13dba91b3e7f","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":162,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"0cc04c04-5e3d-4d1d-a7cf-c89215b55e38","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":162,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"1bbfddfd-9fe8-4ba6-8c4e-814d07752af9","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":162,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"4816d534-af3a-4809-bfd6-5ceade1b5f69","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":162,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"af2826b0-01f5-489b-b563-55fe654418f6","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":162,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"752256a1-504c-48a2-af18-c42fe371745e","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":162,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"7a5dd98f-294d-4d0c-b54a-45ba5518955a","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":162,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"962b8fa7-0731-4acd-9334-6904d3fbcc28","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":162,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"cb448ae1-d76e-4f20-9650-1f9e11c968bc","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":162,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"1b2fc4a4-8216-438d-b345-11f630375879","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":162,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"7b724c4b-073c-410e-9cc9-259fd7cf2a84","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":162,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"b99e3e87-f7c6-4493-ba03-8890a053cebd","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":162,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"9c541379-1f08-4c14-a1fe-e2648a5470b9","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":162,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"3e74eb0f-ecd7-4c70-96ee-6388a07b4aa4","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":162,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"c5b0c826-0474-4fec-83f1-5f55a65a1e17","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":162,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"829ba6d6-51d8-4dc4-923d-f13c00d7f7de","block_type":"box","text":"exchange.","page_number":162,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"9620bed9-70ec-404e-afb1-60c81d8201f6","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":162,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"5bfadb2d-e4ca-4657-bf18-3a4de048e477","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":162,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"a7e06a4b-0506-4d0b-a27e-4ad22ebc4743","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":162,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"b34d52e7-9119-42a3-b5b1-9fc0292be7c4","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":162,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"76c633b1-48f2-40e4-bf19-0885dcab4f08","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":162,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"bbe0e981-3a84-424e-ab9b-a255eede63b0","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":162,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"1d590ef4-4686-41e7-93b0-1b46104adb72","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":162,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"a58ffb57-6306-4850-82ec-6d9c165fc6a3","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":162,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"066b47cc-c6c2-423a-944b-e06b8cf71cda","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":162,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"13864884-7e8b-44f0-8b95-11cb710d88f2","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":162,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"2dad89b1-936d-4348-b5ab-ef3c71b5f7e2","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":162,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"30fe05d6-6880-482b-9718-b3ad96e14432","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":162,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"fd9ef792-5daa-4470-8d4e-c5e7fb029c87","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":162,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"cbc32d49-d85b-4d0b-886b-c1e1b8af7e92","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":162,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"ec0854ef-207c-40a1-95c2-0836694922bf","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":162,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"eaf11ef2-04b0-4d8a-96f1-160c21670c44","block_type":"box","text":"II-119","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"244c0d7d-4960-47a9-9401-a420b0793238","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cd5e315-4fea-4c7f-8649-8e9a11fb7f12","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":163,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"ff462d92-77f5-4e8e-bf66-bb6b0a4d20b7","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":163,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"37b681c5-a610-4ca1-a46f-f5a1a70d7af8","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":163,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"185ba8c0-0555-4842-b6df-f1cb00312eda","block_type":"box","text":"Transfer Agent in writing.","page_number":163,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"2a81b4ea-8fc8-4bf7-93af-9babd8e36f6d","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":163,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"eb9310eb-dc52-4060-8283-19854239ae30","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":163,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"6154f9bc-f1ad-4f2b-a0de-3bedfb38e62f","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":163,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"f6df5c4c-4a39-40cc-ba7c-fb94c5d58b6c","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":163,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"aaad502e-4a04-4dfd-bc32-e3b242db11c7","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":163,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"400e8e68-5ab6-442c-953f-86724f9d0b68","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":163,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"4bd85f10-bbd4-49ba-86fb-2a99d93a8a6b","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":163,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"6254ec28-9381-4fb6-98a5-781152221e22","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":163,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"c9a38d43-e264-4908-9d4d-880c3f0eb261","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":163,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"114a442d-d57e-4c2c-bdca-50d2ce14e6b6","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":163,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"a16516f9-9ceb-4f85-b7ec-ef0f9e9ca6ce","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":163,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"738a424a-81b8-4238-bbf6-d673683dfb01","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":163,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"0046ac7a-2f04-48e3-b78a-9b690a93b656","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":163,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"56a39701-67a2-4e63-9322-183aebf011b9","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":163,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"415354a2-09b6-48f3-8c56-71090a970459","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":163,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"3de08f0e-c4e0-4468-be63-6f3353cfcee5","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":163,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"adadb23c-5941-41c9-8831-d3f29ae75159","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":163,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"fd9066b2-0642-4646-95ee-66e8cd333168","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":163,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"87b95740-0a8d-47f8-916b-65bbc8baa5e0","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":163,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"0d1801b3-a116-459d-ae45-ed054724babf","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":163,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"f042dfce-78ed-4534-baf3-846e0a51ebeb","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":163,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"39d5d729-b722-4657-b161-6e3b3dd9870f","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":163,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"73fea701-7c69-4e6e-b0d5-902eb90210cb","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":163,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"72c7e0da-4974-4ef5-9176-d6dfa9c81b33","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":163,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"cbe76802-d439-4e7d-bb9a-b762cc3f93f5","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":163,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"b2f5636d-cd31-4fa3-aea0-8e0e3c63240d","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":163,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"a5288f09-634b-421c-a342-ba9f5517f688","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":163,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"cfa0595a-dc5b-472d-a5f2-bec45c512bf5","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":163,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"d5419f05-c645-4177-870c-5e277646c283","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":163,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"0f1e4077-4542-4411-874a-d31c2948e542","block_type":"box","text":"may be distributed by the Distributor.","page_number":163,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"7f595df6-e6f4-4bda-837c-213cc5402f11","block_type":"box","text":"Participation in Fee-Based Programs","page_number":163,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"ed24eb2d-de45-423f-b30c-90cff8e10c92","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":163,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"47dba0f4-5cf2-4164-8b2b-8c2da4c0b807","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":163,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"a8b67fef-294d-42c9-ad1d-b8ef1df1eb1c","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":163,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"0d90d89d-2bb0-4feb-9a95-ff94f3c58e01","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":163,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"ce7f4a32-79e7-48da-bfc9-b945ccf31180","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":163,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"a92446e1-14fd-4360-a18d-3b1c55887e78","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":163,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"b3ac6a3b-f08c-43d1-b6ff-029079a6a36c","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":163,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"9da1113b-a2c8-42c6-bbe7-846362e0ccb5","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":163,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"54448f4f-91aa-42e8-9734-954c8e65c688","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"61efcc68-2403-4125-a465-b8fade925843","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":163,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"e54cbf4e-d511-4610-8a34-dc790f766154","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":163,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"b1bcd59a-d641-40a5-afac-3122906e5950","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":163,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"42118c87-c990-48c7-9a41-c6f495e49cdd","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":163,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"be724919-fcd1-4d91-a454-73bde6fab6d8","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":163,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"888e3480-c99b-4a82-9129-4ffc396164c0","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":163,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"54761da7-6f08-43fe-ab5b-3005b6ece090","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":163,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"2f4a1293-057b-45bf-9dc1-1f01d459f9fc","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":163,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"bdc7efd5-caac-4aad-a997-62ae0255bd30","block_type":"box","text":"II-120","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed5e5965-231d-4aa9-8b59-dc7b7b635c7a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3e8f56c-447d-4573-9668-fb445212278f","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":164,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"5ec6671e-07b5-4390-97d8-1266e83b2970","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":164,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"07fcf743-cb7b-404b-ab55-e9152a4f229d","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":164,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"74cb616a-7f91-4fdd-afd2-3470bc41a8ca","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":164,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"51c93c4d-2e13-4fed-833d-d961a1929df1","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":164,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"a7480fdf-8c27-44ef-a7c7-ee349c555532","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":164,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"73e668ab-a2b4-4b5a-8250-ba941d840a2e","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":164,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"49ef7a08-73ad-43a1-ad2f-e2e23e8164f0","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":164,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"23903821-6293-42c5-8974-44dcfb8f29dc","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":164,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"05c00328-a27b-49fa-8de5-1b0a69b91e63","block_type":"box","text":"information.","page_number":164,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"7418fecd-4491-48e9-be3e-fa24bd35082c","block_type":"box","text":"Retirement and Education Savings Plans","page_number":164,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"f3683f53-f13e-4ce1-80da-ab7d22fbdb28","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":164,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"c56ad5dd-83af-4861-8350-05415aadca34","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":164,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"00be135b-b31f-46d4-90a9-4488b33be871","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":164,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"4f7571e5-e4a8-4bde-ad21-19b494a2e35d","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":164,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"13087e18-568b-4aed-a571-afee49c61c67","block_type":"box","text":"your financial intermediary.","page_number":164,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"86545b43-c2d4-4bb2-9696-d0b9e5425e6b","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":164,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"6d689e81-116e-431c-8ad3-9b24edf22d8e","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":164,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"4c0bb0d6-521b-47c3-bb8e-22548c237912","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":164,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"0016f404-09c5-4dd1-9e01-350ee4d5118c","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":164,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"2cd4c5ea-dd5c-453b-ab53-a65948a8c052","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":164,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"c830eee5-cc68-408f-b992-1636a2dc0991","block_type":"box","text":"Automatic Investment Plans","page_number":164,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"ba3456c7-52d5-4786-805f-101aa47cfb4b","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":164,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"6f6abb01-1725-4ba4-ba6d-b224b840d3ae","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"f4510b47-2310-42bd-9689-c9bece0eb650","block_type":"box","text":"®","page_number":164,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"f39ee451-1a91-413e-bbe9-d42e63a49bd3","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":164,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"ce855143-7f32-456d-b0a2-f569d9cc4fbc","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":164,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"fe5b6e20-ea90-46b6-acb7-8c3ed0d26b0c","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":164,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"28d99943-388f-411f-9e2e-a769a8375a80","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":164,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"4a981170-c98a-43b6-9f4e-957058f8952b","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":164,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"8d7657ad-0a3d-405e-82d7-4ee0ca8f00f1","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":164,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"3ef789b3-2532-44bd-a92b-e0b4b614b001","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":164,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"26ae494b-84fd-4dc4-a984-2c9290c5ae0a","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":164,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"9eca62b4-59f4-4c76-b32b-e8347182ff94","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":164,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"9dd56b96-ed9b-40cd-a562-d81afcc4a390","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":164,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"7029428d-6f37-405d-baa4-bdf930a9fe2c","block_type":"box","text":"Systematic Withdrawal Plans","page_number":164,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"f84186c5-5c35-45aa-b2b5-e73bd922d0f3","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":164,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"1c004b81-837f-49f2-a7f2-92d059422e25","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":164,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"ee0fa1c2-851c-4ac0-8ee5-3bce0a142986","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":164,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"c869f285-be6d-4df3-aa4b-934fdebe98c8","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":164,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"7f8c45bd-e288-40fc-8fb0-2edc2d55eb75","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":164,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"84a67258-3c68-44ce-af0b-fac42c21bc50","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":164,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"a4cb76b0-9c68-4197-9c1c-13f9112516f9","block_type":"box","text":"www.blackrock.com.","page_number":164,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"eb926143-156a-45f6-a740-bd5347c20869","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":164,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"940d8dea-b156-410a-96f1-e21fc21d4600","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":164,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"667f1f36-15f0-4408-a5b0-054543940d75","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":164,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"e2d0d152-72d2-4772-97ab-e4c4b05259fc","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":164,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"9c41fea0-c329-4205-9391-0265092ad6e1","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":164,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"cee86a4d-4578-4e42-93c6-8ceb51afddbf","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":164,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"e107e834-da44-43b9-812b-9bb45b1e69d4","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":164,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"4b1e3877-10ad-4e43-89f8-b49c344429ad","block_type":"box","text":"II-121","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1f6be3ce-ac71-427f-ade2-aca779a807b7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5350696f-1889-434b-ac27-dc27d3b92fc6","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":165,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"cca4f038-0d53-4dae-83ff-f77cf03074dd","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":165,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"ea308e2f-eb40-4eae-8b7f-4cdc259589e6","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":165,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"9837c850-bf9c-4df3-a95e-0eb34572d108","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":165,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"98c2d904-e91a-44ce-92ef-d392a5e10b33","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":165,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"95a86990-2306-40d5-9e9b-7833fbd637a1","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":165,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"9070a8bd-a0fb-4608-89f0-4c0d63d602d6","block_type":"box","text":"Dividend Allocation Plan","page_number":165,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"d73082dc-7056-4404-882d-d874de9bca28","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":165,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"f0078ec3-4522-4e3e-9167-abdde95ee2df","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":165,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"33b858f3-89fb-476c-a925-e6ec5b768e5e","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":165,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"634a77ef-e4b5-4b46-b7b1-2fc59fa13923","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":165,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"551aad4a-e139-4c34-9c2a-3180ff2b3174","block_type":"box","text":"PRICING OF SHARES","page_number":165,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"17679c1c-bad2-4238-84b4-70792ed60cb9","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"350a40e2-0b03-48b5-8853-d733fc66d1a0","block_type":"box","text":"Valuation of Shares.","page_number":165,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"8199c434-be67-4520-8f28-ba98b5c19a8e","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":165,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"65a2c79a-c6a7-4fb6-b667-9f449c980b9e","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":165,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"32e3d645-082f-427d-a852-e4ec502d321c","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":165,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"dba42763-5521-4917-a96c-01c5db7b642c","block_type":"box","text":"Equity Investments.","page_number":165,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"89206717-8f72-40f4-ba56-83270d7a90e3","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":165,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"2c793b65-a772-4a0b-a47c-fd0cbc4d7a9b","block_type":"box","text":"e.g.","page_number":165,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"c9c65ea2-1f85-481d-bd19-b2e115850534","block_type":"box","text":", NYSE), on separate","page_number":165,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"5250b9fd-d1b6-4f12-b7ee-925383f6d475","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":165,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"f881e289-7cc7-46a3-947d-213ccfc93dbc","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":165,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"6ea9cbc0-546d-410a-af89-43b2aa9a3797","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":165,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"7a77f1b3-64e1-450c-a49b-4f9c3222a85a","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":165,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"f2d0285f-444d-43bd-8b76-2dfd74483f44","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":165,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"184685ac-b90d-40a2-8936-3e59070c3467","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":165,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"6c7ce859-9aae-4465-93cf-f01e23c62294","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":165,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"9e4b35fb-f41e-4f01-ad49-674e856c9b80","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":165,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"1b66f633-0660-4edc-bca7-b8559457bd98","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":165,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"832b4d3a-c953-446e-bbb3-32371817d5d7","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":165,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"01de77f8-2df3-4916-8366-2041e9e56c99","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":165,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"d87fa40d-e7dc-43b8-b8b4-6bcc28104577","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":165,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"255cf0d9-593d-4a0f-9a8b-4bd6056371a3","block_type":"box","text":"defined below).","page_number":165,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"afe38b1f-2703-478b-90da-9c53f1a97991","block_type":"box","text":"Fixed-Income Investments.","page_number":165,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"b5c9d27f-6340-4cac-9a51-b657c1c336a3","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":165,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"723af374-0b1a-425c-ab13-ba854c7e31f8","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":165,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"9114560f-c8f5-4b4c-8b67-819b5cfc9f78","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":165,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"6b350ae2-cc3a-4bb0-acb0-2f497fb48b90","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":165,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"14ba3c08-8e17-4f4e-94e0-3c7d25e01eac","block_type":"box","text":"e.g.","page_number":165,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"f03cea0a-3fab-4def-989a-5c8d4381d0df","block_type":"box","text":", recent representative bids and offers), credit","page_number":165,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"c6e7ad5c-92dc-4007-b135-539b127b6d3b","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":165,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"b8710cad-94f7-4bde-a9c0-72ca73981102","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":165,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"2428a80b-78a6-4edc-8d11-fd63956285bc","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":165,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"b068a338-9f03-40be-93a3-725d80dffdbd","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":165,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"3d84d4d4-9e2c-443d-bd58-ce8c12690f64","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":165,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"af67e4ec-5489-41f8-965a-cc14daaacf28","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":165,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"12af6996-beb6-4949-bc76-d71d2458ff3e","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":165,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"d0683e04-9496-4508-b6ea-6653ac1ed70d","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":165,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"701ddf6e-7edb-4d0c-af3a-a9794d385317","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":165,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"16d681df-c41b-449b-959a-9004497b5851","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":165,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"6347637c-898f-49fc-82a8-1622748b1c6f","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":165,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"3f7a81d3-df6c-4200-acbb-2e66b2831577","block_type":"box","text":"attributes of the tranche.","page_number":165,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"fa4f5a82-3a22-4e46-a0ef-5aa1d1adec11","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":165,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"710ee1de-a8ee-4de9-a7ba-c8755bdde83b","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":165,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"54ad439e-9a42-4c63-b7a2-007e205d1b94","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":165,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"f3099c32-8d44-44f5-835b-a88e46444b96","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":165,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"9e2b4a0a-d33d-4c2e-8561-0e8e1a910182","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":165,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"622b8094-8d29-43a3-8728-7f42f149f4b1","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":165,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"0c3d8341-7985-4d0b-87fe-f463e0ab3186","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":165,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"420940e4-922b-4ba9-aa31-689b11d6b50a","block_type":"box","text":"II-122","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b3e9f980-456a-473c-9a17-6f73bd6e77d0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bca0748-aec5-4744-90b0-bab8ead568db","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":166,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"a1ab3dbc-c8f4-4481-abd9-1fd7ee710f65","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":166,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"fe2d1004-1084-481f-a69c-694d089c99e4","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":166,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"0d1f5a74-a211-4a1a-a6f9-abe5b0d92c8b","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":166,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"9dc025a1-2aa8-4773-8197-898a6f1a2a18","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":166,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"4f291e24-456a-4c9c-9b7c-b2e2a1c115cf","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":166,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"6e8d26bc-022e-410f-8a2f-f89646318848","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":166,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"b09d1be7-6561-48f3-a140-5be5fe896bdb","block_type":"box","text":"Underlying Funds.","page_number":166,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"f04b71a1-269e-404f-aac1-1dd3ce070c20","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":166,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"d6752c74-0a20-40e6-8598-80a71a2f512a","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":166,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"f4383ff3-d76d-46a5-b66b-c8e390dfbf8d","block_type":"box","text":"at their most recent closing price.","page_number":166,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"deae444b-6648-47b0-8228-2cdecc074fcd","block_type":"box","text":"General Valuation Information.","page_number":166,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"826804e9-0e25-42b5-8031-3456194e27a5","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":166,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"c849404a-1f7a-4058-a238-d7c37b422176","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":166,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"e9012bd1-2395-4657-addc-74a11b44e317","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":166,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"622d0431-2c43-4918-ac07-c585fa5bac35","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":166,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"1115754f-d8d7-4933-906f-ab026829adb5","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":166,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"c4472516-a680-48f3-a2cf-96a6ce5cab30","block_type":"box","text":"the revision.","page_number":166,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"46d39584-236d-4bf0-8c16-c54ab8567012","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":166,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"58553251-436e-4f15-aed8-d7a81abd0767","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":166,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"8c26a2b5-5106-4c54-a838-9aa714aa7163","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":166,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"0b0a8980-1405-4775-b51f-dae1cad79526","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":166,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"3cda4c5f-b2f4-420b-91e0-6672b9f94f5f","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":166,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"3c57e9ad-4be5-4bd1-976b-5d2cf3985ebe","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":166,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"85a52fa9-fac1-461b-9099-820f444fce79","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":166,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"0c63a69f-5823-4022-bca0-199a8fe1fa05","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":166,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"fb8294e5-08d8-4c6e-a24a-11a7877f7764","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":166,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"3130b7de-5b94-4972-8f11-afa7b10c38c0","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":166,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"5ea0ff03-fbb1-4b82-9123-8a796fea82f1","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":166,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"a3dc5e86-acc7-4260-880a-ac8350371bba","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":166,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"ec91e6a1-977f-44c8-9a79-1032994e6f56","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":166,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"53098cb5-e0f0-4028-b205-08686c8dc1d6","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":166,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"50003643-e485-4e63-9ca4-5fec118e3680","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":166,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"150bd924-eab7-41d1-8fad-26a081d74f39","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":166,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"2e56921b-cebc-464a-85c8-cd9ee033fda0","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":166,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"86c74710-6d10-489b-ba44-bf02c9efea25","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":166,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"b8b0995a-0b08-4a0e-8088-1ca425ba0e19","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":166,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"bdf513c9-695e-4c29-991a-ea3878915abc","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":166,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"6cb03e6f-8ee9-4291-81d6-61deff8ff589","block_type":"box","text":"Fair Value.","page_number":166,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"3562466e-01d4-4bf3-9441-dc801d1ddd14","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":166,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"1e238ae2-028b-4e9f-afab-4d5c6ff88925","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":166,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"f26c4051-1bee-4b68-b521-eaf5ba16c9a3","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":166,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"ce207727-e674-4ca0-9b30-d5c75c8543b0","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":166,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"777ba6e9-acd9-4178-bddf-978102cebf82","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":166,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"633bae4d-68bd-4f05-9962-5531a672fade","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":166,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"5bfc0a3a-9270-4885-acc5-159e97d3211c","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":166,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"549b3b64-faf3-4cae-95d2-6a0a37fc1255","block_type":"box","text":"(","page_number":166,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"378db0ff-24f9-4c00-bea3-6e33db5026a6","block_type":"box","text":"e.g.","page_number":166,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"d3932b49-f206-476e-9ebf-89b3bb46e23f","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":166,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"677be593-dd98-4316-ae17-d994eb575c9c","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":166,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"075d5f79-3bc1-4190-ac48-44eaf96f6dfe","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":166,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"27db349b-7e2f-4181-9b89-64c74a4860b8","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":166,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"09ec4d72-376a-49ad-8db1-3bbfcb368a3e","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":166,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"fa0bc790-d4c8-4e09-9a24-3bf326f2af76","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":166,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"cde1e064-a6e4-465e-a684-fa25bd6b982d","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":166,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"1dd1c027-4337-4f88-bc25-520ce39097f5","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":166,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"ca9162a9-5275-4e00-b1cf-f1b1be14ead2","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":166,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"febdc4a3-6479-4f68-bd1b-5379e991bcd8","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":166,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"8fa7b22e-0f5f-4d33-9375-de7a44e5632e","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":166,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"1f7c698d-23fe-4a33-a805-98cba719b08e","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":166,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"3f9b0bda-034e-4bbd-b598-073604ca56d1","block_type":"box","text":"II-123","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"88936a87-14cf-4a4e-9bba-fc2edd528165","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c507302d-4805-4716-bd1d-24f8d7398721","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":167,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"9025e716-dc46-40a8-829b-a169c1e5e507","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":167,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"837d3374-ea2b-4bd8-9c04-5cec236cdd33","block_type":"box","text":"pricing time.","page_number":167,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"d1f22031-f99f-4680-b0de-5101a29f3a07","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":167,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"fd1522e7-a866-411d-8a93-160424981cb6","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":167,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"0030e2fa-9165-4af9-8a2d-5d30d4659781","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":167,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"3db93b14-2922-405b-8c86-4872c37a2416","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":167,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"6918deaa-ed31-43c2-a668-6309fb4d325e","block_type":"box","text":"assets and liabilities of the Funds.","page_number":167,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"a12c2174-7207-4139-bbb1-9df64d0693fd","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":167,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"c2f0b655-6291-4adb-81af-b198b1f6fc9a","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":167,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"c2108599-7fdc-405d-b58b-34a385eee216","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":167,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"e713c7ae-d15c-4094-a417-0ccf1b8ceeaf","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":167,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"20de0545-2ced-4c59-8d7a-179f3f7ae714","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":167,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"23aa2eac-a64a-42a6-b8aa-198b120f5ada","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":167,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"15563bca-6d08-4f42-b8d8-9e5a0cb1ff39","block_type":"box","text":"valuation models.","page_number":167,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"30ae4b1b-92d9-4813-9003-5f1a603d6453","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":167,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"89c97f4a-0aee-467e-a83d-bb5a806c5565","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":167,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"2a52d385-f076-46bc-84a9-82ff2fd57746","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":167,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"0a2c715d-d868-44ec-9970-071f4bf80e5c","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":167,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"68900f8b-0140-4356-82d0-bbb8dd00536a","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":167,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"a0d58607-60d8-4ae9-949b-063b90e95b84","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":167,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"a9f95ede-d587-495a-a54f-a97e02305820","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":167,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"37de61d0-5cdd-4c7c-98d5-1b0414f237d6","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":167,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"6fb33e27-edfc-4797-a227-debe141a2ecf","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":167,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"490cc227-916d-4525-aeee-363c4672e484","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":167,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"4fc7ee01-1a46-4c66-b04e-e9bc2a6122cb","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":167,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"6b0efbd1-f19e-4561-b739-3526e86c2854","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":167,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"167aa4f3-d8fd-42ac-aa1c-1054272342b4","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":167,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"c13ea6e1-8784-4271-87e8-3d65149a1254","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":167,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"cd403d88-8c23-4b65-8734-88595f5edb8f","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":167,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"8a0a6bf2-0610-4585-b66d-bafee897541e","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":167,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"c4022595-8dbe-4200-9caf-d7bccab3907f","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":167,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"3234a5c6-b2ba-4d8c-8a87-cc6947538d84","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":167,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"c588d390-4fa0-4222-94a9-882f2c2656ad","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":167,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"408b37b4-54b7-4a78-8bda-9c70a5bbc77b","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":167,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"c9a0e78f-58a7-4bba-8ca8-d4f85d65a09c","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":167,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"4d724562-1c1b-49c5-9484-6f7080e63491","block_type":"box","text":"par ty determination of fair market value.","page_number":167,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"b4bcdda8-f9e5-4149-90ac-6e8fe30c3c5a","block_type":"box","text":"Computation of Offering Price Per Share","page_number":167,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"b88aa0b6-a4e4-42be-ae5d-04408cbfb47a","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":167,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"8688a027-8871-4f3a-be29-637831f5a4d2","block_type":"box","text":"the offering price for shares of your Fund.","page_number":167,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"6e2bcd36-e89c-480c-9d31-3d431a8596ca","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":167,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"3c0133b1-564c-4e60-bf9b-b0868a9aab55","block_type":"box","text":"Transactions in Portfolio Securities","page_number":167,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"4ab67a99-8625-40cd-a6c9-d359adbdc0f1","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":167,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"dab44cbb-5286-47dc-b82f-a886dcb139ee","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":167,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"07690f57-e7ab-4108-ba4d-dce8b4e3e452","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":167,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"16e04ed5-1b91-4d9e-9134-c5b78a529ced","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":167,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"3e12d668-31a0-4146-a547-9d1afb4cd93a","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":167,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"014b77e2-0e03-414e-a9bb-6cb45e584d3a","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":167,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"d503e46b-31f1-4028-90cd-acb9428425a0","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":167,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"516013ac-17e3-493d-9e23-07c5cd35933a","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":167,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"389b4778-e284-40ec-8c9a-e70ee1254a6b","block_type":"box","text":"II-124","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3cdd6200-7a58-4a3a-b022-4b939eefdf27","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c1978e5-618a-434a-9f6d-ce7f4610fb55","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":168,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"12bd5c3a-4586-46bb-b1db-698fc91e8ebf","block_type":"box","text":"reasonable in relation to the services provided.","page_number":168,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"ee6e4d75-1539-425c-a32f-6c0d6bb2206a","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":168,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"94b6b9a0-b832-49da-a1be-4b57751796b6","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":168,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"8337ea61-a463-4233-8916-8f5d13a291b8","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":168,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"53c81081-9646-44fd-90d7-035be976a143","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":168,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"abb6f8b5-b642-4d09-9305-033dba5c3826","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":168,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"6d8b8bf9-12f6-4682-82aa-eec6036414c4","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":168,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"d41a9af3-c02a-41d0-bd8a-da3b68c0067d","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":168,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"035a0e6f-34e8-4624-9ffb-1c76fcd5e35b","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":168,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"1fe2be39-167c-487d-854f-32e5ecb04f29","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":168,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"0ce12333-64ce-453e-9a76-b6dab0f8ae9e","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":168,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"a05eae8a-45a9-48dc-9e53-04e71a01a40a","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":168,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"14a514cc-91ac-408d-901f-0d99494c7ddf","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":168,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"fd74a295-c8c6-4794-b0cb-9b3ff29c930d","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":168,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"a579d56a-95d1-4d0d-a30c-8b36cfc70d9d","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":168,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"4242ba80-bdec-4346-8bb5-bcf522d1b681","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":168,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"087b6aec-7aaa-4017-bf1f-56e8f650e314","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":168,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"61101066-4ad6-4311-addd-983b3dff2e67","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":168,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"9d3cc698-6419-4832-8018-c68b7b9371b0","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":168,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"4bc29bdb-233a-4ef3-b8b4-e77abe27da49","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":168,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"4c5059dd-3f9b-4027-9d7a-4152ff26d7e3","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":168,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"1168f3c3-f003-4e75-a989-fcf4c9be8de5","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":168,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"4102a8c1-f2f2-43dd-abb4-bf3b3339b013","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":168,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"abafa770-10ea-4957-92a8-b07b853524a6","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":168,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"3289a081-55de-4c14-a7e3-da238f5da7c0","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":168,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"eb8f5a79-8e6f-467e-9613-28ba11949695","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":168,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"80c69fe2-6300-4e26-9279-3ad753670892","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":168,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"0f169c62-6a9d-4b94-95cb-60351d4faba2","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":168,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"012918df-db1d-4e9b-a4f9-334f51d7857d","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":168,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"288bd0e5-1147-46c3-a783-2fa93116ed26","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":168,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"83bd97b8-eaad-4a8b-9528-26f0eedebace","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":168,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"6a4d2810-fbec-40dd-ae93-9aa1720319e1","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"ee38fe26-1a17-44e4-bb29-026a641ef46b","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":168,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"72ec1add-5d3e-4a8c-8374-862cbd72d4dd","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":168,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"8183d115-a59d-45cc-856a-d9ad494ba3c0","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":168,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"bd4d7bce-cf30-445b-b46c-50e9ecc1d9da","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":168,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"973f962c-b2bf-4bd9-8278-d2ec7b73b307","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":168,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"88a6cf6f-0ce4-4013-9242-d639e1e06fce","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":168,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"1fe72e51-d325-41c7-b460-d5a5ea45b780","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":168,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"9daa43e2-acfe-4a85-b95d-2c7d9593f2bf","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":168,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"3cceeacd-2248-4b7d-b39a-1e32dae1f3fd","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":168,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"5c7d4004-eff3-4437-a520-dc597f306a30","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":168,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"35338413-3bf4-44ff-bc19-a9f966732e4a","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":168,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"60b6e737-64ee-4877-a714-ba2eab67747a","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":168,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"52cec0b9-ced8-4ecf-9c91-fd7b8bb49d96","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":168,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"2e502c1f-2332-42ae-bd7b-d878fcb03f73","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":168,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"93940637-fb0c-46d7-9e28-2a8fbea18591","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":168,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"b58d8590-80e2-42a4-872e-a956b12eafe2","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":168,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"58b048f2-f59c-4b75-8513-6515a92c866a","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":168,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"a6e31f57-b0b4-4b64-ab6a-b1f590a8f384","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":168,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"0286284e-7eee-42f8-92ec-ff763c7d9bd1","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":168,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"ae07e023-a1e7-4558-80fb-eb8caec79e1f","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":168,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"fd973b15-f20c-4d80-b49b-74bdc1b3d64f","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":168,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"541eee02-c156-43a5-84ec-ac07029a4f10","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":168,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"81ae17f4-0daa-4b5f-ac10-4bc4941d8ca4","block_type":"box","text":"II-125","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2f23314d-5cf5-4f94-bced-1e5058eb1741","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7849ef1-d3f3-4e3e-a5e3-5c647c5208ba","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":169,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"a3149d51-4714-4103-9310-d1b02b187423","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":169,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"666dba9d-b314-45cd-aa33-b103bef15783","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":169,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"4de2adf2-343b-4505-954d-2290c182e34d","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":169,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"47343c36-5e6d-4ac0-b0aa-ab99093d7658","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":169,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"2d53ab0b-b3d4-4874-a15a-e35c1bf90a70","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":169,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"b9cfb16b-c807-4edd-a7be-37b6f9b6464f","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":169,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"0d81a28b-7d84-4d90-8768-bb581ea343f3","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":169,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"08967bdd-b2c8-47c7-8f12-4915c25f61df","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":169,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"0c7060fb-11fe-4ba1-9bd3-6ce970df22be","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":169,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"50944cfd-f05d-493a-b5db-b676035f1518","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":169,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"99720117-6311-4f8d-995e-0855445a60b2","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":169,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"ac00f3d0-c83c-4405-9195-764366d7944d","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":169,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"e61123f0-fd02-4253-9dcc-dbec97539fbe","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":169,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"5001cd9b-f282-402d-8390-36f18a35e009","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":169,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"7281bdc8-548d-40eb-a17c-1363331f46b3","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"e014a051-c035-4feb-b9e5-58d75ac68a45","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":169,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"9c032a28-b208-43ce-9203-620b23f3772c","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":169,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"854fd8e0-eadb-4b20-b61f-7bb352dce97e","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":169,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"f0e48b26-be4c-49ec-a8f7-ea6d8893e90b","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":169,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"5fd82d9a-8031-43e1-b8d0-d2ca04bf03d2","block_type":"box","text":"brokerage.","page_number":169,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"bf7867ac-f6fa-42e3-a263-99d02499cac0","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":169,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"f49d5f0f-8993-4c71-af96-a5d6f19fe21c","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":169,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"346ab8eb-81ca-4676-817a-a9a81b80395b","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":169,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"d44431e9-5989-4264-aa64-4971a64523cd","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":169,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"61a958e5-1aab-4084-ad8b-8b25c35d9fe1","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":169,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"d5c85040-604d-4831-be87-a17684a9db87","block_type":"box","text":"Section 28(e).","page_number":169,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"a8119491-ba53-481a-a1d3-ffedbda45f32","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":169,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"8935c452-f12a-4615-a33d-63e317c3c543","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":169,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"747d9ed2-7312-41b8-bd00-f8745e697073","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":169,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"9cec11da-d39b-4353-bcea-ecf7b2814e7e","block_type":"box","text":"execute transactions for those mutual funds.","page_number":169,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"fb108210-705e-4c33-9534-ccbbfe95c56f","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":169,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"8a055d3a-6778-4318-88d7-9aa4f1e15d7b","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":169,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"a7e3c37d-f938-40b5-aff9-42b12ed0dd7b","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":169,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"d9697d50-b0e6-4b98-9cc6-3ab4b0777a18","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":169,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"b5007e8c-b2d0-445b-a954-312b686501df","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":169,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"c6adf2fa-395b-4329-9642-899a60711cac","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":169,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"f2cc6081-7c02-4bad-ab48-a71ea8f58037","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":169,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"624a93e5-2552-4aab-a9bb-71d23b96a80c","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":169,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"4defd524-8c5b-4bf6-8b6c-8320e82862e9","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":169,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"3b03ebe0-a6dd-436c-8847-594f9a35ab9b","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":169,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"01bf1952-9f9f-4dc7-b8b3-57f8f2ebf83f","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":169,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"e97b3852-4795-4263-8893-da0d4a217de8","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":169,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"894ff511-daa0-42fb-92a6-090fa01b8188","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":169,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"fe7bd20f-f3c2-4371-b2c2-4c03a67da04c","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":169,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"612d7f68-7d98-41eb-b278-b9700927a6a8","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":169,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"63551fb1-9db1-479d-8277-0e19a901aec8","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":169,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"22cfca90-193d-48f5-b97d-97d24acadccc","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":169,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"0fc7f80e-5b83-4369-ae4e-4cf5f6b0857b","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":169,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"1358fc78-54ad-4a23-944e-4b322303336c","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":169,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"5f08b6d2-334e-43a8-91d8-e3ac81d01c27","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":169,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"f80b9d8b-1340-491b-9290-80a577e38b56","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":169,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"3e71a447-d7b4-4281-b78e-71c8a34209b6","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":169,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"cb3dc97d-2822-44b1-ac8c-b20531571949","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":169,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"c580164e-e003-4b52-b8df-7a4b2e2b61cf","block_type":"box","text":"II-126","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a052dab3-4875-4324-8640-eda02e61dc8c","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56cef46b-6140-422e-9047-c5341e6a4c98","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":170,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"9271e99c-fd93-4a38-b7c2-8860e5112594","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":170,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"99df2c0e-9118-4cb7-ba4f-d99084e5d411","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":170,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"87bfb883-71de-46c2-ac6a-7bd167d95bd4","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":170,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"f2113dda-b345-41a9-a727-656a40061885","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":170,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"ab364dc7-672c-427b-a06f-b12c35072e26","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":170,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"9b13ac48-790b-44cc-ae34-133fb8160f3b","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":170,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"7e0ff911-09c6-4f7b-8184-080e6490a8db","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":170,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"7e3750d5-3f48-437d-be35-f6a435a63920","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":170,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"dd539071-da1f-4149-a8e3-152fbee0c174","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":170,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"e9b6903a-dc5e-43a4-b361-3434052944a1","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":170,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"1daad9cf-37bf-46aa-bf0e-57e9af96885e","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":170,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"c32dbbe0-b379-4627-ae67-66df3c5112bf","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":170,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"b44e9e45-71ad-47b8-8235-cc42cebdcc48","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":170,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"0befc261-6aef-49bd-bdf6-a9228a52a7ca","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":170,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"851845ce-5a2a-429f-8bb9-c98f902ba3b0","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":170,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"65d2917b-aff2-49eb-8f8c-c020c3c459bf","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":170,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"b1f1f0a0-f94c-458d-8e27-ea81da79ac00","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":170,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"c884e59f-a5f4-4b00-a2de-ccd4752cb5c2","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":170,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"7d5f77d3-49ff-4eaf-a681-e1403f36076b","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":170,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"12e9ab8f-aeda-47ec-8860-56245169fd3d","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":170,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"dd0e376b-bd36-43a0-95f2-346ccb64f09f","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":170,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"bbbf8c08-575d-4618-afd7-3451db64ee6f","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":170,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"7df37e34-e19e-4215-85ca-594e3c09dc11","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":170,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"14091190-577f-4f1c-9c09-3671e2be5073","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":170,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"acc8f5dd-d7ae-449c-914a-bdcd2bf86557","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":170,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"a5bb61d5-b44b-42e3-879d-f3127ced9e66","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":170,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"cf1960d8-1944-4425-a86d-6319a4155484","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":170,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"d5b3b3f8-2adc-4242-ada3-d3438ed17651","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":170,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"25655de1-6c63-4c90-b8f7-549ec35c9857","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":170,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"bb083382-7bae-48e5-990f-a1a387be197f","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":170,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"77afa4fe-5d11-4e13-a9b9-54d874f7d067","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":170,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"566450f8-e6a1-4250-8588-8cb79795fb04","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":170,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"c6243a12-61a1-4c1a-b989-07373f1d6fb4","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":170,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"fe1376be-acd4-4393-abbe-cb887de05c71","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":170,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"3fe2d9d9-13d9-400e-99e6-92a516cacc80","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":170,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"6b4d2bd9-8b62-41ef-9526-26dfdea07cea","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":170,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"e04e304b-b166-44f1-a515-8de3632ddc9e","block_type":"box","text":"accounts and compliance constraints.","page_number":170,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"a1974282-0107-4277-90dd-22e379aea326","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":170,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"eb4e9b17-25ee-400a-a98e-d1a6b03066a6","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":170,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"808150f2-03b6-40be-8e01-e5e1929c7511","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":170,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"6ac6b088-67f4-4b08-a542-df46b1188b33","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":170,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"8639ea6a-5022-4865-8e08-838e9c7683d1","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":170,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"f53bd6f1-cd6b-460b-88f5-81f411f4b332","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":170,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"69e67e01-04fa-45cd-8bc2-5f088b97cb68","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":170,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"debe96d0-f4c4-4a66-a089-b5f0bdea2d98","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":170,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"2e3e1fe7-f364-435b-824d-31f6c66699d8","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":170,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"aaffec74-9fb9-4b1f-b081-64f8022bdf78","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":170,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"c58874d6-e665-40fc-a72d-ebc97df9d390","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":170,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"42135291-5ec6-4714-a6d7-f50891544e55","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":170,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"ed5f4ad1-d63e-476a-b549-c661b5c1320f","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":170,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"798df1b7-0481-4e71-9c9f-9ad9edc03c73","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":170,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"137a55a8-caca-40a6-832b-1a7a99561abb","block_type":"box","text":"clients may be used as well.","page_number":170,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"65c54f55-a4c1-48fb-9910-2aeecf2aeeea","block_type":"box","text":"II-127","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed34c5f3-bcc6-4504-a463-ceef7a6194fb","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"162228f3-4f0b-46c4-93e6-6dbddbda9211","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":171,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"96e32590-f583-4e5a-b633-07961145e60f","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":171,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"4e569e03-0117-41c1-bf62-70474ea60185","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":171,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"5235e01b-b4cc-4099-8ebd-0ab0f72d25df","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":171,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"2ba971e6-9c88-495d-9ed7-db2e68f6a6c1","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":171,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"85f72312-e2ca-4747-afec-53e64528b1c8","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":171,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"b3a7f2c3-8bda-4422-afda-2adb6b61fa10","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":171,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"32990ebe-f4b9-472d-97e6-2081fbbcb329","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":171,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"050c43aa-2da2-4d58-82e1-3a22d0c5b3a7","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":171,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"2071ef68-268d-433b-9de2-7294f92713d0","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":171,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"2ff28d2f-b997-446e-a452-54a113a3c8b3","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":171,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"bb71258f-8f1d-46c5-9e14-0189c02e9fd5","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":171,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"b3e725da-6c55-42d1-b7ae-b8004e1365b1","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":171,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"81829e84-34f8-4629-8734-e5e7c5a33669","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":171,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"0581eba1-8fe7-466d-9bbc-03898d6ac8d3","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":171,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"7d0f894e-c293-4004-be57-b93a5815826a","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":171,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"50a78f95-634a-45d3-9a10-9d77894676a8","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":171,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"14060674-6f38-4e6c-9be3-0ec95a016ced","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":171,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"41268f79-1da5-4680-9ca7-68da47ea86f0","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":171,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"77938252-9e8d-449f-9e7e-5875745b53bb","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":171,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"7e0d64b2-c1a2-45c2-a757-9b5969e38dce","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":171,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"fb8882fc-610f-4915-9c82-b76b6b7b0e17","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":171,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"bc54dc96-6eb1-4eec-9b79-72ee33ce6778","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":171,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"90ed9b60-8597-4643-a6ef-65bc6e1b59a5","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":171,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"677f4885-8c80-45ff-b8db-d4525210f881","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":171,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"7a57e8e2-9e24-4f09-a607-a56cb6fee0fe","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":171,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"820d8792-bfdc-487e-a0b0-317141cfdbc4","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":171,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"f2ab369a-094d-4e73-927f-662cae8e6df3","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":171,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"d442174d-010d-4bd0-bd37-14065516aa94","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":171,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"f9fa56d0-ebec-4012-8b7e-5b14842369e6","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":171,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"1241d69e-12dd-4929-a2f5-f3d2e7363d5c","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":171,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"9db8ae93-307b-495e-a468-959fcfffb29b","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":171,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"ddd8a628-505d-45f0-97d4-760f9e0d10e1","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":171,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"46993f90-1247-4be7-b60f-f9b1a08cf8ce","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":171,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"0e678665-51d9-42d9-81f3-40c3cefc27c8","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":171,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"1d57f3a9-5c6d-4b29-be61-2874821ab82e","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":171,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"904eae03-8313-4c66-9257-4e29eaa10417","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":171,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"1f324789-66bd-40b3-9736-b820c140bb86","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":171,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"0dc1c3bc-c8d7-4666-8d78-00669953f355","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":171,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"a886ed2d-fc21-4721-b2c6-0bc77e757ebc","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":171,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"4b137ee3-7fe2-476d-b5d1-5c47d2ad90b9","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":171,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"9f686988-f25e-43e1-9c77-ae0d700ae086","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":171,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"b057dba1-7f0d-4be3-a5f5-59128c5a8e1c","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":171,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"a5f2110b-a1f7-48ca-8672-3b9b32215531","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":171,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"cd79474b-ffeb-4405-8b82-c2fb5169a8a8","block_type":"box","text":"Portfolio Turnover","page_number":171,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"4d3bde2f-f6b4-452d-96d8-147cd55b5cf9","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":171,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"b70bcc95-8b21-4d65-b194-1df0624cd2fb","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":171,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"6d7d68d1-79b4-41e1-b01d-5ecd29c65818","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":171,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"6a73dc1b-acb2-4667-a9f4-8e3acaef90de","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":171,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"b9efac22-ff89-4490-946c-4c9d3518b501","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":171,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"a2013427-0663-4f57-89fe-f2deee52e0cb","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":171,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"46bdf851-e2ef-4ade-8006-cb64271db081","block_type":"box","text":"II-128","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"470ddeb0-380d-40a1-bacb-7c25a10c3f07","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6160ed9a-cf52-4e59-80ba-9ee57b27ad58","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":172,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"d52c0c25-85b9-4891-9061-9c4880402f6f","block_type":"box","text":"Dividends","page_number":172,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"fa9afe20-3be9-4f45-8457-5b3de162ee33","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":172,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"e3de5861-e8c1-40c2-97ef-be7229e02c11","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":172,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"1a50cdbb-164e-4657-aba5-d625aefaa70d","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":172,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"36381dd6-2105-4036-90d6-9d0b3085b01b","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":172,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"55658c41-6150-4923-a53f-4e7849b4e0d9","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":172,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"02457769-8637-4c2e-8b53-d85da0898f35","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":172,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"98fa62d5-c661-4744-8bd8-e55e883c712a","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":172,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"ca7a5acf-0d26-4a9a-afbc-b9cb5007fc78","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":172,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"f2ae92b6-ad0f-4563-ae7b-18b681dac0e9","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":172,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"1f16e8e0-1d31-441b-a968-4bb413873555","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":172,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"ec21ae49-1c51-422a-b9d7-ea8b9eedeec8","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":172,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"e1da95be-4ce5-437e-8c1e-5dfca459d622","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":172,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"42207ced-ec94-49ab-94b6-141d9f0417cc","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":172,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"68cc8ff2-ce85-4711-9a51-af1aef470c9d","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":172,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"d6e718de-6b3a-41e0-9214-f70e7d813f6e","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":172,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"fe84458e-3271-4c60-9844-2c9dafaa762d","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":172,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"e38514ae-5bfd-4774-8168-05a61e6e7d8b","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":172,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"750a5778-cadd-4f2c-9b11-6b33b89af288","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":172,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"ac9483ce-9c6b-449b-970b-052ad9d66a72","block_type":"box","text":"Taxes","page_number":172,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"9248e5a7-23b7-4cc4-bdf9-0f947493065a","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":172,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"b48d2340-3418-4510-b951-e8d18aeabc86","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":172,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"2cb2d447-2152-4899-be39-76715b4e5fc0","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":172,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"78d81a1c-6fd1-477b-9f2f-43f67bb396ba","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":172,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"ba52c239-cede-47ad-a747-a13e90ba7240","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":172,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"22210467-26e3-4093-afba-eb97ee3fa80a","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":172,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"16dab677-7420-4727-a037-5da993962bed","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":172,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"6dc687d9-6fab-4119-9863-1540d3301728","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":172,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"46d8caa2-a47c-4d38-bbc4-608a84ef4e46","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":172,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"a3b4aab0-c285-474e-a879-bc6e198f3bc4","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":172,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"ad136f2d-a189-40d1-92c3-0bc39e6e4a9c","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":172,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"7f1489f7-0345-42d1-bc3c-e979848751e0","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":172,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"bb456c19-7288-4c3c-8d73-79b70ff458ca","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":172,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"3855ce13-cc2d-4f51-957e-96bd698c8a7a","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":172,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"c672204b-b19d-4498-b6c1-81645d060d3b","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":172,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"ed172b0d-9bf7-4646-9f94-7c0f6ada36c0","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":172,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"f379a968-6ae0-4453-beff-b9a895b36c2c","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":172,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"0a01ff99-15e5-4451-8e0a-063d5d2c2938","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":172,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"267202d8-9381-43ef-98d7-a4e30791d2e0","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":172,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"518571b7-e5b9-4a5e-82bd-3ff3ed836210","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":172,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"11c400df-0ac3-4331-a969-3140ce9a4059","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":172,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"4598cf14-6083-4201-ac6a-83379b444ec4","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":172,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"725fb9a2-4db2-4020-8214-845f5f740587","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":172,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"dbf5823b-255f-497e-abc5-4b3a82283604","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":172,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"224d5d35-f4c8-4366-b96e-136b87a3c3e6","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":172,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"47770c41-5509-446c-a4d5-902f8026ac0a","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":172,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"06f43ae3-f0f2-495d-a4c9-5687391c4697","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":172,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"f3cd0662-d6b8-4262-9aad-a3163d094140","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":172,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"070e8f4f-59cc-41ec-8940-95652456837e","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":172,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"d5c935b3-4ebe-45cf-bc27-a87e7301cb1c","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":172,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"81ef6aa1-fc77-4a0c-b51e-4aea65b8bf05","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":172,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"0de166b5-7679-4c5b-b2e0-f01a86ad98c6","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":172,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"0d4fa73e-e7b7-4abd-af98-5786a5a9d8e7","block_type":"box","text":"II-129","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cff64712-1f30-480b-a169-2bbc9b48ef00","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"033ae4aa-9472-4673-9acb-175ebb65d40e","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":173,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"8c2f5380-8c22-452f-8322-ccc8dee62d9f","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":173,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"5698c8f1-3171-46c0-a1b1-7faf67337e70","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":173,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"b253b32c-d550-47d3-9f26-f78389e8e44d","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":173,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"40f2c0c2-9381-4920-9b42-b7c810ac05ed","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":173,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"e043b969-69b5-47e9-a05e-e1f6a97d35a9","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":173,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"49ac9f21-e556-4f04-8374-ed970444de4c","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":173,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"a2742e6b-74ae-45ba-be99-7f8f02dc625d","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":173,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"999d606b-74b2-49ac-b57c-87808a8c6307","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":173,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"6aa50980-5269-4b52-a60f-641228976a69","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":173,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"e0ebad3e-d268-42df-b638-9e304b3881d8","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":173,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"0ccee600-2fb6-4d4d-8fbe-d708f071c5a4","block_type":"box","text":"limitation.","page_number":173,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"377a30be-be4a-4c1f-9760-db1999a940b6","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":173,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"faba8795-da8f-4f18-9b31-eb98978d0ce1","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":173,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"203f7c30-7d99-4852-8839-409b0b637b66","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":173,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"dfc34283-e72b-4555-88dd-c2150958452b","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":173,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"25632762-dd1b-4aed-84b6-c9190bf3f190","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":173,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"24a6f83b-b444-4e11-9d49-6ea75314735f","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":173,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"e5ac6422-6f31-4cc8-b25b-41fea93a2d5c","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":173,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"450d346a-68eb-491b-b28f-cddf95dd47e3","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":173,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"467fd25a-b8f2-4fc1-b7d6-e36dc4346808","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":173,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"b594097c-308a-43cb-bdc9-dcf32a57885c","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":173,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"a07dd4e2-e698-4be9-bd6c-04ce0583977c","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":173,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"7302ff5d-b72e-4df1-82e7-c0b6844ecac5","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":173,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"51b64b13-ff8f-4700-b95f-231ce2b435ab","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":173,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"da97656b-15ac-4ace-9665-9fc3473cd87a","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":173,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"31a6b3b3-d30c-4c42-abb0-f8427dc44bc4","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":173,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"32b6b67e-ee15-45e3-86cb-d9ce8a5018b5","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":173,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"5b3b9515-55ac-4b36-a985-26929be8604c","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":173,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"43ca6799-dca9-4fe1-ab70-62357049a7ef","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":173,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"2564726c-dade-4f72-89fc-a6b2ef5cf52f","block_type":"box","text":"constitute “qualified dividend income.”","page_number":173,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"6ce2645b-01ab-42b7-9968-7b87bfdb3c5d","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":173,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"c66aa81f-644d-4d56-825c-44091423af89","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":173,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"19b57ef9-145a-436f-af87-5ff6f147f5ce","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":173,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"51f26258-edd3-4aa2-9b3b-6613b4da88dd","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":173,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"6e120c73-5029-479a-9c25-e1437f5bfba8","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":173,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"c8934993-0d57-421a-9fff-4cc15abdc314","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":173,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"b2a51f60-d8d2-4eb7-915b-01f36b8c4102","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":173,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"400f1955-2cd7-4f45-bccb-84713b0b6022","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":173,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"f7a563a6-4979-4219-8eec-83af75d470b6","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":173,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"d83f533f-b0b6-462f-83ec-900a0c341cc4","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":173,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"d73b8d86-2f13-4bed-a29c-5d06b518f612","block_type":"box","text":"against their taxes.","page_number":173,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"dea30a86-35c3-44e2-a863-2c38f81129b1","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":173,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"d7467472-9846-49af-84d6-b48991f5c4b1","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":173,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"5fd9f83b-5fbc-4d8c-82d3-d3b7b728fb9e","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":173,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"380b8e67-da41-4c27-bd85-94946377acae","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":173,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"32110291-1387-4212-9485-80f4fd6d07f8","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":173,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"c1f9dcc8-f850-4ecd-abb5-ef946fdb37c7","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":173,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"88666907-3b44-4989-9db1-5c3ea1de2e46","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":173,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"ce54d32d-4aff-4872-abae-e997ee5423f6","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":173,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"96abb07d-f4f3-4091-b74e-5b2be8e114e6","block_type":"box","text":"dividends received by the shareholder.","page_number":173,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"51b08e90-3d44-40ff-8bcd-5f5e97a0312b","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":173,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"a9b27cba-92a5-4539-9864-94639fe60d0b","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":173,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"78ae3cae-5cbd-4e6c-a228-c1dde5dfeed0","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":173,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"a0c58d54-7c32-4273-9210-67bdab85e671","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":173,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"2c8d126f-4f08-4a30-9aa0-bb18a71d37cd","block_type":"box","text":"II-130","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0026d0ab-4638-4b6e-873d-26485573a17f","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e9f0505-8fe9-4951-b042-bffc9088fe1a","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":174,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"4180f068-add9-4012-8fa0-72dd721fc2f7","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":174,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"342c4cf3-1c9e-4589-9e09-55420d0f601a","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":174,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"fa43614f-ea51-43ac-a96d-eb349d3f8184","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":174,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"1e670fa8-a04e-47fa-b018-4b2a2b39d0cf","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":174,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"a9b3c9f3-3a7a-4de5-9a0d-54c15af8d759","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":174,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"d33ac82c-b23f-47b4-8b09-ac6ef2ae2dfe","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":174,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"5b6e70f9-284b-4bc9-9aab-f89ab30ca092","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":174,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"947b86e9-c6e9-4821-8cfa-3689f48b05c5","block_type":"box","text":"taxable year.","page_number":174,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"7366b64e-2a53-43cd-846a-43940f9486f6","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":174,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"d1b1d959-a1a5-493e-995a-19c7b8a74dfd","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":174,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"1e8202f3-bacc-48f1-8f6e-3c6306823f79","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":174,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"60728865-facd-4b97-b67c-f86a78e3e7d1","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":174,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"8f0230e2-c9f4-41d6-b595-8290b962037e","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":174,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"c00c13ca-ba2f-4ce8-8a95-01ed2f74eb97","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":174,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"e69efa97-511e-4774-b67e-b3b68678fb4a","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":174,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"de2b4a4b-8bf6-49f7-b9d1-ea6252176ba8","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":174,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"4b76f589-2c3a-4d8e-852a-53c2eb9fef88","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":174,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"f61fd542-d140-4d01-bda6-083f4df7fe1f","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":174,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"9438691c-a3dd-43e1-aff8-676d266cc6c7","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":174,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"bf0db037-a2d1-4ef0-a7c2-148f5c4cc3ef","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":174,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"df7b21e3-66bb-4e75-83a7-45ad43e80457","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":174,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"6732952f-ce0e-4a7c-a4ac-e2f161665d0a","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":174,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"66ab8fea-9635-47de-9584-106970b4b85f","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":174,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"7e3bba7a-b584-4eec-b010-a5d33eb0fd99","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":174,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"00d7cbfe-6cf3-43c3-acaf-03559aae7fa9","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":174,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"9855f9fd-f5c7-4458-85c9-edc91ee6a8b8","block_type":"box","text":"special tax rules that apply to their investments.","page_number":174,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"2a959380-710b-4b49-94f0-75031dab4f2c","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":174,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"5dbd4e84-e476-4ba6-ae9d-fc6b67c1fbda","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":174,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"8580b257-1dc1-4cef-ba0c-b97a7f4ac54d","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":174,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"c21caabc-2ad2-455a-bd0b-63b8281ac979","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":174,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"60426862-5744-4307-b3c7-fdfd865e3ba7","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":174,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"133ce69b-b29b-400b-934f-df213a1d8aba","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":174,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"f7e6bd70-8080-4801-b5fd-e7c0e104a5e8","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":174,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"e83ccd53-4507-4c02-b420-616ddc507166","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":174,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"eeb3e6dd-eb85-4e05-a11b-81f78ec6ee5e","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":174,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"c38c0c09-b61f-42c7-ab30-ba5947315e73","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":174,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"635c4078-d002-43de-b76b-b640ebedc222","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":174,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"6c5b743c-09e7-45e8-afc2-692b1abf5032","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":174,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"ecfbbfa7-5d86-4437-83cd-523765001f73","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":174,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"e20acb7d-9b0b-4bde-ad06-b73296e8e34b","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":174,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"77e437a4-a82b-4a70-af9d-7ee9e450bc55","block_type":"box","text":"redemption of such shares.","page_number":174,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"1e759c07-05b4-4096-99c8-3391ae441403","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":174,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"d8128146-06ec-4082-a84e-28edcfa1a977","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":174,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"be14f175-8f5b-477a-9e51-1d9f7ffa4590","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":174,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"cf3ac2f6-aef4-4831-902b-2be558d78fe2","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":174,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"eba9d9e4-53c8-4435-b8a5-8a360c69a25a","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":174,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"87b2d165-5775-418f-9949-44935391e421","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":174,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"5a5e35b6-f138-4f3d-856a-ebf2941dbc5b","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":174,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"e1f2b24b-342d-4ba5-9e14-25b12c44556d","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":174,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"b4233fda-b237-4d8a-8030-91a89a9f7c10","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":174,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"1b654ade-3d1b-4254-aae7-cd20865219f2","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":174,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"85e92880-e220-4cb2-98e7-09b0af7cc3e8","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":174,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"88fb5686-97bf-4504-af76-797de1a23606","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":174,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"19e61a10-2141-4dad-8eca-d2b9707fe573","block_type":"box","text":"II-131","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"be313696-2720-4b75-b48a-79f9f4a7edbb","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1d5b91c-cd38-455f-8151-19b045651e42","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":175,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"51cc8256-2ab1-4bc3-b24f-e1ae49cdb7bf","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":175,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"e2a84a00-3acc-4b67-bee3-7168b6528c19","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":175,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"f1f9cf1e-9f9f-46d0-b80c-3ee9bdb1100a","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":175,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"7b1b80b4-7ff6-4437-b713-386a7555dfe4","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":175,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"9bbf91b2-02df-4afb-bbad-2b4c7b94a0cb","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":175,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"e29a63fa-dae5-44da-ae6f-06823cf6af18","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":175,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"a5e52c5a-6e02-4e7d-96b5-9ea35609aabb","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":175,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"7aa60438-7a02-441a-9981-3c0cc38991cd","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":175,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"56f043e7-aba4-4b4d-b427-3853d57f6e18","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":175,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"c7d1f433-7918-4f10-86ab-c9a05289d96f","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":175,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"92c9aeb8-30ab-4231-b3ae-6a227f378910","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":175,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"019a2028-bc0d-47c3-b035-638d58c17983","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":175,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"60d03f8d-d3ff-4fed-9fdc-8806138c98b0","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":175,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"e2c951bb-55c3-42d3-9bc8-0e37e6b764ec","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":175,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"4c929a37-4f48-4295-b166-27646e0bf6a7","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":175,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"d9f0205c-141a-4825-a573-f5f74fcc888f","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":175,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"e83ae490-318a-454e-b645-1277694d5d23","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":175,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"567b4812-343f-4f03-97a0-c80dd2815191","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":175,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"0402e20d-477f-44d4-b9d6-07ac3cabce80","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":175,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"9187cb54-04d9-4ea9-9052-a367d610acea","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":175,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"313046f3-199c-40e9-a152-c5c5b2d70d3d","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":175,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"0c49ce73-b7d5-46d9-bea6-0ea3828044c1","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":175,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"8a4ff0f7-1eeb-4eb9-87af-bb0f722fcdf9","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":175,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"e0acfe36-d77e-4245-af63-6ebd742da1f3","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":175,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"1a08d5f7-3b7a-4eac-b792-51bbf0f1d942","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":175,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"375dc12e-af7b-489f-bcef-e45e0b866db5","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":175,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"80b7a08c-71ab-4a5f-aa6e-735e65b37436","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":175,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"f284e4df-0650-4d2a-8c72-0e4959e51209","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":175,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"c95b7ffa-3207-4f86-87a5-3029f1241ba2","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":175,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"76c20add-efea-4fec-8f9c-c869ddaa04d1","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":175,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"c037ff65-1731-4108-baa4-0a25f7a9fe03","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":175,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"43943e03-c465-428a-b708-6309962d08eb","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":175,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"82fb9a5c-8b19-4089-bf27-9f9e5ec54e4a","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":175,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"1e6f3a4d-fba1-4a0b-a87a-87b64d6d6e8d","block_type":"box","text":"in subsequent taxable years.","page_number":175,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"89c6215d-8962-43fc-b524-8fd0d5867562","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":175,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"713d187b-d546-4f60-9d1b-dc6cbc06f3c9","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":175,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"3fdc38e1-ac53-4ae8-a59f-5e98b4e58b9b","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":175,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"fe1ce94b-3536-4337-a1a5-18b99cf2455e","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":175,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"8b5d2da2-a959-4867-a419-79609ea4c733","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":175,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"fb5e210c-e74d-4c3a-bd9e-4d58300f075c","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":175,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"3b933634-526a-4e3d-b6cd-b49ae7eb35eb","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":175,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"29fd2f74-b8ac-49e8-98bd-fe014452506a","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":175,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"eba18278-7b93-46ae-a6bb-3e4d72d18ba3","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":175,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"7404417f-4f9d-43e7-8404-b809f38b3982","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":175,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"3d99bd69-64c0-4db9-b4c1-aacf2766e21f","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":175,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"7ee2e654-e1a3-40ee-a4e1-7a8a5084e441","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":175,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"590ee33f-d727-47f2-a719-a786f703c2f8","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":175,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"55265f15-fd37-48fb-b921-e908bb6b56ad","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":175,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"026f350c-ed84-4c03-af60-2e73ce965ae3","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":175,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"e186d4ba-9fac-48d4-a977-acb9ccce90b6","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":175,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"1fd3bb45-2b39-4b74-a814-a6b23ad8bb13","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":175,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"71e1609f-da80-417e-8cfb-1f62a610358c","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":175,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"1f0bb123-880f-4d0c-962d-a5621a33cb8e","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":175,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"36554da5-fd1a-4761-9c68-87b2b18f0953","block_type":"box","text":"dividends under these rules.","page_number":175,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"e9a2cecd-9af7-43c8-9c06-914d42eb3fcf","block_type":"box","text":"II-132","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ef91b557-09db-469c-956d-755060d724ac","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32e243db-0688-48ea-b137-38c9a6a6ef38","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":176,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"35168c3c-68a3-4f7f-ae2e-848b1dcdb0e0","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":176,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"79ffa5c5-a733-4df1-8682-a3f14c7692d3","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":176,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"6f371584-0da4-4e87-b4aa-39562915665c","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":176,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"f31c9160-0d79-435e-ab1c-51d0bd08f437","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":176,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"76544373-185b-49e4-a1bf-68156547c04d","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":176,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"0531e0e2-73d1-4f3a-892c-7f5eec22d055","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":176,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"131a0284-96cb-48fb-aad5-62a448a9d349","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":176,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"e07090c0-e7c1-49ee-bc6a-45285bb7d6b9","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":176,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"a3c35c3d-155a-4a68-9a74-38b427c4a838","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":176,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"f8088d9f-4193-4787-8d4c-9374c2c96c94","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":176,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"7c279bd9-fd51-43f9-abe7-2b5cfa02b8fe","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":176,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"ce4d0916-12ee-456d-b9c3-51df1581ccc5","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":176,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"e46fafc1-bd76-4597-8d23-d2b6b06c8ad6","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":176,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"0bca6106-4c26-48f9-9d20-53c17379564c","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":176,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"a8733244-481e-45f9-b475-2bd9b13f0111","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":176,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"33f6339e-4d75-45a5-93c5-73047dba1ced","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":176,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"c4791b42-456c-4ba2-8f3d-b41348a63206","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":176,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"bafde0b5-c3ee-4a78-82bd-07dbf9efe809","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":176,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"60030afe-0b64-4c37-8f4d-7cdad2ee2d51","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":176,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"9cb352b7-e0b4-4acf-9cf3-5ee6644b33f2","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":176,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"281528dd-76a5-4359-a17e-28ef904e0f1d","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":176,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"e75ec2f5-d2df-44ba-82f7-03468d9b70c1","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":176,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"93067e08-7c47-4578-ab3b-483778c44782","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":176,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"47a9fa45-f1cd-4e98-9e51-b990c15100fb","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":176,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"522660d3-6a37-4597-a1f8-0ce4924afdc9","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":176,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"35300c01-2f6f-41d4-b777-18480a3be468","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":176,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"6c7201d5-12b8-4cf4-b931-46e78d05fec0","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":176,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"4d6e1558-5a2e-4c80-80b9-7028a459a2f6","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":176,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"28f29cbd-8ae7-4145-90ce-086a3d0f1c24","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":176,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"ed67428e-496c-46ba-b6cc-c84d91fb7961","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":176,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"9599796c-125a-49ab-bb1d-409a82577ccd","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":176,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"cfeffee1-3a81-44ef-ba1d-70ab43dc5763","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":176,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"530a9da7-9dea-4876-a7e1-acaab3816200","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":176,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"ee4d5c39-85af-49d2-a420-a2e5b8ccfb33","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":176,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"4b77ff6e-b4d7-45d1-b9d8-7eed23b18176","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":176,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"33943789-0ebc-4f23-8b5f-05262fb76bf8","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":176,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"fbbcd957-a4bc-455e-a2e4-2cb6e3124ec0","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":176,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"d17e11e0-326e-4a52-9842-fb6bb7a66f49","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":176,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"244cd50e-2095-4367-a2b3-21f58df7cf51","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":176,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"f221987a-b8b6-48e8-b2ec-66e65f2cbf69","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":176,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"2938cccc-845b-40df-981a-f10793b5e8dc","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":176,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"04ecf1c5-dc7b-4172-ba2d-e1fb4eeb139e","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":176,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"3e91e036-edaf-4af0-8377-6fcb9237bfba","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":176,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"ea3f0e7c-53b5-4be3-b019-51894c6c7b98","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":176,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"f20ba211-f481-4a98-8802-d83d751dde91","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":176,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"9fed6dff-3e25-4937-abfa-3f98f6ef9e20","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":176,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"37d0adc7-b5f6-4b9b-83ec-30885e49277d","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":176,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"2880cb4b-57dc-4905-b867-bf50439925f8","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":176,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"d5e769ab-d636-4273-9770-36bf4d5762fe","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":176,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"9d2479a1-477e-45fa-9451-74136ab037dd","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":176,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"9f851db9-4380-45ba-bb16-52b7b9f15d5e","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":176,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"6d849424-9b86-4c07-8a92-1653d5e68ac2","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":176,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"775e7ef2-3196-4bc2-9be9-cfdf3eb377dc","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":176,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"884c43c0-c5f5-45f0-87d5-c001931ac2a0","block_type":"box","text":"II-133","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8df5f936-4b63-4a44-af1b-458ef43c98d5","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"281fb0e9-4483-40c1-b4b3-792e880ed31a","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":177,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"280bd3f1-c2f3-4fb3-aa6c-edfe63247227","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":177,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"9ae4fbb5-6bc7-4387-a3db-b62692f6fbc9","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":177,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"17a39244-cfb8-43e7-beec-953e8a4edb8a","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":177,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"af44df59-be79-4a7d-9f2e-1d96ebff75f4","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":177,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"fc4c39d7-f3f4-4a43-b82c-e9d6d201a5e9","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":177,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"dbbb05c8-0b84-4557-907d-9d10b6ca109f","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":177,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"7c29ad6a-57e7-4f71-8474-f70082c1344e","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":177,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"55590461-dd42-420e-8f6a-c2e4ba45b387","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":177,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"760ab958-7df0-4f4b-91cf-ae90f2ed5577","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":177,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"c4033611-6e40-4c13-95c9-d6d6466ce5ea","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":177,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"5a8d58d1-5031-4c25-b081-2992017d8d0a","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":177,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"1bd1a58a-1414-4097-83a3-5cff19bef79b","block_type":"box","text":"investment oppor tunities.","page_number":177,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"ccd0fbfd-189e-4f30-8b61-f80f0ee260e3","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":177,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"e9f0ea0a-712c-4413-a9f9-dbddc6e9de8e","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":177,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"0a1ef660-e9aa-447c-8abf-1c53cb92b34b","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":177,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"fa7f5194-6977-40d7-b06d-0b0a1583b64f","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":177,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"b011ba15-befb-4618-b6d0-b93e0773a444","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":177,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"131715a0-0240-4c8c-8b21-3f5a7344fa38","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":177,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"47466b32-a457-4c6b-8ce5-c02de93295ee","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":177,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"ad9daac5-415b-4b62-8935-5d7848c587a9","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":177,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"dcc0a07d-2e11-48ae-a11d-0bd8c643cf85","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":177,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"676a0a66-2bc1-4268-bb75-50f24c52a9aa","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":177,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"184ccfc6-3b77-4d15-914c-e138f4567c67","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":177,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"16cf4c04-e7c1-4780-bedf-ce9411b89262","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":177,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"b4c8af9b-7e48-4138-8658-2ba4fc646e3f","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":177,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"afd36602-3ab1-4d97-b08c-d50f37a0dac6","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":177,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"1aa359da-f37d-4c51-bb32-965ba6b9c0ee","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":177,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"58ff8952-14a8-408b-9550-692b931c985f","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":177,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"0ee62002-010d-4276-8f32-356cb508b7b0","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":177,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"871e72cc-2301-4754-a361-33b770768fb7","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":177,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"4eaa6786-c19c-4a90-8cd6-85cf53bddf7c","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":177,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"7c4f582c-2b2d-4545-b0b4-656c2f76ce72","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":177,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"f0a14cac-af42-4712-8c36-da3d0561929a","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":177,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"de6550f7-e633-45ec-b53e-da33f2f17a5d","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":177,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"b9e21121-8804-4ef9-a404-027fdd6524eb","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":177,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"a809cb60-78f9-4abd-b9ec-68eb42e34376","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":177,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"0a30c5ae-620f-4b50-a56e-c9903254a551","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":177,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"e9067128-56a8-4c02-83d2-8f9be2392d33","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":177,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"14517449-9d35-430d-98a4-15c3d5c2b9cc","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":177,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"8727f406-f1b5-4ef3-b92d-22f11c12a541","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":177,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"909cf952-305f-46e4-8377-9c7c0331a0d6","block_type":"box","text":"positions in its por tfolio (","page_number":177,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"2275d070-2ef0-4e30-810f-dcda99e00107","block_type":"box","text":"i.e.","page_number":177,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"fbe6d613-bf0c-44b3-80d2-e1f9d015ef0c","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":177,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"e2291659-cac4-4dc4-8bca-2665a2ec50e1","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":177,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"31e0a77d-133c-440f-a157-79428602ff2c","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":177,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"61ff6c59-22df-4358-8717-e47a22d26d2e","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":177,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"e162a4bb-f868-459f-baa8-a767c863fb3a","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":177,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"fac538e6-4c07-4e02-9878-16f9ab2b6e23","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":177,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"3333fa2c-f8b4-407e-8ae9-6c9cc2f49c71","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":177,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"7814d7f5-c8a4-4455-8d6c-8f585540b1fe","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":177,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"e34ea49a-ce9a-4623-a363-f26001a597c3","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":177,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"fd1de11e-6e06-4ffc-bcda-858beb743ff6","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":177,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"f3d6d1b9-97cd-4c0c-a39e-0e76ec062da9","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":177,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"801d2f5a-e382-407b-946c-452a6e5b5553","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":177,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"5a67be90-21e5-46cd-8f59-1c6833b1123f","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":177,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"85f2e8a8-f856-487c-af05-8da2f9848791","block_type":"box","text":"II-134","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"96baf782-b0ae-40fe-beab-4f6138cdb529","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1d007e0-d8d8-4420-92a0-3eb0998e1664","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":178,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"887efdaa-1561-4be1-a56e-483216ce694d","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":178,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"e1b8f781-b1f2-4482-9f91-0695cdcb931f","block_type":"box","text":"capital asset.","page_number":178,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"6e176f31-d0c4-4faf-be01-24b9be81eac0","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":178,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"5b3a100d-105b-43ac-a4a6-7427ffda4f9c","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":178,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"f1b06b53-83fd-436c-af76-60beee334358","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":178,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"8cc31f1e-0bf5-4197-9561-9d644ff76cc0","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":178,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"6a7827ed-308b-4c9b-89d1-1696324c21ba","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":178,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"b8e8f004-7541-4089-a0ba-5eeaf7c0b215","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":178,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"2144bcda-9503-419f-8a5e-3ce64161fa6b","block_type":"box","text":"Fund were to invest otherwise.","page_number":178,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"f6065c4f-4d7f-4af9-aff6-7a27d0d2d283","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":178,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"423560cf-ca0c-4663-8d4d-6a228e718d15","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":178,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"45e6ce21-1506-4d38-8fc9-26b771c1f6cc","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":178,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"c4c57f25-79e5-46d8-8a03-cec9420cccc9","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":178,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"95be8468-9383-404c-861f-daf65ab0adb2","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":178,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"c9badf1d-d747-4511-8ee1-fdddd6dbae6e","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":178,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"ef293fcf-0ab3-494d-bff2-ebdead192da7","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":178,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"4ec95bfd-ebbe-4d3d-be01-7b686e10ab77","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":178,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"7207423e-35f1-48ee-b4b5-17bb9cdfef5e","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":178,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"8f5227cb-0204-4aa2-a9b0-e4cba3bd70a6","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":178,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"4db27663-a17e-4f58-93b5-b03193900a90","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":178,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"0aa3c1d6-8f20-4d02-a9bb-a766c35b5f15","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":178,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"0a7a7740-6b4f-4a8e-8912-08f43b83ad3d","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":178,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"3bf674b2-a526-438d-aa58-953d4d0f5028","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":178,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"1f8eb5d4-045c-469c-b3a2-50ab5cd3d3e0","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":178,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"7221bdf1-9490-4703-9663-5535f4e80bf6","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":178,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"fcae01de-4676-49f5-813d-6953ae568539","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":178,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"da2168b0-d5dd-4c3e-ab26-2f91009522f0","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":178,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"76032072-e4a4-45b8-98a2-616f11becdbb","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":178,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"e46c0aab-d3cf-4903-aabd-1c065c11b450","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":178,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"9b50dbc8-aada-4ca4-8b96-8d29e2d3369f","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":178,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"b660e85b-ea62-48cb-be91-a4e2d10ffe5a","block_type":"box","text":"PFICs.","page_number":178,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"e71080b2-c5d2-47ac-81ac-064e4cd09471","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":178,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"3ae2c7fb-d6d5-4862-a94b-8af036fdef90","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":178,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"773a4eab-151b-49c2-9663-8b73161f5918","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":178,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"8d5057fa-56b2-4761-a0f0-82427cd3d644","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":178,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"478489c0-7775-4b96-bd3c-4a2764a6a713","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":178,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"278dcf51-513d-4b40-9912-616bd4cee222","block_type":"box","text":"difficult or impossible to obtain.","page_number":178,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"70ca4e20-8302-49b6-b326-d826b8a2f9a9","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":178,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"076d9f71-ebd4-4bba-b3b4-96046c00af3a","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":178,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"f6e00437-f6a0-4e37-a84e-07cec7d14210","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":178,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"ef46f42c-5511-4023-9f00-333582117f02","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":178,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"ab682abe-3e8a-402d-bf6e-1cadcc2e297b","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":178,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"5feb177e-4ba1-42f5-b021-ea4b303b422a","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":178,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"ed985477-e654-4ae2-8628-68320769880b","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":178,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"6ca6e95b-f233-45b8-9ba1-18b0a0ead8e2","block_type":"box","text":"Municipal Funds","page_number":178,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"c73d77e8-e22a-4bda-b5f9-bd022ab4a01d","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":178,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"906fbe5f-a84b-4550-b527-6da404a44d6c","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":178,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"f06ac38d-9197-4129-b740-398410de8265","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":178,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"ae6ee01c-f547-4559-a11c-15fbac8593a1","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":178,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"37cb395b-b7c7-4308-ac64-d1802f30f29c","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":178,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"57c99456-5eee-438e-aadc-a7ee56b03774","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":178,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"83211e8b-c531-4ac7-9d3b-beac99b595dd","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":178,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"5db62963-e8d2-4a14-bbf9-9fe3cbb87738","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":178,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"6f3d8c09-0d6d-48fa-9e38-732bf78d2b53","block_type":"box","text":"II-135","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"51f1f079-bcc3-4144-b6c8-1c7496a03cc8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a060e04a-005d-4e5e-8160-932a6e85f392","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":179,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"6818bd9b-7519-4deb-bb1d-8f2fed937ac9","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":179,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"53c66579-6d43-4162-ab4a-009fb0826c94","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":179,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"a5dd6aef-73f1-4cc9-a9b1-fa6545280885","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":179,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"e3e5a3be-1ba7-42c2-8fb7-3d2d1cbf1577","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":179,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"ad97194c-4ce9-4b75-996e-7659760a4c91","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":179,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"c50dc3d5-a45e-4f60-9c0d-ff87a88c714d","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":179,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"a10c05ed-a790-4765-a019-045f0e1f6dcb","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":179,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"2693146e-cd4c-4067-82c5-2e7de7a8ec6c","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":179,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"b07fc3ab-47e1-4a2b-8d8d-d073d055c9e4","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":179,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"74b65289-997f-49fa-8cc2-3bad182eff43","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":179,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"5d1cc157-aca4-4a84-b7af-fcd259f6b98e","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":179,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"03059f18-0d0c-47dc-b14c-92dd5f528a68","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":179,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"b9b4f1b3-98cb-4b61-8fdc-989191331a46","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":179,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"f5582bf9-9b7e-4fa2-aff5-467af1733209","block_type":"box","text":"constitute exempt-interest dividends.","page_number":179,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"a1565525-1146-40df-a4d6-4e2e34d43dec","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":179,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"208a9b4f-c499-4f65-ae3a-f83d05c3c2f3","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":179,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"d6dffa59-a6ad-4ddd-898d-5ae0c1e25a3a","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":179,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"6bec6717-613c-4fa5-8b21-3abb30d538e9","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":179,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"ed2c0e29-64df-41ab-83d3-5228fb85e619","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":179,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"2c412fb2-1508-483d-89fe-315bef794a39","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":179,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"e076b600-8f9c-419b-9795-1d2785f28a77","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":179,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"68695e0f-6ebc-48d6-970a-2fa1b1f4b65e","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":179,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"fc494a42-82a6-4170-8d84-b0e42bc31599","block_type":"box","text":"income dividends received by shareholders.","page_number":179,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"c1bac665-a49b-4173-83de-c3b7c86d545a","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":179,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"fbed6269-0498-4a15-884c-2ec0d0f2bc1a","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":179,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"573ca551-7cb0-49cc-9707-948a9de06ad5","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":179,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"6343debb-0d5c-4b10-b970-8873ec265308","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":179,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"1b4a7934-1616-4398-aaf8-9c3a7992df3a","block_type":"box","text":"the accrued market discount.","page_number":179,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"315f87fd-3f39-4ad6-9de8-6f52bbf0e7f1","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":179,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"d2f75d3c-4e7f-4a2f-bfc8-814d276ed621","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":179,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"8adf36fb-da88-447a-81e1-0efce2309b7a","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":179,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"9fd10a4a-ee4e-48c5-9f9b-83332c3dd840","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":179,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"612744f0-d4f9-4885-a5bc-39ed152053bb","block_type":"box","text":"e.g.","page_number":179,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"7db94d28-e8aa-45bd-9669-8916813f53fd","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":179,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"3967d722-e4f8-4883-81d9-17f3a0804a30","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":179,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"ec7f257d-2699-431a-bb9e-eb2cb9d9bbea","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":179,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"017cb6a3-abf3-4de7-9ea1-bc6b0b21aa4e","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":179,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"d44b856f-0bac-47e1-ae09-d7780356d40b","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":179,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"b5b9d979-f23e-47d4-b40b-c61d220adabb","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":179,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"643589dd-c585-4a26-8c76-cf7b0c36b742","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":179,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"aa5ee382-b2fe-48f8-b409-1cf600264a87","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":179,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"7df6e4f9-e2bd-4313-8854-a3ffc680475a","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":179,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"e3161708-c8a8-410a-a602-b31aa9dc0b68","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":179,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"6c9a7894-09a9-455e-a74e-94c52d876585","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":179,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"ecc5276d-cbd3-4b59-9ddc-7f868cba8b6e","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":179,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"1c29db74-c7ad-44ff-9890-3b8a2a4e7c42","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":179,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"7859d50e-67d9-4179-aee4-8939697aa7fc","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":179,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"41ea474c-2ec4-46d9-ae93-edad41be6325","block_type":"box","text":"within each applicable state.","page_number":179,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"0c6dd074-fec1-4b7f-a86d-a6ce1eeb5af3","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":179,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"b4d338b2-ba0d-4132-852b-1de589aed0ec","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":179,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"40dc1710-c39a-40f9-8849-10d697cc9bc7","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":179,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"53bddad8-741e-4bff-b23e-5ce60ce8325d","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":179,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"fc338434-4e0e-4a1d-b616-c639bd0683bf","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":179,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"8c04e43a-8c0a-4279-9014-21d654b74bdc","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":179,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"a9a87db1-6325-46b7-af08-c12c5d43f1c4","block_type":"box","text":"II-136","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"16be729a-32fa-4bb6-b933-d33100d61fb7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1eee231e-d30d-4a90-a8ac-837ff9a31abc","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":180,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"8c88f4d7-2986-4cb3-95de-e878f836d10e","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":180,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"ce678bd8-b32d-4061-a9c9-42d1621b957a","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":180,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"a21313c3-3c84-432f-a2a9-d1da16637733","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":180,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"20de15f1-06b8-4e63-993a-66ae9bd8fc77","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":180,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"e1adb46e-01cb-476a-83c0-10850585c50a","block_type":"box","text":"exempt from state income tax.","page_number":180,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"16fde641-f6c6-45fa-854a-d2979f89ea45","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":180,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"d25c333b-2c16-41df-a49c-08634110773f","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":180,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"9306348d-d79a-4a8b-9ee0-462b0753a7d0","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":180,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"c2b89dce-b6d1-4fc5-af0a-8f84f45df48b","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":180,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"4075d0ba-8fa7-4b1f-804c-8da2cc7008fd","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":180,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"74618342-5570-4cc8-b7d2-802592573b9c","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":180,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"480cff44-878e-4c48-be3b-aefdc9bf2edf","block_type":"box","text":"decisions may have a retroactive effect.","page_number":180,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"cd896754-f73c-4775-94f9-976a817580e9","block_type":"box","text":"PERFORMANCE DATA","page_number":180,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"c9f64a8b-41ca-4305-b152-58457288fe91","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":180,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"398f166f-5b96-489f-9761-03f4ec16013e","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":180,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"8339196d-cc1b-4061-9bc5-c7ff1ccb0f94","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":180,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"54f42e58-adc9-4cf0-b98d-48acb78a82cf","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":180,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"62fb1818-2ba3-4e58-8b74-3f254e45dde9","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":180,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"06754870-b2d6-4a51-b6b8-13bb41344207","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":180,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"e4e8663c-8040-4cfd-9af6-42b18b4c27dc","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":180,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"072af1de-86c1-40fa-9128-4bf5b5fb310f","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":180,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"ae798e4f-ca39-4b13-a1f5-d3276b0aa6d6","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":180,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"7bc5a58c-f059-4f70-8216-7a30517b1261","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":180,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"4c574ec5-648f-4c92-b325-0b105cab5648","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":180,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"13c0aa8e-47ef-410f-b153-921fa8a9a6af","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":180,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"06e9bf64-05c3-493b-a1eb-c7eab122e62d","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":180,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"928ca250-181e-4ebe-a6d0-ac6202a05975","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":180,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"aa09ec1b-3c1b-4dce-bf2f-92b43838b425","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":180,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"98e19eb6-b631-4765-bce5-60a30592147e","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":180,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"def90aad-d3ad-476e-9956-796c0c2d481b","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":180,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"59de5b05-c7f4-4400-9800-2015086e02c6","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":180,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"1e51e87c-b646-4f84-907d-9375e090f2fa","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":180,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"db1f3cf8-3412-45ce-8771-a56e52456dad","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":180,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"38bb3046-abec-4bb6-b69a-9f201c35f3f4","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":180,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"a4c7da41-3eb8-4fb9-aa95-643fd2acd12e","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":180,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"2eaaf4a2-5b6e-46a7-b69b-882f19e7cfe9","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":180,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"c863a710-aaa3-44c1-a25e-b822979754fc","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":180,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"5882b844-1b5b-49b5-b84a-12a5e8c14752","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"7666dc5a-d22b-4f5b-9d12-a435b9a1f8ac","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"24d061ed-8b84-458f-92d2-8e8348dc5b69","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":180,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"7b878603-0f49-43e6-9fac-530fa47ea7af","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":180,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"33a80614-9503-423f-b634-208d9475c032","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":180,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"044ef768-cdfc-4155-ad7e-91a6dfa0b2de","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":180,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"c7302b33-dd5a-44eb-94c7-34bf268ff21e","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":180,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"35c56836-396b-4d48-a675-96c1b9f23bca","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":180,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"4ffd98ee-8b11-41ee-bed7-beea3e73895b","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":180,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"0954423a-8eb7-4f87-b1b9-5cb0a2788ea5","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":180,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"5c785183-cb56-4eaf-b39a-b4028fcdf339","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":180,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"50b1e766-81ca-4ec8-85e0-20831e646a7a","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":180,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"5ccb5482-32fe-4d6c-bfb7-d91bbe48bfcb","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":180,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"2e89f403-62e3-4c2d-974a-f6e6d32c126e","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":180,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"d1831532-a20f-4e9a-8f9d-b5a34073aa9e","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":180,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"d13a610c-7de2-46fe-9577-e934f0546663","block_type":"box","text":"II-137","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b796fc1a-e5f8-4748-9579-ef1472c14a47","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9768fe6-3dfb-4e54-af4e-affbafef8fc0","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":181,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"0168bf8f-4796-4cd9-86af-988b5c40e218","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":181,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"1d698180-a518-4604-bd80-af01654d25f7","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":181,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"09cae3d3-af5f-452a-b286-609adb2c5c38","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"2a46eda9-9a16-4ea0-8d46-8a36f1257c8d","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"02234d11-ecfc-42ac-9a64-3f32350f70c9","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":181,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"3a136c37-cd58-4857-b04f-18943f5f5aa4","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":181,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"a8717a17-3a05-4540-952e-d8afa6fd30e9","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":181,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"b6499a90-1128-4c3a-bb92-0e59398ed100","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":181,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"d049ae78-3e34-42a0-b383-afec92906259","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":181,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"6565747a-c42b-41ba-8718-907d3c918bd6","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":181,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"3d31ee00-5651-49c3-9155-164a0ef611fa","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":181,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"26acf853-e89c-4db5-b17f-9b0024c4cd2f","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":181,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"be71bdf9-8bc0-4630-9e10-b392c96c71aa","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":181,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"f9411bd1-081f-41c9-9e30-0674db0246d5","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":181,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"4b7bec7b-840f-4ff6-b7c4-ba20e6dec8be","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":181,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"a645a050-ee73-452b-a1af-dfea19d1c7e9","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":181,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"6189e8d8-6b8b-4cdc-987e-aaeef530d894","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":181,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"52916104-5127-4f8a-839b-55b018198f11","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":181,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"0068cfd1-fff4-4cd3-8fdb-228dfd1da655","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":181,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"565916af-b9f5-4e52-8731-10e1fc8151bc","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":181,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"a5d7d315-36c8-48bb-b472-f068852687b7","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":181,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"5beb7fd8-ed06-48b7-8fe4-c2ca12852ef9","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":181,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"89b2d5c7-89e0-4320-9609-4d5dde458f3f","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":181,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"46ca180d-7109-459d-ad70-517cbc9b2db1","block_type":"box","text":"less than their original cost.","page_number":181,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"6f66826e-d9f1-4113-ad78-6221e59a41d6","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":181,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"2567086e-2fef-448f-a1b8-a7fc966fd85b","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":181,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"fb76b2aa-e12a-4095-8e9d-66ba62e24ec8","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":181,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"17ccb3fd-6083-4e6a-a6c1-64b55e2ce394","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":181,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"2cc3d8ad-fed5-48b6-8d86-077dddbe0e00","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":181,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"a14550bf-1d5e-4ea0-896a-3d63ee05c85e","block_type":"box","text":"lower amount of expenses is deducted.","page_number":181,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"bc880b50-ca1b-44ea-8274-3d0d3000ccba","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":181,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"22614bf6-b39a-4dd6-ad2d-9db7bab14b31","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":181,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"33e98513-5fb8-421f-825d-c60eb53b8b0b","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":181,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"3ebb7802-b9eb-4a72-89ed-a7faed312c97","block_type":"box","text":"Money Magazine, U.S.","page_number":181,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"d01eb540-21cd-481e-9dff-ee6830187713","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":181,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"15513bfd-236c-4949-bda7-a045e8d84582","block_type":"box","text":"or other industry publications. When","page_number":181,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"3921b4a9-26fb-4fba-8dd0-d67813e8c815","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":181,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"653385a6-0099-4da7-ad49-7ee7d3f09b41","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":181,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"8b62d061-9845-4169-b570-efce0164ed89","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":181,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"c30c4174-d8e7-4dc1-9472-7c68507366f1","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":181,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"625bc899-869c-4c0e-880b-2aa0515d03f5","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":181,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"d6f51bd0-c149-4208-99c8-589dc9969fd0","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":181,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"37b84d0c-d97f-448e-b961-b57224e11943","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":181,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"0ebb833e-9532-4a05-b7e7-2286f57cb91e","block_type":"box","text":"developed by Fund management.","page_number":181,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"1a06f997-6cd5-4ec9-9c9c-3613081d568e","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":181,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"a278da11-e0ad-4694-895f-e7a793b83767","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":181,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"5894b79d-b52f-4786-b38a-186c1b7d016e","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":181,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"91e73d1d-6e47-424f-b4ff-34a79583ea95","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":181,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"8d92f6eb-1880-4f1d-b8fb-f8e3a4fbef41","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":181,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"d2ee5807-caf5-492e-a4f6-a85b6edf8331","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":181,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"5587a0ae-19a3-4334-b48a-669a4e93558a","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":181,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"fe097ea7-9941-4e74-a72e-98970d17b959","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":181,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"77392110-f566-44a0-b8a0-7c8cdec06ea9","block_type":"box","text":"II-138","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d1c5776b-5819-4fac-8a3c-aaa02467abca","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c19ced10-9181-47d5-99eb-cea751921390","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":182,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"bd0f36f0-b781-4ff0-9bc2-09961d5f76b0","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":182,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"182ed4fa-1a17-40b2-af32-7043e57be525","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":182,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"676ed5d4-5e18-4cd4-8aa1-65ffcbe81bc0","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":182,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"8adbd0a5-8c31-4480-81d7-c8cf3c3c2094","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":182,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"fa2147f4-61e5-4b4c-b306-3af233d87691","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":182,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"708891e6-5356-47f6-b388-eb14589a54fb","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":182,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"9cfefb9e-fc52-4f0a-ab89-0baf5571ea54","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":182,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"941a5c2f-cb28-49f2-9e6c-7d67c1aec804","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":182,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"4fd1d985-0dbf-4204-b6a8-4e709df963e6","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"8ce2f5bc-f66a-4f0d-8716-ab525b44d3d9","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":182,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"90c4c05d-7f68-4449-af16-3586acdc1d8f","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":182,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"98bc7509-46a5-45cd-9281-7d853e8bf631","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":182,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"c0e3aae4-5182-43fe-a199-3f49608a00e5","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":182,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"2f0c945a-fc63-4686-889c-9243039de916","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":182,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"af0fd9cf-aa28-431f-b0d0-6496b0df6692","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":182,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"b7f2d32e-7277-4d5e-8846-2ab44063dc54","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":182,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"04c8e428-41cd-40f1-ac46-5f4aa0d1c644","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":182,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"6792b3d0-c6fe-4ddc-8771-e379708e1b5a","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":182,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"60d4b74c-1780-48e5-9d36-a7b09483d0fd","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":182,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"d936b699-af12-49dd-a992-8d6b09a90ed8","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":182,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"7050f665-bb64-425c-b50a-d6413cfdbd19","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":182,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"b1753023-2fa9-4b11-810f-81bae95adc4b","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":182,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"c52748b1-95f6-4ff3-81a0-b2526b939daf","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":182,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"18977ae6-7644-4d7b-b6d2-65b392e2d927","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":182,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"f7ad1068-b5d2-4e52-9734-4e657e4d7df5","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":182,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"9457f1c1-63cc-41f2-8310-5a4392e22906","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":182,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"0955169d-3125-42d5-8f6d-6e3fcd5fead0","block_type":"box","text":"GENERAL INFORMATION","page_number":182,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"543a776e-2497-4526-8940-f351c6f6bd56","block_type":"box","text":"Description of Shares","page_number":182,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"370a38f6-6274-4e06-89b5-ad5eba91c0f7","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":182,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"b337d24f-7aea-41bc-a34c-ca4c84117870","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":182,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"48cba92e-f433-4356-ac24-cd05012cf72f","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":182,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"c917c660-15cf-4cdc-bc9b-1371cac18496","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":182,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"bcb75c58-a386-49a1-b03b-c7428a99eed4","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":182,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"e0750904-6f29-41ea-9d6c-baf9f9530d83","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":182,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"3e05e820-46ab-4756-b1c8-3f9dc4c2e22e","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":182,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"8a6ee3fa-803f-48b3-ac1c-d8d59fe88a30","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":182,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"c4965aab-8d5d-460d-b9e1-362876cad3e9","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":182,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"0c94fbbe-a246-4617-9190-c4c9aee1548c","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":182,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"162bb451-6631-49b5-a3fc-93dfad18854b","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":182,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"fa1e137b-4dca-4188-b5cc-902b7de799f7","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":182,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"577fa675-a4f3-4ac6-bc6d-7b633b841965","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":182,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"2e3baf83-e087-4994-8b3c-12cb8cdbf36e","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":182,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"1c044671-f93e-4500-9dac-ce012243e365","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":182,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"e264945e-ac5f-4177-a477-c788f72f2f41","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":182,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"bed28a19-28b0-45f1-9d90-d24735e9691d","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":182,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"f34b2f85-917b-4c15-a09c-2eab884d0377","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":182,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"a8a4212d-a278-4183-bcd9-6ddc2cc9f406","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":182,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"cb58b506-90a3-4b10-9ff3-6239ec06efa5","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":182,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"9b4d9efa-20ca-4bd3-83f0-0031d888e637","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":182,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"19ebf766-515a-49e3-917a-c1d6242158a6","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":182,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"82d31a60-6d15-44b9-845c-29b47d66908a","block_type":"box","text":"II-139","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"145e5799-6f94-4869-904b-5fc7fa2eda54","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7535d062-f863-49c6-aa1d-1e6f3f5dc05f","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":183,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"a1c80804-94a4-42b5-befa-1d6fc7fe2823","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":183,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"be78556e-cf78-476b-8b06-9f10c328f2fb","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":183,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"9e930992-14c7-40f6-8715-3734275ef68d","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":183,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"bc31a53b-84cb-4b9f-95c0-6cd4eddfeeb1","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":183,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"2a5c5759-dc42-42d8-af7c-9bf2111c22c9","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":183,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"84e3441c-df12-438f-8a90-d53aea214e3c","block_type":"box","text":"Additional Information","page_number":183,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"51a978e8-20ec-4df4-8680-43208f96a7a9","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":183,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"cec098f4-7176-45df-9381-ceae634b4b34","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":183,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"946ff61d-7cb6-4bdb-8986-04e621c3b0c5","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":183,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"a50f12cc-963e-44ed-8e5a-32a71ccf85a6","block_type":"box","text":"such name to any other company.","page_number":183,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"6798a158-4160-454b-8757-2d464b9c98d0","block_type":"box","text":"II-140","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"70a65961-a47b-483f-84b6-ebcd5af49864","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d708ad5-cc1f-4e41-8b37-a37f227a3d72","block_type":"box","text":"APPENDIX A","page_number":184,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"3db260cf-75be-4f43-91b3-4955a1dd7f38","block_type":"box","text":"Description of Bond Ratings","page_number":184,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"091811ba-6ca9-4231-a61a-a06debe3ea13","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":184,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"8366e4bf-cc5c-4943-9814-ff60de64e11e","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":184,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"6e8b70ef-21a3-4f07-95fe-5399ba4d2c99","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":184,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"860a0a91-d01d-4d03-baa5-5605801dc994","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":184,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"2de205ed-87e3-4efe-a781-3aa41ec3ff9c","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":184,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"1db7109e-96a8-402e-8b34-817490b53c42","block_type":"box","text":"NRSROs may rate specific investments (","page_number":184,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"52a84626-98c3-4cce-8328-38e20273da88","block_type":"box","text":"e.g.","page_number":184,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"1e830cf9-1c88-4d61-8c19-8c5db91fb7f8","block_type":"box","text":", bonds), issuers (","page_number":184,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"14f9de70-1b63-4f8d-a12a-59f9017aba76","block_type":"box","text":"e.g.","page_number":184,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"8be50e45-953e-4f4e-a931-a0b921e913c6","block_type":"box","text":", corporations, governments and financial","page_number":184,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"69549d66-ef85-400a-b099-2b6be444bc20","block_type":"box","text":"institutions) and/or programs (","page_number":184,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"f76a0e07-e228-4dcd-9cc5-f71f67876ff3","block_type":"box","text":"e.g.","page_number":184,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"cecfe11a-bc5c-4fd5-9f0e-99658fafd7fa","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":184,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"2ddf74af-0af1-478d-a593-948e7a98e5a6","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":184,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"06c5c958-7bc3-44f5-b7e9-e6cff14decff","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":184,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"e5daac64-94f1-4e2a-a0db-1d78b2ed5931","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":184,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"6fc06568-8d0e-44d2-86aa-96ffc4072151","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":184,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"f30804d0-f7d3-43ed-b880-f0887c8f759e","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":184,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"5217d718-e8a3-4f73-9ca4-8abf4bc1318a","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":184,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"b4b103f5-48f2-4b50-95d6-e01f5fef88ba","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":184,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"9d2b19c8-faa7-4f89-a476-2a06eefd161c","block_type":"box","text":"security (","page_number":184,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"18049c04-1b4f-4364-b35a-888228861e17","block_type":"box","text":"e.g.","page_number":184,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"ae64f4ae-9f06-46da-b3b9-392798322a44","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":184,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"78bf42b8-e4f4-43fb-8bc1-5f33a7e4635b","block_type":"box","text":"highest of the multiple ratings.","page_number":184,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"246986cf-254f-4760-80a5-a65420be4274","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":184,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"05a992f0-d6b2-42ee-9fdb-05e971a3b613","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":184,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"c55c5967-9d02-40d6-9e8b-44c8ea1b11bd","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":184,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"bea0c236-00de-454a-abd7-bfebff82ee0c","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":184,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"aab5d709-ec78-48d2-91d9-ea5cdbd8db51","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":184,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"956f9701-5dee-4d21-85e7-ac7f65e8119e","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":184,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"ea209541-226f-46c8-9250-6c08c99c1a0d","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":184,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"fb54658e-8c3a-4393-8b52-e888d7d472b4","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":184,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"dda6149e-ef69-41a3-b962-a1918ea62f7d","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":184,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"e55f212a-e8e7-49ac-8146-1f081463a100","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":184,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"87b6a546-be04-4d62-9d4a-626b76238165","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":184,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"70f102e1-a143-44b2-ba94-cd58422331d9","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":184,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"791f1652-802f-4413-8c90-887934001632","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":184,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"83d4cd68-7899-41d0-88f9-afc6462e80d2","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":184,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"f5ef7467-cf2b-40cd-9ca8-c7233ed8e44f","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":184,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"64c3b82a-fcd8-4756-b999-98319fd52fd1","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":184,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"4f698a0d-56bc-4b16-8a55-c3824cd7be24","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":184,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"0f6a74cf-3f42-40e8-af82-259bc2d406f8","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":184,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"45af928e-ad02-4170-bb99-d2a5b439e12a","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":184,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"4daaf05d-6177-493a-8e7f-d34435590d9a","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":184,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"bd112310-0908-4494-b51e-b9746aafc34b","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":184,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"08366fd0-876a-4085-a721-123e4cdc32b6","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":184,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"f4c8cbed-53c7-44ea-891c-37792384cf69","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":184,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"65f27c37-8a74-46fe-a26b-7e731caf990d","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":184,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"b560bf24-1f00-456b-8791-207ac8e9abff","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":184,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"0ff817f1-9560-4114-b351-b1f1dabd5b1b","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":184,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"9a593fae-331e-4d28-a99a-a305e02ba63a","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":184,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"44643530-6569-4b33-8225-933e5e8ef4d4","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":184,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"965a54c6-4257-4690-b225-1e1afb56529f","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":184,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"e62be26f-0717-4de8-a670-6353292c67f2","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":184,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"4cf6e58a-9de6-41e1-abe0-f2529850f536","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":184,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"57f9f211-f007-449c-9939-9019d417688e","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":184,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"779bd19a-70d2-44f5-b0b6-068b4c68bea5","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":184,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"2cd3ec3c-cde0-4ccf-ae88-877fca42760a","block_type":"box","text":"upon standard sources of variation (","page_number":184,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"96e46a16-8d05-4698-a978-f6829d43d4be","block_type":"box","text":"e.g.","page_number":184,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"585d1daf-04b0-4d4d-aecf-7ffd895d8aad","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":184,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"f0c59813-6e7b-4d49-8561-9052fc42d8e8","block_type":"box","text":"A-1","page_number":184,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"80fc12dd-3792-4124-94ab-875c083d8fb9","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"158ee53a-7ea9-49e1-afdf-2fd6a3f8f77f","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":185,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"1ee83b99-ed29-488d-ae43-885dcbc7ae65","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"d95270e1-0db0-4f28-9139-a41607ed2972","block_type":"box","text":"e.g.","page_number":185,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"e56aee82-44b8-4f5b-9dbb-1a086e580fd5","block_type":"box","text":", equity indexed), absent","page_number":185,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"24217d94-1c82-4b5e-8457-c1ea9012adc3","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":185,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"6ae68910-b409-4fd5-b503-89be269c334e","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":185,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"18321bd3-3e83-48b2-ae71-62b6592bae66","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":185,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"5d1036ca-f05a-4523-8a7b-786dafe0f784","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":185,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"a78add75-b414-455f-91b9-1a85e3121755","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":185,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"5874b2e6-6aad-4fbd-950b-d0542ea36293","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":185,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"0533c042-3dbd-4cde-b93a-aec8ebfa1240","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":185,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"f050658f-8509-4644-8372-fb829b0b7dba","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":185,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"7c01dd22-a114-4d68-8dc1-6bbc0430f180","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":185,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"950f5127-45a3-4ebd-8ce6-7f4275aaad9f","block_type":"box","text":"i.e.","page_number":185,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"25ea4b2d-40a7-4df7-9302-aecd95cf1f7e","block_type":"box","text":", ratings on nonfinancial","page_number":185,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"c8422c68-8261-432a-bebb-b8ebcb3367ca","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":185,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"7b18d9c6-a709-448b-bca3-fca651c7365d","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":185,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"108e35a4-9641-4803-b409-0d7919157c79","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":185,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"03d9f5e5-1dc6-49f2-9ff1-8d5f69100194","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":185,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"e5a1783a-00cc-4013-8445-f9487d1a726d","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":185,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"ee6eef32-1e80-4285-82f6-49bcba30b287","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":185,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"a62e19de-98ca-4f69-bf24-d2cf5b74c842","block_type":"box","text":"of time.","page_number":185,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"dbe17f73-ad51-4d9a-ba59-20d9a8a0755f","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":185,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"8b48c551-05a4-47d6-8017-931fbb5951b9","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":185,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"c86da1b4-623f-4d0b-acc2-40cc65bbbca8","block_type":"box","text":"risk.","page_number":185,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"9df4ce2f-fa74-4936-b182-34e070a96f86","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":185,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"df08be97-1fa0-4bd6-83f6-43b25ffffaef","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":185,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"38e721a3-6c06-4d55-a5a2-861e97bf3d63","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":185,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"7d1134da-ffa5-4796-b6c9-c0953a04b88c","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":185,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"91b7ec3c-14db-4886-8fe8-9c6b8bb4702d","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":185,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"76b983a6-c56b-4e34-9fa4-275613c9f774","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":185,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"f27e839a-7aa8-4149-91ec-3beebfcaeb79","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":185,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"f50da57d-ea26-419d-ba4b-ee6cb0cc3655","block_type":"box","text":"credit risk.","page_number":185,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"835221bf-c1a6-449d-8f89-aad9741a45ab","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":185,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"5ccf649e-6803-4a4f-aca6-fdc3e43b2308","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":185,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"e6226e4d-7228-4c0c-9938-a0cfc9427c31","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":185,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"2827bf77-4a8f-4be8-bb61-8bb5e7544b02","block_type":"box","text":"of principal or interest.","page_number":185,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"8c498bd4-a364-45bd-99d7-5fde87f8f4fb","block_type":"box","text":"Note:","page_number":185,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"e393f263-1d87-4a35-9c24-e54d5973c2c3","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":185,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"c58aa4b8-3873-41cc-b290-35930618896e","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":185,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"02bf7716-138f-4174-8be8-b2f22c2eb7a9","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":185,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"a8961ce5-22e8-44ac-897e-9f946c266c74","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":185,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"9fd9075b-b9b1-47a4-be2b-b8760935e92d","block_type":"box","text":"companies, and securities firms.","page_number":185,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"d27dbad9-8f1a-4e12-aca2-a382a864466e","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":185,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"cc7d0e17-9a97-4eb8-9d9b-5a6d2a51311a","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":185,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"c0bc26c7-7dae-4d12-9b83-2b9ba541cee7","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":185,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"b78d2684-31d5-4b15-b8da-6be9b35116b3","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":185,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"ade495d8-3e7a-4e6d-b8eb-4ceddc4a1ddc","block_type":"box","text":"that security.","page_number":185,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"c812851b-18c2-4808-8459-5092dd11187c","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":185,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"a716218d-053f-4d4c-ae23-7ee37fe296fd","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"9c979b01-89f3-41a0-b7ff-c4e1635cb75f","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"522a9c2b-c222-4261-8f97-62f1fc24c48a","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":185,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"1b36c932-e4f7-4693-85cc-570c635f2c52","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":185,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"225e734a-909c-4a3d-b1db-308df355dd5a","block_type":"box","text":"categories.","page_number":185,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"4c148ae4-d974-45c1-989a-1f89656364ec","block_type":"box","text":"A-2","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ef95443f-55f8-4155-871b-e67059577851","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"229fae2c-2743-4e34-9794-720364f713f3","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":186,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"6afa72ad-9598-4ddd-84b2-94273ebb5644","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":186,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"17f3e7cf-946d-45e9-8e87-c94bd4663d30","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":186,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"3c8c4297-c8f0-4c96-abc4-55297f226d0e","block_type":"box","text":"an issuer’s self-liquidity.","page_number":186,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"12f35878-fb96-4491-93c7-2f16b16b1fb1","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":186,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"5a1271c1-4fe6-41c9-829a-dfa05f5d55c3","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":186,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"1437b253-3f78-4ddf-af91-15cf5abe9a10","block_type":"box","text":"MIG Ratings","page_number":186,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"b0172aa7-b24b-4bd7-818b-55eaf6f1cbc5","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":186,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"120565cd-31e0-42d0-b593-0c47925ee365","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":186,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"72ff5d98-fd1c-48a5-995e-a74a0fc1268d","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":186,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"d0c0d703-3607-4ac5-af60-e1101f6d2794","block_type":"box","text":"MIG Scale","page_number":186,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"6a756f7c-ee09-4bda-a4f3-8c79eab974d9","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":186,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"79e604ba-5253-429c-bd72-b21647d283a8","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":186,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"21185de6-d4d9-4cf6-ad72-e11219404bc2","block_type":"box","text":"refinancing.","page_number":186,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"084c4b83-1af1-45f7-be85-ae32909820b8","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":186,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"6ecbcfd7-0b02-44c8-ab4e-8da77f9e1a21","block_type":"box","text":"large as in the preceding group.","page_number":186,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"c4b687c3-1a4a-4cec-b836-92aae0f031bc","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":186,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"6bc6a032-280a-4ca4-af71-cd3e37cada83","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":186,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"fb03d1be-0767-4fe6-a2f6-0a99dd64d9bc","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":186,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"91a9a281-fe5b-4c38-be00-008ac4041588","block_type":"box","text":"lack sufficient margins of protection.","page_number":186,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"034d7453-c5c0-4412-8e91-8958e6c444f7","block_type":"box","text":"VMIG Ratings","page_number":186,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"752cbc5e-bc2d-44ac-81d6-6bce073f2478","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":186,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"20b077fb-6260-4dad-a41a-577af56703b5","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":186,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"f7a677bb-c4f6-4270-b273-b53a71414615","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":186,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"21bf3b52-72d0-419b-ace3-00680819bbed","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":186,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"f1960a15-fe6c-4052-b493-6b50c0a3e2bf","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":186,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"59fc851b-99ac-4dc0-a2a3-604c8386971d","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":186,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"e626776f-4aaa-411a-80e8-dd917f089c27","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":186,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"9839d711-bcb4-4508-94b8-7090239cf287","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":186,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"1930fc6f-9441-403b-ab35-5554b6cca9b0","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":186,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"deba6b70-88fc-4fe9-b6c0-168b314be1e9","block_type":"box","text":"grade.","page_number":186,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"413e0598-5fda-4f57-bf49-6b67cddb23f3","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":186,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"59f2229f-eac9-4677-8009-11ce4d6599a2","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":186,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"240d2196-daca-4e77-93f5-624454258a29","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":186,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"27e67e17-107e-431d-a93e-8d56ab952244","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":186,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"f241a5b3-39c8-4306-b914-81428df926fd","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":186,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"6f740b27-2f94-45a6-862f-86728c383424","block_type":"box","text":"liquidity of the corporate obligor.","page_number":186,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"d9b38dd3-d999-4ffd-8ac7-879eba5c286e","block_type":"box","text":"VMIG Scale","page_number":186,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"3eefda4c-b3d3-48c1-b988-0b9986680cc6","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":186,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"d0f11630-6c15-466c-ad40-483e29d31e0e","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"2accd1dc-6221-4e89-8871-ccd3d11a7903","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":186,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"d8a1b1e9-46a0-452d-8aed-40def690751f","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"9e8dbc08-5e2f-479f-bac7-7dd5b475604a","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":186,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"24ee93ae-88f9-48ba-8c42-bed41322ae27","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":186,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"996be37d-0de8-441f-a63c-9706d3e78569","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":186,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"46721086-add9-4237-b4ff-80f6d0024dec","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":186,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"2b3a358e-5ddc-451e-9d51-0cac35002b70","block_type":"box","text":"may lack the structural or legal protections.","page_number":186,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"eaa70d6a-55c2-4217-afb4-73599d17bcc2","block_type":"box","text":"A-3","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"108d2085-8eb8-477a-9551-6388eb2dea2f","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d191792-d778-4b4d-a07f-314146fe5d79","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":187,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"f6257220-bf18-4168-beac-46eee7eb01d7","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":187,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"35898341-b417-407d-9cc6-7061301c369e","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":187,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"5b8130ba-a708-434f-89a4-b0338e3cf293","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":187,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"d08de79c-2ad1-46d4-bb6e-d781a57b73b5","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":187,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"1b43c3a8-a085-413b-bf16-8242c11871f1","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":187,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"db926139-fe31-4d47-b5af-4fedefff6688","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":187,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"7ba2f391-de97-4cc7-a260-11ceae2f1359","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":187,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"a8795507-bf78-400b-a288-a895377189cc","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":187,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"c0767ec7-f2a4-4c75-96e5-e6c12ccdaffc","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":187,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"3cd5d8dc-8802-4cd0-9ab9-33762cf93d6a","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":187,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"a83b7452-7592-48df-abfb-f4dabf016700","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":187,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"1320bc01-9153-43f5-a570-9b13f0c8b47a","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":187,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"c8a803eb-a24d-4383-8660-c93dbeeec3f9","block_type":"box","text":"from these guidelines based on market practices.","page_number":187,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"c73e9f24-6bfa-4913-b980-fe6b7e5249ba","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":187,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"f71e43f7-2a19-4a8b-95cb-2850ca79b98d","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"d3f968ef-54e6-461f-b8ff-2281ebc7d645","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":187,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"f2d4e5f6-2ade-4765-95a5-2faed6432eb0","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":187,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"52e39093-d837-4e5e-a29c-3705ecf072df","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"c739668e-6d9d-4770-89e5-1bfa2168aa4d","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":187,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"6e846c54-4aec-47e9-9289-b1de4b5b9adc","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"7d1f8160-db9d-4e6b-b93c-2dfa9d6fedb7","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":187,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"915bfa1c-a373-4712-8381-e320066f57d8","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":187,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"c6583c6c-f608-4320-a96b-5d4ef37bc0eb","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":187,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"64c4ddc0-8e62-4e4d-95ab-6daf1886ce03","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":187,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"ba2e76ab-0506-41c7-a9ed-52f319d5ce7a","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":187,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"77e3df16-d0ca-402b-8a4f-2136cb9c23a2","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":187,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"63ae337c-9262-4952-a7a2-68bc12fc7852","block_type":"box","text":"obligations.)","page_number":187,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"615d4731-fc88-44cf-bdd7-e98e3557a199","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":187,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"c0a06b81-4c85-4023-8e86-c5008095c323","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":187,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"88cea807-613a-4901-9796-d6152d8f1d99","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":187,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"5fc43c40-fb60-4aaf-b7a4-468614de02b3","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":187,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"b7d84f42-a6d0-434b-9155-e9a8ad0b0d97","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":187,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"5285a0ff-6e70-48e5-92f0-38998b364385","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":187,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"ddd4ca86-97f1-4eb3-994d-fee09f7b6ef6","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":187,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"6de301c0-6b3e-4b7b-ad87-dc70764228f3","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":187,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"fc46b9a9-e741-4e20-8e87-07ea1005de9c","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":187,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"e3173255-d022-4ea4-9ed2-504fbb98f1ad","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":187,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"ae7593d9-f536-42d8-b665-05da8e99ddfe","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"c1d09e97-8a7c-4ae9-87c9-7a5b44c10607","block_type":"box","text":"BB,","page_number":187,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"c9e19189-2c9b-4a83-80fb-722e0b8323b1","block_type":"box","text":"B,","page_number":187,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"c333d79c-72d8-4c79-a1a7-9d612d8e758b","block_type":"box","text":"CCC,","page_number":187,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"5af357f8-1135-4c58-9426-a42b218139e7","block_type":"box","text":"CC,","page_number":187,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"c849a2c4-7568-45c0-86eb-218a05e67344","block_type":"box","text":"and C","page_number":187,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"1717e03a-a4a5-4786-99ac-db8b08e6f289","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":187,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"237bb999-4690-4f4d-8194-4f9ebc4ccccc","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":187,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"14d19e31-ce0b-44ed-9fe4-0c751ea16c34","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":187,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"460a2143-76d7-433f-b712-04760d7bf26a","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":187,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"b3f055c4-f36f-4b30-a550-2bd9a886213b","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":187,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"727c1dd3-14b6-4efd-be0a-0e7610337b6a","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":187,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"f7ce64fb-81d4-4f6d-82f1-164a4cf990cd","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":187,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"cc33e017-0cf9-42c7-a7f7-889725333343","block_type":"box","text":"on the obligation.","page_number":187,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"8bfce0dc-d7e2-4e5e-be0d-1a4ec74af6b6","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":187,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"faae09a3-e456-4d9d-ac15-f248663c8070","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":187,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"0194d517-2518-4793-ae6e-0506bb7dee56","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":187,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"5ae6cfc8-6096-4a0e-b926-f42262b72274","block_type":"box","text":"financial commitments on the obligation.","page_number":187,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"d684f13c-2107-4fc4-9742-172f3fa56c8f","block_type":"box","text":"A-4","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"3c99e5e2-d5dd-4c46-b44d-c5be82525061","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1f99bd7-b008-48f9-aaeb-acc762571c7a","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":188,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"26aaebbf-f341-489b-bd09-7df24d416990","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":188,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"4b3b30df-d066-424b-b89c-9a9494454e82","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":188,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"508e3c16-e647-4231-94ea-1ce511bea5e0","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"d2d38b7e-c242-4054-997d-3be9568dde26","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":188,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"55268184-43c7-4fe9-8517-4b90028d9c9d","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":188,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"191af87a-eab3-473f-a358-92c20442c1b7","block_type":"box","text":"anticipated time to default.","page_number":188,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"87290f0c-5c80-4462-8ada-487bca16caf8","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":188,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"6b519dca-f872-4d61-af62-1711ba6792f6","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":188,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"02dd98fe-e101-4f16-b0db-b5d448c2d0e8","block_type":"box","text":"higher.","page_number":188,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"cbefb817-6b31-4c5f-a951-0e3a8a3ec9bd","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":188,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"c1659b4d-1b37-46f0-b67a-04527cdc71f9","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":188,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"d335593d-c4f4-4ffa-9dc2-277579dd0dfe","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":188,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"8617228e-1203-45bc-8318-ab7f489cbfb4","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":188,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"5f02b667-4bf6-46a8-a865-e9f9694a58f5","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":188,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"d759d4f7-cf73-4a5e-95b1-b615537d64b3","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":188,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"aa75588d-3f93-4e67-913e-d2d48f530f11","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":188,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"22ffc418-3e00-4f43-939f-001634cdde37","block_type":"box","text":"restructuring.","page_number":188,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"497b8acb-de4c-48a0-8392-e23e22aa5d76","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":188,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"67cc165b-6093-4644-9356-17233e3cc83d","block_type":"box","text":"standing within the rating categories.","page_number":188,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"f3a626ef-dfc5-41f5-b946-1800b7b49067","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":188,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"a9055a4b-18de-4478-96e4-9372e47ecb74","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":188,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"10871630-ae38-4caf-b384-d40f6e804ed0","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":188,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"23533606-8736-47db-80a3-0c7ae1e864b9","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":188,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"1fdbee9f-ac31-4f9f-8aaf-f966aeb9a40e","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":188,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"f3ef6c8d-dd5b-4eb6-a3c8-7d46ccdb0281","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":188,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"fcf1357c-324b-4c0c-bb55-47e80e9680c5","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":188,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"23cd892a-dd08-4498-8487-87e7726cc0a0","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":188,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"6ebaa6b7-bcce-4df6-ba6b-d98e45b14a22","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":188,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"4d05c3f6-a91f-4446-8fd9-4994b78d104c","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":188,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"dd732212-a4dd-43b7-a0b1-4cc5c3480fed","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":188,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"0c9372aa-618a-47f2-8c3f-bdd0634bb381","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":188,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"2146d62b-1289-4d0c-830d-04aea530ff5b","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":188,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"c4f5726a-0b0a-4001-bb15-d9fc661a7df2","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":188,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"232e5783-c87f-4aa8-95b1-4c08c9ee8a60","block_type":"box","text":"financial commitments.","page_number":188,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"975f1d5c-f9f0-4950-a4e1-fffeb6c4e4d0","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":188,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"2235eb21-0973-49cd-a03a-dfdb520aebde","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":188,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"524905d8-a142-4bac-83a2-27b5c1941f43","block_type":"box","text":"commitments on the obligation.","page_number":188,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"0ffbfbef-2819-4f19-a620-0ca2fb16d2e0","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":188,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"3c8c78cb-3645-4015-b5d5-d8a463c0f3c3","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":188,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"c6917f52-ba5b-4d5f-a49a-c24027bc654e","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":188,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"129a8ee6-2522-4523-b770-6b3c2de56e4d","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":188,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"fe6e6a1a-4b8d-40ca-a0b4-2386b85c0b46","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":188,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"a0963e63-1ff4-40dd-828d-daabd02bfaff","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":188,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"970dfad2-6329-4335-adcc-71adb89d6b33","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":188,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"fa77cf6a-0a00-499f-9ce9-1e4cb62eb251","block_type":"box","text":"debt restructuring.","page_number":188,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"32b4e5e1-9a6b-4f9c-ac3c-f79649f19fcd","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":188,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"4428d565-bc13-414f-898e-3b3b504a965a","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":188,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"09a55699-30be-49f8-9f4a-cabca094947c","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":188,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"46995e40-2560-4800-a8bf-568e5d910fd8","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":188,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"2c7f704d-46ea-4b8f-b4fe-562b681e6aa6","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":188,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"c1bfe085-0ba8-4695-9964-7ce6b0e9e267","block_type":"box","text":"A-5","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"e8a52123-373f-48e7-8fa6-c7de886885f9","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c5105f9-f245-46d0-9096-4827811361e5","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"df2958f5-14ec-404a-8dfe-cfe52c2de478","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":189,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"191831fc-282a-49f4-b1a8-837189c072e3","block_type":"box","text":"as a note; and","page_number":189,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"4482cda8-55ae-4fb8-9dc3-f675d96ddc79","block_type":"box","text":"•","page_number":189,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"c2c026ec-58f1-4513-8160-718b31bf4054","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":189,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"040165db-c869-4f99-bab1-2fc23bc0c6a5","block_type":"box","text":"treated as a note.","page_number":189,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"3b040fa3-1ba4-4627-8a91-deb908a69acb","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":189,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"90acd26e-005e-4978-b526-7b7295c42be7","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":189,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"97bd0cca-3a06-4d56-820c-28bf042cd2ce","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":189,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"39b40ecd-2105-4170-878b-eaccc7609547","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":189,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"7b1bbb7a-aab7-41c3-b975-e7eb4231a94d","block_type":"box","text":"economic changes over the term of the notes.","page_number":189,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"67a2842b-d7ca-46ef-9944-2258c8ccc365","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":189,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"ff8f3794-e25b-43ea-a8f1-ab15a374c6f6","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":189,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"ac1372bf-52d0-4fa5-a862-95377a182362","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":189,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"82d362d5-9ea6-43dd-bdf4-bfbcda9bd76e","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":189,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"696d3f2d-ded2-4908-b5e6-728d7e025059","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":189,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"bc96f121-6956-4490-9bc2-4a6a77ccfeb5","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":189,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"93e266b6-4281-4c5c-b2d9-93f997f98494","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":189,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"b26af1f6-f546-4d67-a3da-e51030d40e12","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":189,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"9a6a09f4-8d1a-4739-aa83-3c49dc8eac72","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":189,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"652a2116-9ce1-496b-ba83-13c60e7f18ff","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":189,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"fc5f4149-fffc-43c9-8ea5-5655b31fb9e5","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":189,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"6a1cff05-befa-405a-8b5e-214fb3847f7d","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":189,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"aec337e4-931f-4157-af06-69161b490ac5","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":189,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"d7362265-8c12-4287-bf4e-4088576d56bc","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":189,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"e46b0b59-3373-497d-9f12-82cbaeed11cc","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":189,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"285be3bb-6381-4336-819b-e2de4d17135e","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":189,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"7f201574-33ad-4630-9f15-8c31c0e6289c","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":189,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"9c031899-fffd-49ea-b401-4e8bb5d6d003","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":189,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"649f137a-0f1d-498b-a55a-1a6f72091231","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":189,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"c5a80758-9f92-4531-88bc-1b156a71269c","block_type":"box","text":"receivables or other financial assets.","page_number":189,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"1145c939-985f-4c1b-9775-bc459f7e513e","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":189,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"3b13a2da-32ae-4410-a245-5d3449a26975","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":189,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"0a7d6d5c-9ae4-418e-a66b-f1ab55de69c3","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":189,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"e65b3dab-c4ea-40cf-83c8-f522c69aa037","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":189,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"e5132de9-536b-4d36-b492-1090f411e107","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":189,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"41c40ec2-3d3f-4ccd-962d-535343b50d3d","block_type":"box","text":"occurred.","page_number":189,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"a9a6fe8d-8335-4822-b4f7-77bed210d8ac","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":189,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"28bf3c59-6de1-445a-9d02-77dcb387144c","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":189,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"fe8093eb-b59b-4558-aa2b-e04b6d8abb67","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":189,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"3850328e-cdbe-42fc-bb16-a455a6374664","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":189,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"fd0c8771-34f8-4680-bf69-5f0f81060cf7","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":189,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"b5a30ebd-f8d1-4341-8215-3f262fb03ba8","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":189,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"5656e0c6-022c-4c9f-bb0b-f7beaeb190f6","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":189,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"202238e5-5e3e-46bc-89ed-8a16da787e40","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":189,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"eece468a-1a06-43e4-a3cf-bf8bf8453780","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":189,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"53c268bd-4299-4020-8514-436f105b12c5","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":189,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"fe6a1e14-08f6-4a66-83c1-704d11b1af28","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":189,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"77e5dd5d-b15f-434d-9b8a-0ed0890bdc48","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":189,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"54da3092-5ac1-4dcb-b209-b18f3beea9c2","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":189,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"7ef0b5a3-78de-48d2-8c2c-6ecb9aec68dd","block_type":"box","text":"i.e.","page_number":189,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"716101b7-27e0-4956-81a8-4d10b484b939","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":189,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"2f03ce2b-7325-4f5e-9769-149c52d2f156","block_type":"box","text":"the obligation’s documentation).","page_number":189,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"138bb731-75ae-4c00-8669-061f33e75b34","block_type":"box","text":"A-6","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"0b246075-6338-47aa-8b2d-d59159cc504a","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa64e4c8-3073-4b44-b1e2-b91a765a9c43","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":190,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"34e76b95-543e-4d2e-a084-3894a07c015e","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":190,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"41aa7702-19a9-466d-92f6-80eb546ec3fb","block_type":"box","text":"agents in the form of a rating letter.","page_number":190,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"cb56e934-0561-4263-be5e-84644fa73ccb","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":190,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"2abb70aa-3c17-4b44-83a9-9c1928c4097b","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":190,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"7348ded1-3516-4ca5-89a3-d222b55a6675","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":190,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"a8e1a685-28e5-40b4-88aa-483ca0d3fa64","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":190,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"23a63c67-a654-49d7-980b-cbd805657d1f","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":190,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"998f8a70-47aa-4b4e-97b1-782b9d5f462b","block_type":"box","text":"e.g.","page_number":190,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"524a9bf1-d892-488e-8600-91d6c5fe651d","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":190,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"219f803b-5f9d-489e-9170-47f4b834ff3d","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":190,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"0df01bcd-35bb-47df-ba04-8c469663c6fe","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":190,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"813bcdfe-21fc-4554-8dd7-fbda0afcaf8e","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":190,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"bde9a85e-d868-490a-99aa-7b81f289e285","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":190,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"dfc230f9-e4d8-430b-b58c-d868882a06eb","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":190,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"0a6665d3-0c31-4ee2-aff1-f5e5c3e4bc6b","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":190,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"57ebb24a-ab2d-43fe-932c-18bb64593783","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":190,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"07bbdd31-f721-40b4-ba43-949b5539cb9c","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":190,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"4616a642-a38a-4127-adbb-0922898159e4","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":190,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"b534931e-4ea2-45af-937d-08f07203313f","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":190,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"09ddc83b-0191-43d2-83f7-32fa2b4526a8","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":190,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"a8eb32f8-d750-4e5a-8c4d-0939cd3f162d","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":190,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"01e46bda-662b-4931-841f-f5a7db1ca394","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":190,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"7eee20c2-48aa-4847-aeab-14b8deb430b8","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":190,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"5e7a1ea0-2015-4470-a5b1-872918809d43","block_type":"box","text":"Ratings.","page_number":190,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"aafda912-f1b2-41b1-a119-dd29cacb72ab","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":190,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"f7a5b053-9a42-44d9-9998-edd90af7f62d","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":190,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"a95984b8-db6d-4418-a7bc-98d3a364bfcf","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":190,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"8ff2f63c-4e59-4628-baaf-54b277c86b9f","block_type":"box","text":"obligation ratings.","page_number":190,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"9eed8152-1410-4a7a-9f05-efbae5047ebb","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":190,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"54504dde-08d8-4fd8-b325-18f5744f3424","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":190,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"540ccc54-8436-4359-bb36-71e14cf0cd48","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":190,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"179e359b-941b-4824-900f-8dacae9a0f70","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":190,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"e636147f-8d4c-487e-aa6f-ec19d98b5ef8","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":190,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"731e23d9-a9bf-4d1e-8b5a-2afca5e0f268","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":190,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"fec3b761-b6d2-420c-a66a-45d3d0add8ea","block_type":"box","text":"to foreseeable events.","page_number":190,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"b0e58e84-4e79-499a-9bd5-069f5923ecc2","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":190,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"108d7b49-85fe-44b7-86b8-ada8dd2c73e2","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":190,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"86c75e0a-c1e9-435f-b714-56758428e300","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":190,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"b9c76cee-0aea-4cff-985d-6b30bd6cec42","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":190,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"c7aeaf84-1f56-4cf3-9ec9-13a690f23876","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":190,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"2f74b37a-aaa3-438a-ac99-dbc3c90e9bb4","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":190,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"09d217f2-d220-4f55-905f-4fea7e9c44f8","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":190,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"efdd6bc8-f55d-4f61-8c0c-e524c9613cf8","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":190,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"d42349c2-5288-43e6-b090-d628cd7095fd","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":190,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"d8116ffa-5f7a-43dd-aa76-68cdc709debd","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":190,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"5b8dba8c-65cc-4348-8427-81959ff0a7f9","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":190,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"f16406db-e1e0-462f-b41e-7ffb144dba56","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":190,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"555543bf-1673-4668-9e2b-d3c0204f8c65","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":190,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"13fa62a0-af11-450f-94ca-86abf0bbb3fc","block_type":"box","text":"possibility.","page_number":190,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"1de45bad-aa17-43c1-9d7d-397c1227ab52","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":190,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"b8f1d898-0366-4852-a259-ba39120f2cf0","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":190,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"e9938059-583f-4029-9940-088ab9656f7e","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":190,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"2f472f3b-7076-4d7f-ba42-8e39c6af46b8","block_type":"box","text":"A-7","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"c197e8c8-ec3a-494a-9509-815a95b96ab8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5050e011-ff2e-46f1-9d8d-0be98a2ca6bc","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":191,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"b3572271-dde4-4b7a-b79f-3ea07221d51f","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":191,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"ad43960d-268e-4764-9872-3209ecfee3a0","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":191,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"172d8591-307a-46d4-9017-4c7340f4883b","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":191,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"e65c5e2d-a137-4e22-ae05-33542982030b","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":191,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"002ee586-f678-4382-95a5-cf000b186e91","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":191,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"9f169fc1-4016-479c-87c6-d53a0ea609ba","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":191,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"72b8347c-edfa-4d75-b829-7d955dc60172","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"a3e83143-6eee-43ab-8157-606419399a4d","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"c86e33ed-9a0c-40b8-a638-60bff6cf595c","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":191,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"c88e765d-65fa-45de-8169-46bfc183f790","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":191,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"986e6349-4016-43d9-aeb0-18f9db97b747","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":191,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"6974d772-ab19-4b96-9bab-e340fedc002c","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":191,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"3d4e44cc-1c17-4bbf-a9ad-d3459fc6cbf2","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":191,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"a0bc820a-eef6-480a-ac14-ae98079be71f","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":191,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"125aa556-48ea-423f-a6a3-d65a409a4951","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":191,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"66ce3282-93af-4a0d-92cd-033fca97e4ec","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":191,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"46c1fd27-954c-4aae-9909-b46e724c1b52","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":191,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"442083ee-9e34-4516-a940-4d4ce2ea00a8","block_type":"box","text":"finance markets.","page_number":191,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"a0c48ff0-3a5f-4403-a013-01b19aed44f8","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":191,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"cf5b55a9-064a-4c1c-8c3c-4607c07c0099","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. 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The intrinsic capacity for timely payment of financial commitments is","page_number":191,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"7018e774-fa99-44f7-b0da-8f673c1688bc","block_type":"box","text":"adequate.","page_number":191,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"eeedb60f-56d4-47e6-82ef-c4c324bdd5cc","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"06438894-d2b3-4b55-88ea-e69221ddec26","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":195,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"0198ea9e-cc74-4439-b098-e0868dc77302","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":195,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"ad564c4a-8bcb-4187-9215-1022e7ff7d64","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":195,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"9ef6f8a6-884d-4a18-8ca0-de6306717d80","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT 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with","page_number":196,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"9979f5a7-5f5c-48f6-bc02-cf0cba74d62d","block_type":"box","text":"issuers.","page_number":196,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"f89c33fc-c8b5-4cbf-a51d-00830bcfc4f0","block_type":"box","text":"1","page_number":196,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"e7c59461-82fe-4243-82a0-1f48975823e1","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":196,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"ff46c50d-87f0-4a29-b822-4a4e06213b88","block_type":"box","text":"2","page_number":196,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"9b3e4221-c370-4731-bf71-fb8fd6e56254","block_type":"box","text":", providing exper tise","page_number":196,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"db1358d7-bbce-4a43-aca3-b880e055969c","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":196,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"0f89ba03-9e15-4d9a-a26e-7876e1bfc10c","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":196,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"de790085-d7ec-413e-9aae-4bc7d021ef28","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":196,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"7c7affeb-029f-4fdf-b698-f675f7aadd94","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":196,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"4a777031-b288-4357-b703-0b39b0d5f00e","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":196,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"39292198-2b89-4db1-bb2a-14dc20f8e49c","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":196,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"750d4385-d06e-433e-acaf-a0a64531907d","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":196,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"b2411aa7-8258-4104-9ab1-40e66976a062","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":196,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"96227ce7-5390-4c6c-b2e2-a1c070a38056","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":196,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"228d85cd-db2c-4652-88c3-04a388c032f0","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":196,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"346726d5-66c8-4a15-84db-75b6331a67c6","block_type":"box","text":"1","page_number":196,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"7ea23d96-5e6b-44e9-8b9e-f838a504bc83","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":196,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"a8269b64-deff-42bb-a43c-06b2cedabaf9","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":196,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"9f415aae-18de-4547-ac02-06fa97c34e2d","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":196,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"1617e197-63cd-4c17-b986-2a01f78c7b50","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":196,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"a56484de-aba1-4b37-b648-74428cd0965e","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":196,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"d9cc043b-7716-47b7-b22a-4d1ec66a1bea","block_type":"box","text":"2","page_number":196,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"c2b5d1a7-92f7-45d0-b626-1207db66dd85","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":196,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"ed5ede76-cc5a-4c79-98be-d67b75ddcc8f","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":196,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"d5479746-157e-454f-b12d-4868eae20ecb","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":196,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"60246645-2dd9-453b-bfa5-ae7393c5dadf","block_type":"box","text":"policies.","page_number":196,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"e134ec72-6b83-4d8a-9252-75e709b4cf6f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"96da6cd8-d497-4d6d-9327-6eed12468a0e","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3e6df6b8-f3b8-4138-9e63-58e2ea682367","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"024c6f43-7b40-419a-88f8-42cab9a3770e","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":197,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"0f32b6a2-5021-4b97-8e15-b73b4d0763b0","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":197,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"0caf3926-1e99-47c5-9c1c-4631f543b7b3","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":197,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"d4cde5fe-0b7f-470f-97ff-db46648b9cc0","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":197,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"a411fbeb-61e2-47c3-bb48-c6581f57eba5","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":197,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"93ed6592-0569-4a26-98b4-3359804b71ae","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":197,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"08db01ff-d148-45c9-8c94-447b5358dae7","block_type":"box","text":"this work with research, data and analytics.","page_number":197,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"f3218197-a325-4c97-b30a-d4fc3cdc078c","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":197,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"bdd7114e-99fb-4bb2-9569-7799f14e48dd","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":197,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"81f4e004-e245-4b4f-9908-99b521ce3d0d","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":197,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"2a1a7b81-7453-4b4c-ae8a-df015b3e3184","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":197,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"27e3bb3e-d826-4ac9-98b1-3cc27ea40038","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":197,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"6c6a4297-ed7a-45c6-8dc0-b57070a303de","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":197,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"ada1f807-cf87-48c4-87a4-6134b97a0f7c","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":197,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"2e1bb723-e8c2-47f3-91a4-e5e14a1c075a","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":197,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"4f993024-99c8-4179-8d05-7e08f0ec5157","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":197,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"649ee2d6-5d69-4369-bc5d-a70cf1dd0da3","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":197,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"d746d1c5-e13f-425d-a38c-6e041a67a05a","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":197,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"ea8a5b79-a480-42db-9604-81e4ecec310a","block_type":"box","text":"shareholder meetings.","page_number":197,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"d8530c75-e7ba-47ac-bd90-500ca794d4da","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":197,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"c275e504-8387-4565-acb2-30546dc14238","block_type":"box","text":"investing.","page_number":197,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"4a6044fe-584e-4936-977c-9b50eaa155be","block_type":"box","text":"3","page_number":197,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"ea76209f-7fcd-4916-b0a8-3aaa87a31956","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":197,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"f66a2728-3a6e-4846-8c9b-a4426bd72066","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":197,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"9f627d3a-9ff8-40f6-a512-6e4ef76abbca","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":197,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"661b53b9-7224-4b4f-b0cb-9902221599cb","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":197,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"6724ea4a-692f-43a4-930e-19ac3d1dc1dc","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":197,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"a03f19b3-b044-4180-8fd4-d088e92b5628","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":197,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"b06279be-12da-4cf4-92cb-3feec522fcee","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":197,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"6b6b756e-c2c6-49f6-a680-b1c59e808e66","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":197,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"504b8c21-afa3-4868-ab35-bb289161593f","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":197,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"d8c20705-d07a-46a0-b726-071bb4642a66","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":197,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"d8495b0e-52e3-4206-9475-689c06268c08","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":197,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"a1e1cbd9-ac08-48a7-b8c7-c538cdadddc0","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":197,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"f94102b6-c459-4494-b712-8624f5a418ce","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":197,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"d534d70d-40d7-4696-ba8e-b78f9cdb5d52","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":197,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"b94ccee0-3094-4c95-8ee9-660bf57856c9","block_type":"box","text":"management teams and board directors","page_number":197,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"4a8ac246-ab0c-4d6b-9ada-5e21c29ace71","block_type":"box","text":"4","page_number":197,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"e32002fa-41e6-4a92-b3ff-4ba4f9ae6190","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":197,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"2b209a00-04ca-43ba-b6ff-7f5dad5ae8ca","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":197,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"ca074dc1-bf27-4918-bcce-06b2467d8286","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":197,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"62b81b23-2585-49b0-bcd1-52876061d83d","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":197,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"43576326-b716-4663-bacc-d8754f333d5c","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":197,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"6f7dc4fd-ad2d-4314-9a29-0dcd9deca22c","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":197,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"932bcd77-fc66-4d86-acf1-b85e09814f9f","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":197,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"c9cafa72-d78a-4e99-b226-d041f30a3bee","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":197,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"00158a11-3001-45ae-bc0f-761cdcd0a8e9","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":197,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"74f0720f-fd88-4889-92a1-0986e6133ff8","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":197,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"92b07a02-ac40-47e0-a69d-45cd7e19d681","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":197,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"ea22cbb7-777f-4682-9744-bbf04d843774","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":197,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"1e2f09ec-7c17-4f80-a28a-5e8b3ebaed25","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":197,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"a3e7f79e-5028-4458-8fe4-f45d5db52103","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":197,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"dc17ce6f-7b17-462c-b11e-392d53705084","block_type":"box","text":"3","page_number":197,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"a5407993-a7d3-4b4e-9c70-66a68426b4e3","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":197,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"682967e4-fc14-4cc5-ac81-8214a2fea7fd","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":197,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"825e75d2-7a57-468d-9da8-0df8204d6f97","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":197,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"569fb32b-cf7b-47ca-ad82-3af685bed4ad","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":197,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"89e3dc67-ea04-4613-9693-d09e7c6e96cb","block_type":"box","text":"4","page_number":197,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"173033cb-0896-4e10-9d39-556ea12198b7","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":197,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"542b08b7-e84c-48c5-85e3-8159122cb800","block_type":"box","text":"boards and their members, where relevant.","page_number":197,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"c9d1d2db-7668-43f0-b089-9795d57d1bae","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"03cbd3cd-30a2-4e06-9fc1-cbb9bb5dc4c2","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2ce7fca1-cb83-4f1d-8f62-1b38422bcec1","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70ac2a25-d786-4251-8ec6-f964cf33da8c","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":198,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"5320a9ac-96c4-4f22-aca6-cc46cf383e53","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":198,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"3ba22ecb-a692-479a-9027-b6720760470e","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":198,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"0b8d666c-06ae-495d-a8d3-4c29db5969e6","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":198,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"b512be17-d707-4fe2-955f-cac2c2c47765","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":198,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"9c2c59ae-caa7-452f-8262-6b4f84c58d19","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":198,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"4ab49b0e-998f-46b5-a32a-078fc31f7c36","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":198,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"3c63dbbf-5b01-42ed-b3b1-697d90447178","block_type":"box","text":"5","page_number":198,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"3168c009-d1b4-4e8c-942c-d8ef495afd8d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":198,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"42c21f50-bbca-4d6f-99a5-e19fdbdcf413","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":198,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"b02a2f5d-496f-4837-afa9-6c8112b5cac8","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":198,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"dab0d574-5b1d-4a6d-bf12-1b50a101f2b1","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":198,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"365096d1-96e6-4014-be77-0ead1994f640","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":198,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"98a2e0a1-a61e-493f-862d-ce94c8f707d5","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":198,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"da22d36a-0e09-4f4b-94f2-17c79b83a741","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":198,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"fe5becd4-08fb-40e7-9483-ee6060d409a7","block_type":"box","text":"5","page_number":198,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"41aeb50f-c888-482a-9211-5d55f34cdab5","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":198,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"650e11ab-142b-4009-a4c2-64c0f8c84dd8","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":198,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"acd3e408-c0d0-4a00-9bb9-bee43d4c850d","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":198,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"6b057bd5-e1b2-4770-86d0-83689eb35f33","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"80de568a-990e-43df-b648-3077eb3c7ac6","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"cf996851-095c-4295-9eb6-d09290877c15","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfa0331e-6c6b-49c6-9db3-fb09548f2268","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":199,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"062ac04a-81f0-4903-b0fd-b732f23373d2","block_type":"box","text":"Roles and responsibilities","page_number":199,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"1581ccf0-9115-4fee-828f-a8cd380a62d6","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":199,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"afb65165-d556-428f-849d-9f6206447cab","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":199,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"fa3bee2a-94d9-49d5-865d-9a07df19cdde","block_type":"box","text":"6","page_number":199,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"68fb25d6-a549-40a5-83b7-b5ad55dad10c","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":199,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"f02d203b-fc7e-4ecd-b56a-55a22a0124c0","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":199,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"c33fd7fe-de1f-4f6b-8d1d-6c0c5c75ec04","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":199,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"06157342-69da-4e3f-893a-c1c48dc275e1","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":199,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"38827aeb-5b9c-4bfe-b1e0-796960fd0c50","block_type":"box","text":"per formance over time.","page_number":199,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"af1db70b-0aff-4062-a33f-8790f2c97177","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":199,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"55a40722-3cb7-42c2-9aa2-b5780782bf4e","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":199,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"626ae35f-e657-4770-b1b8-b7a9ddcf9594","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":199,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"a716299a-648d-449b-8024-b7d81f23ad0e","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":199,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"ba44b2c2-1900-4198-9fb4-d791366a7185","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":199,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"13016286-9cb3-4ce3-87b5-f9dbcfd21c27","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":199,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"d95b06c9-8789-403d-a92c-cd4fd094f8c7","block_type":"box","text":"Composition and effectiveness","page_number":199,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"9118e23d-9fcc-460b-9ba3-70af6beef489","block_type":"box","text":"Appointment process","page_number":199,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"f6377075-2c9e-4a14-9d6e-3c62f88f2bbd","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":199,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"8db58fde-f6ae-42eb-84d3-6d27745429fa","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":199,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"fff23f1c-a247-4f36-b849-cd23cc0172d4","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":199,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"e0ec8135-b8fa-4cf0-a2ae-a542865e41fe","block_type":"box","text":"e.g.","page_number":199,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"ab5afb71-4df5-41c2-a3c3-a175a8201353","block_type":"box","text":", sector, maturity, geographic","page_number":199,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"39cfc7dd-dcc7-4cff-911f-46898850cb00","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":199,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"467286da-800e-4129-a3e0-38df2275b63d","block_type":"box","text":"e.g.","page_number":199,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"019d454e-3b84-49a9-9f9c-f6121369b79f","block_type":"box","text":", financial exper tise, industry track record). To","page_number":199,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"ec4ec867-f21f-4002-a6d5-9629e940f779","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":199,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"63ec549c-856f-4aab-bd64-e352df1841f5","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":199,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"4952a4b0-21ce-4ef8-94f6-cd0841aea242","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":199,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"33946fc5-8de8-4b42-aa56-18cc8b3dfc83","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":199,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"50be25de-7efc-4a27-9960-20517c4e893b","block_type":"box","text":"and local market requirements.","page_number":199,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"c3943fa9-9d3f-45ee-a942-8113d604bc72","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":199,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"2250034c-f6f7-4c0d-8357-2a8254370357","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":199,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"d24066d3-0605-4fb8-8094-9037c38a5469","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":199,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"bc1ab9ea-81f6-42a9-b691-9fdc6dfb3dc5","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":199,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"e517cfbd-65c0-444a-a45a-87037de41551","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":199,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"f798c16e-7658-4c1f-8c60-8c5da3905350","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":199,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"8be2908d-3e9d-475c-96c7-5ac787d76710","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":199,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"1eb32787-8752-43a7-bcf1-bfa2a90a51f5","block_type":"box","text":"Independence","page_number":199,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"dcad7f12-d65a-41bb-8f69-aa508d92aa63","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":199,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"d57fbb06-0bb2-4f80-b178-4d1cde8047c6","block_type":"box","text":"e.g.","page_number":199,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"5b059aa5-038b-46cf-8997-939c93771298","block_type":"box","text":", government or","page_number":199,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"e970b945-8747-4fa8-b2d6-38c26384bbe5","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":199,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"92500919-f194-409e-8049-6c7bb2d00a9e","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":199,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"9181d29b-1c43-4ab6-aad2-8bcf17e0eef4","block_type":"box","text":"conflicts of interest or undue influence.","page_number":199,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"14929ce7-f784-43ba-9285-a6b21be6884b","block_type":"box","text":"7","page_number":199,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"904ceaec-b1c2-4178-a094-04a42eed2ae0","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":199,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"81006489-5c21-4871-b47a-1418301ea021","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":199,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"3a179593-bd7f-4eb3-87c4-c619fb6698cf","block_type":"box","text":"independence should meet those local requirements.","page_number":199,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"5d7a6bb5-69f3-4bd9-a044-1133c67921ff","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":199,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"d5a3ea49-895b-4718-b0b8-763f76fca06b","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":199,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"428cd5b7-2636-4894-a458-20c82403c7b3","block_type":"box","text":"composition if this is a perennial issue.","page_number":199,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"c22fa1f9-4fe6-4c27-a107-c1808ee383fa","block_type":"box","text":"6","page_number":199,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"72123835-7bc7-4879-83e9-233530e9ed2b","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":199,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"e2d572fe-5d10-40a2-bcbd-4c236fa9a462","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":199,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"7c13021a-4bea-4eb2-b8f2-5206e6a2611a","block_type":"box","text":"7","page_number":199,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"a1705dd8-2e29-4dda-8c2c-68ceae60dd5f","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":199,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"4bd0a8dc-b488-4b2c-868d-123ebfebebf5","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":199,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"c8d29c2c-2788-46b6-8d73-621e1769f2ff","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":199,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"d2befa43-8d58-4bf0-a6f9-ddb6f9524d98","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":199,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"d3023980-63db-4731-8db5-a2b2887aa017","block_type":"box","text":"of the company and shareholders.","page_number":199,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"5cf5be41-6c8d-4725-adbf-373dbe21eb2a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f744e2fd-0a91-42c9-8905-c85a0b0c1dbd","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"786b2584-f3a7-4317-b6f5-8542ae0193f0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00583cc4-f263-40c2-afff-ba226c48dc7f","block_type":"box","text":"Independent board leadership","page_number":200,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"e1d723da-e61a-44a8-85af-b15d76718797","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":200,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"b92f126c-0362-4bc7-b932-a7893362b9b7","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":200,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"1ce26031-507d-4451-b6ce-05eea5ea621b","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":200,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"a25d2bd4-01a9-43a9-9dfe-1f48b4a4cd90","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":200,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"f99a6174-d929-4b2b-849e-10f1a2268c15","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":200,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"6a420fbe-2921-44a3-9c48-d2816c4ebbae","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":200,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"bdf5ea0e-9edc-46fc-af4b-9699b5c250c5","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":200,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"ec739d4f-e63e-4b9c-ae4c-80b68e0c2b56","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":200,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"c4bf63fe-69d4-48e1-ba0e-1e22e7bc3889","block_type":"box","text":"how it serves the interests of shareholders.","page_number":200,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"c399fe33-f763-4330-ae3d-1fef1c571a07","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":200,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"7d07389a-fa4f-4147-ba1c-7c386a03b47f","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":200,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"919a4e13-f4cc-46d3-8602-a9710bd975a9","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":200,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"f17b507e-ad93-4263-8663-09b1c4e08414","block_type":"box","text":"Tenure and succession","page_number":200,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"c719b989-35bd-4b95-9e52-87a94ede947e","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":200,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"15757454-fb79-40a7-aae5-aec26513d565","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":200,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"b34b33bd-6eb7-4256-ac1f-2ba11c80718a","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":200,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"484728b6-0fca-43e3-9489-8a3b1cec2b0a","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":200,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"d998d314-33db-45d7-999e-9c027a13cdf4","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":200,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"32a7158f-487c-4a8b-ad94-e06786960128","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":200,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"2383968e-5af5-4e7a-a4e8-0c61fb2472e3","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":200,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"160bb427-665e-4d01-948c-f6216abfe53e","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":200,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"3d5dbb53-0a37-4eb9-9a26-936662d77536","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":200,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"7d06c344-49b8-4bdb-9e4f-165b7d5ff2b0","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":200,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"b77a7ec1-57ba-4f40-9694-da550af4a555","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":200,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"682d356a-7e37-47a6-95c9-d6919d9b9379","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":200,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"6a5704a1-fa38-45f7-a636-403011a706d1","block_type":"box","text":"for their continued service is not evident.","page_number":200,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"69145353-b354-40d0-bf4a-642a3dfa3517","block_type":"box","text":"Capacity","page_number":200,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"774cb1a4-df37-4fc8-8678-114b10d9920d","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":200,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"4753cd4c-5355-436c-8616-c7100d1b98db","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":200,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"2ed4df60-fd36-4d42-be16-7c743ec2a6f7","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":200,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"f53795bc-47b2-4afa-ada4-5e50e33730cc","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":200,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"4c15e465-826a-4665-bcb1-0b45b47cf3f4","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":200,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"c7443b48-b912-4679-b634-d23bd273bcec","block_type":"box","text":"determinations across markets.","page_number":200,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"5832bc9f-7802-402b-aa09-cfe07f7bdd1a","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":200,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"d611ac30-a735-409f-9238-2b2838c64879","block_type":"box","text":"their duties to the board and company.","page_number":200,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"531db615-e1ed-4a8e-902c-b1bc545a8a45","block_type":"box","text":"Director elections","page_number":200,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"c31e2ef0-6183-4178-8689-7e52e5405d3b","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":200,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"43988a2e-0819-4648-9fb9-8dd9475be2e2","block_type":"box","text":"structure","page_number":200,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"af2e6fd3-a329-476e-a674-707306d8838d","block_type":"box","text":"8","page_number":200,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"223b9b02-4567-48ee-8664-2c68f55afb4d","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":200,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"f8d72df4-0e51-416d-a564-899ad930f7db","block_type":"box","text":"basis of its business model (","page_number":200,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"75b2130f-0444-48d1-bb06-2044c32e36f4","block_type":"box","text":"e.g.","page_number":200,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"79c659b6-4d80-4007-96d3-428f23aa0575","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":200,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"7faf8cae-c009-47a4-a438-ee820dfab9f4","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":200,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"64fec068-b3db-4b99-820a-7c9c86861a5e","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":200,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"43220400-0592-4bfa-ad8d-e7bff7cfc3e5","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":200,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"4a7646c1-a581-4aac-ba13-238cf5fa898b","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":200,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"49e2e322-15b2-453a-b2ca-5829cbf1839b","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":200,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"14766329-a05c-45ba-95a0-627e0bdb438d","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":200,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"0b611c45-7196-49be-8a3d-f638a70f8584","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":200,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"4aa037a7-f7b7-4396-beb8-7b426d2d79f5","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":200,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"56e10621-5514-4150-add6-6496b0603b60","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":200,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"f608a98a-6473-426f-b061-c6d77f78530c","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":200,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"e7668fd4-c273-4845-82db-f5a8652ac0a3","block_type":"box","text":"8","page_number":200,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"ba3cc276-c635-492c-a004-620832eb2e25","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":200,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"768e0329-b32b-4142-a08d-65bb679acbc2","block_type":"box","text":"directors stands for election in any one year.","page_number":200,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"0baa9849-d33b-48cd-ab89-61ebd442700c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c275881b-b171-4083-816e-be491034926a","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"dc9a91a9-5735-4920-9368-9373d4061af8","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ed11ee3-0d44-4c2a-bebe-83598bcd379c","block_type":"box","text":"Committees","page_number":201,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"af6eb2d3-4b2a-4521-b86b-652ec155bdf5","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":201,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"a85859c8-c0d0-4368-8cfa-39a4df99c559","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":201,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"9c31cfbf-98e5-4554-936d-8716f0e14aa3","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":201,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"605a9135-4129-46fa-ae7a-d9ed8d702331","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":201,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"47ce6531-bf01-4be5-856b-2a75ba17745c","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":201,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"61e10161-9590-4f06-b13f-ef380c1e5571","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":201,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"4e21d3be-45ea-4a80-ad19-f2ea0ddb3b4f","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":201,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"0b8b92f2-d8da-425a-857a-5f010a1e5fb2","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":201,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"69a3d6bf-1098-4f93-85f3-08909f2857f0","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"8337bb26-faf1-4663-9a7e-cbbe129c5014","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":201,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"edc53648-d06a-4166-9e19-4b4a2cd6fb45","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":201,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"35e4cadc-c165-4d14-9e8b-0116b80ce0f2","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":201,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"5138d6a3-94ce-43e2-9233-edf37689ea6a","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"37c20172-3b8f-4239-aea3-4d09e25aa172","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":201,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"853631bb-f5d7-4731-a1fd-f50e904e2849","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":201,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"30967eea-d9ac-4419-afc0-8c3f201d0baa","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":201,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"2560af0e-1a19-4764-82a3-860450142bf2","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":201,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"1180b5a8-738f-4d4a-8cf3-043df189ebdd","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"f5ad9884-73e6-420c-a75d-c78bf66e84af","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":201,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"ce6e5be5-2bc6-4a61-b494-f5288ac5aecf","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":201,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"038bbd2a-d816-4652-8967-161b10c2b99c","block_type":"box","text":"firm-wide compensation policies.","page_number":201,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"a38dd4bd-9c7b-4b7d-99d0-872960049842","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":201,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"456ac642-2508-43cc-9df3-69edc537501a","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":201,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"f4287859-2526-498d-bf47-3e90ebd495f5","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":201,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"24c26c6e-5e32-4595-aa27-6bcef467479c","block_type":"box","text":"Board and director evaluation","page_number":201,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"b9f8bd14-7584-443e-ad90-614bfee550a3","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":201,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"f6f5514b-8f96-4f87-853b-058bbbf35c89","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":201,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"3f7cdb34-82f2-43a2-99e2-9d89c500c9c9","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":201,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"547a9b9a-1b4a-40de-a01e-d1c654e76a83","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":201,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"78d4ac48-a392-44db-8b86-6ed7c5abb4a6","block_type":"box","text":"a result.","page_number":201,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"e8bc55fd-960d-40a1-8619-c7f36bc13734","block_type":"box","text":"Access to independent advice","page_number":201,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"62bc20b4-8f3e-4de6-acd0-c65788e0f892","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":201,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"f573ceb3-a8fb-4185-ad3a-f904a3e387d6","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":201,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"de2a459c-493e-40ea-8a07-12df182e608a","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":201,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"52861e49-f2f0-484d-a9b0-62c577af33ee","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":201,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"f6a4f66e-2a33-476a-9b78-b461f1e183ef","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":201,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"52118ff3-1b70-4f0c-a82e-cd878ec77099","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":201,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"163ae569-75a7-487c-8c6d-aa14c217605c","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":201,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"37708bb4-a767-4975-99fb-affa4c19a5ec","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":201,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"ecbf03e5-c166-4d5f-a461-3ee50724ef8a","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":201,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"a53754b2-4367-49d9-bc40-0677c3326566","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":201,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"d91c1df4-00db-45d1-bec1-abe419e21a66","block_type":"box","text":"per formance.","page_number":201,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"8f9a92f7-315a-4278-aff3-ac4494319203","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":201,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"6341635c-f21c-4c49-aad6-4662c229c563","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":201,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"0e4370c6-8aa9-43df-a3c0-11180039505c","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":201,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"1d4d73ff-01b1-4b60-8805-9fd455601e2b","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":201,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"f1cca75c-9ee0-4c37-af7e-dd013fc283bb","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":201,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"3611f087-c3fe-409c-9625-917caadf6719","block_type":"box","text":"recruit and motivate.","page_number":201,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"9ce55d3f-4c03-45d8-8bbc-b27e5f621fc5","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":201,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"8833b922-009c-4d48-b3c5-da27746a6451","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":201,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"e7c39f97-2f28-4034-9db9-84b83edb5d78","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":201,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"c42ee5f7-0fd4-451f-8dbd-ddcae10a3d88","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":201,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"ece6a680-0dd3-4190-bfb9-83a27a89ff9d","block_type":"box","text":"arrangements include:","page_number":201,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"242da97b-78ab-43b3-8a23-84434414294c","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"8666393e-7feb-4078-98c6-bf097d5d3f11","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":201,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"395467a8-1b46-443e-b4ba-7316e96bf2e3","block_type":"box","text":"the company’s size, sector and market.","page_number":201,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"2684b5a2-b78b-43be-861d-22d19b70b150","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a73d6981-8723-4683-8363-c4324121a8d8","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"77a9c97f-c528-46aa-98b6-e3079c3bd6c1","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b1c2f43-4ac2-4e40-abf4-29cd0158ff09","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"b638a7f4-615d-4e87-a63d-55f0c3b1e93a","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":202,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"8faf756e-d336-40c6-9305-8681c6b596ff","block_type":"box","text":"strategic objectives.","page_number":202,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"efcfff4c-087d-4c99-8c83-06adc562453c","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"42c1cb0b-b83a-4a3b-8751-d9ff50ccadf2","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":202,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"41d6c059-9f5b-4072-a075-bdf747d92d3a","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"9f1c2e83-fd5e-4a23-a87a-4929d0dd8cff","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":202,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"58816921-7604-46b6-8889-ff5df90e2ed1","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":202,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"91f80d93-990d-4b88-a3c1-f39180355243","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"4690cd36-a650-42a6-aeb4-c2826018802e","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":202,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"594e2104-811d-43f1-b812-6f143605919e","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"c792dbfb-c8f6-47be-9df4-fc044231e76e","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":202,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"1bb5eb54-e35f-4136-9c69-c98d4133c680","block_type":"box","text":"transparently.","page_number":202,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"1c533ddc-c159-4734-9df5-e6f0127ac02c","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"479532f7-856b-4c25-8ff3-f2b20349239a","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":202,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"59b61801-20fa-4475-82e2-77f4ff98c300","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":202,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"783f67e4-025e-4888-b6ed-1f5d24722b23","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"b74df9cb-1069-4064-86ac-c05670f500d3","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":202,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"2731cd66-0fca-46f4-a5f7-6d6f7fd24cf8","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"6d207310-f553-4f7a-bed2-0433fae47c48","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":202,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"6f1b3e3d-009a-4a96-a009-0a47ae06c0d9","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":202,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"3780a286-62b1-4a5a-b8f1-dc82c597bb70","block_type":"box","text":"misconduct.","page_number":202,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"2b3670dd-1f5e-413e-b518-15d19f952304","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"17c1ca00-19ff-424c-bd7f-7fe0878ed484","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":202,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"25ac4b11-e7b9-41c1-98fd-1e61150f87bb","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":202,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"ac6a0b47-9e15-4e6b-9880-febe8165b21c","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":202,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"365796a5-fe67-432a-9717-054c5ccd25d3","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":202,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"cd96e8f8-6667-4b42-b74e-08421dd53495","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":202,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"f7894753-53ec-4514-b95a-f6ad2b1f5364","block_type":"box","text":"committee, or the most senior independent director.","page_number":202,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"0bfc81e6-dbb1-432b-b05a-f8c0c496d9e4","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":202,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"40f39c6e-a579-456b-bf68-177e63d9b29b","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":202,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"f2647eda-ab9a-4dd9-b643-7b629f5087fd","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":202,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"26349d6a-b465-48e9-add6-4e6fd6ddf80f","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":202,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"18cc4e6b-3ad5-43cb-90f3-212de7d51c64","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":202,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"08f69e8b-f98e-4513-8a8a-7bc63e713e55","block_type":"box","text":"CAPITAL STRUCTURE","page_number":202,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"9cbde754-390c-46c1-b28d-1369a464d61e","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":202,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"1c8387ee-9b09-49fe-8320-f2128dd2021e","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":202,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"c28bab15-d8c3-4a08-9345-6166bab2b45d","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":202,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"4ace62e4-66ba-4d75-9008-97fb349ba52d","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":202,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"ddc4871b-93ed-43ac-b7ef-fc5543f70585","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":202,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"6494ebd1-fab3-44c7-a7d7-fadebc9399b1","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":202,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"9603cb8c-7dbd-4e57-98ae-927a6429ab9c","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":202,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"5d45d04b-62de-4f8d-8b4a-c06e0bac42d1","block_type":"box","text":"Share issuance","page_number":202,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"d0f44199-8f7c-4973-b79f-33d1ee4266ec","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":202,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"52eccd03-d0bb-4896-9f46-133a59036b30","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":202,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"88df449e-e609-4197-970a-4cfe76c24720","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":202,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"0bbb14a4-31eb-47c9-9960-f65420d37a68","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":202,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"3a408a05-c1f0-478e-ac2b-3975d9c2d249","block_type":"box","text":"market environment.","page_number":202,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"c6e15b15-8b09-43e3-b13f-2d5fd4ee3b10","block_type":"box","text":"Share buybacks","page_number":202,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"2a0f9e70-8ece-4596-a800-400ca89c34be","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":202,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"61fde87a-0d3a-4c37-b465-830ec78c9017","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":202,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"78361837-9cb8-475a-8808-90e99e1efed8","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":202,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"24adeb82-583e-4005-b85b-aa40bbbfb5c1","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":202,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"664bb5fa-e237-44c1-8447-aad3da6f6ab2","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":202,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"99a13b81-8be2-44e6-80b0-de26bf466349","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":202,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"60bcca14-5f9e-4221-8798-ddf9247648e9","block_type":"box","text":"of the company and the market environment.","page_number":202,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"c554b45b-d2ec-4c99-87df-c3a5178936c2","block_type":"box","text":"Dividends","page_number":202,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"6f554116-f217-4459-83af-cd04c42b326c","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":202,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"8f347be2-2034-43f1-beec-cf2800b6dac2","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":202,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"a69d77a5-3de0-4aee-beba-1f98ed509319","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6d983765-5305-4966-9008-92b1a711c027","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0e8ffbea-cede-4f25-9cd8-729207c62feb","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd5d355e-614b-4ee6-8370-ed9d479e22b5","block_type":"box","text":"Differentiated voting rights","page_number":203,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"c358f94a-35ea-47f2-ad4d-d5c010076f78","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":203,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"0623e60e-b5bb-4884-841e-3788b4dca667","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":203,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"f4b0ee0c-b538-4e88-8169-d592da59520b","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":203,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"12ca0f32-68de-48f4-9acc-5b25a966db82","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":203,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"7b3e8583-d805-4a39-baf2-7e97a9d225a7","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":203,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"c5c9529c-25a2-40eb-b388-2adafac72058","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":203,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"9b4910b9-690d-437a-8435-395b6015ffbc","block_type":"box","text":"analyses of proposals.","page_number":203,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"d55077e2-6417-4bbe-9843-ad0180e7b7aa","block_type":"box","text":"Mergers and acquisitions","page_number":203,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"3a7b505f-50a5-4ada-83b2-1c1d58c29156","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":203,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"bd81367e-61b8-4ce4-8a64-a6fad82e4c70","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":203,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"4656a433-db88-4ab7-b329-10175e0b5c16","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":203,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"33ab7a74-ae87-40ac-8b83-38e70355cd19","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":203,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"0dc57aaa-3fd6-4cd9-a476-537195d21312","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":203,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"93980111-6448-46a6-9298-ec93c7d92fbd","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":203,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"1e9a0a72-3fc7-4755-b5b7-61a3f8220cb8","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":203,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"941b1bd0-bc5c-49e1-89db-4cc3bad8a18a","block_type":"box","text":"Anti-takeover defenses","page_number":203,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"ef85f259-16a4-4376-b1f3-c273f3e344f4","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":203,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"3b77b80f-cd93-45bc-8527-1cf381221525","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":203,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"63d22ef5-dc02-4b15-979a-98c688e35db7","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":203,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"282b6b12-d4b7-46c0-a14e-7f8360b9616b","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":203,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"2f31f124-b90a-4827-b5b7-486af62fdff2","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":203,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"e346d931-cac1-47ca-ae0e-2492d5bff40e","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":203,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"836c7a33-2a27-4d9a-ade4-05e30666f266","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":203,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"56a79280-6171-4bf6-8afa-ae05da211ccd","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":203,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"6da99a4a-edda-4034-98ee-4f8f800d127d","block_type":"box","text":"Shareholder activism","page_number":203,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"9192a55f-ce84-40d7-ade8-8627bc232441","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":203,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"04218c99-ed91-4fae-82f2-3a20912f2a89","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":203,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"35ae2dbf-4d1a-427a-83ad-8058c430e470","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":203,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"c113042f-91b1-4c74-98d6-94f2328d25c7","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":203,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"40b07491-afaa-4e0d-89b0-6934e9ac60f5","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":203,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"d3fb24fa-da77-4702-9af7-f34f51c472da","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":203,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"44b63e56-6ef5-469f-86dc-1166c5aea4ae","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":203,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"b3564b96-aa58-4001-8b95-6062384dba0d","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":203,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"45e34903-7c64-4015-ae7d-4db5791b5722","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":203,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"368e2831-657b-45ab-a31a-7eaa7b31bbea","block_type":"box","text":"protecting shareholders’ interests.","page_number":203,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"c0dd8f71-54e3-45d9-b0cb-160ad2746415","block_type":"box","text":"Significant shareholders and related party transactions","page_number":203,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"c5b8b650-dd2b-49c3-8d8b-f5a5075be747","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":203,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"bccb14cb-90ee-46ef-b49d-e452d5f702ec","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":203,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"447e5efb-e751-4922-b87b-528a7b8235e2","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":203,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"fe41444f-4f5e-413e-97c2-45a87ad8971d","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":203,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"4e1206c6-acae-4d07-a445-8eeb057e53c1","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":203,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"557fd9cb-f5fb-4767-bc2d-b9d1af16980d","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":203,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"d27db4dc-67a5-4bee-b8fa-f5d41e68583c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":203,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"b43c4f78-6509-4798-8dc1-87ccfa2a8e6d","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":203,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"852748ab-460f-4b92-8c9d-6c4056423a7f","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":203,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"0632420f-b326-4218-834b-5ec0e3958b56","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":203,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"31262e00-81a2-4197-bd10-3582b4483ae3","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":203,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"f9f72fb6-8b61-4db7-b258-7e47fa388a5f","block_type":"box","text":"audit.","page_number":203,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"ab6cbe1c-cf9b-41a7-8c10-3dacf3f22c07","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":203,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"45c1939f-76e6-497b-bfde-dde651814bf1","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":203,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"f599db25-ab79-4254-a074-7c97aa7b2824","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":203,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"7cae6026-b8c4-4f4e-a31e-356d659195e8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1dca3d34-e6ff-4e39-b2dc-25a75d71fe57","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4b945a17-881a-44b9-9b4f-aad187f7bf39","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12e06cc7-befb-4153-833f-e0d7a6256ab0","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":204,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"d967b13f-4882-4cce-a9d2-0db8f646acc8","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":204,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"073212ae-7433-4e76-af91-5e8c74cb7519","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":204,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"7e2c1d3b-e9ee-4724-a2f7-e39a8039ebc1","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":204,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"84d296cc-5b3a-45a6-bc29-d44795e786f1","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":204,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"d269c5bf-629a-41cd-8852-c285307607a3","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":204,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"8c4d7fa5-5865-4ce7-a41d-ebe03500643a","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":204,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"35715240-dadb-4c1e-b1fd-08a7b37b479d","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":204,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"2a2b434e-c500-411d-8b62-5afcd8bf30a5","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":204,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"378a3414-eaac-4743-9607-4856c9545e7b","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":204,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"5c586954-69c8-4ad6-a5c4-136af3adfdc1","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":204,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"39d1efdd-c065-4eb5-948f-8daa4b605617","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":204,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"4fa94ac4-5518-40b9-aacd-a57a28cfbee5","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":204,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"bbd31110-2afc-48a8-b70f-a122e8631c8c","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":204,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"66ce3c7c-39e3-49cf-8aca-c80dfd4c9992","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":204,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"3c564c1c-ea3d-4a0a-96cd-7a90967faa3c","block_type":"box","text":"9","page_number":204,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"93e7a313-3dbc-4730-a169-6400bfbfae1e","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":204,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"890b3e0d-c9bf-435a-a04a-5a66c6954b3c","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":204,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"5b1d6cb5-e9a2-4776-b207-d5e5e2bb5656","block_type":"box","text":"standards specified by policy makers.","page_number":204,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"dfa95e37-9a98-4881-8c9d-d927819a16d9","block_type":"box","text":"10","page_number":204,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"0115a427-a350-46b8-8839-d8aba16429ac","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":204,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"3b5fe3f0-28f9-48dc-808a-3c042f3c09a2","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":204,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"9d58c161-ce16-43cd-9952-8730c4531775","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":204,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"b933c592-2ad8-45f1-8c59-5eddde14c0ce","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":204,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"4cfbaf0d-f1f3-46f1-9dbc-0d3af4b66012","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":204,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"eb4d7209-3763-4dbf-b769-8ea38597dd16","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":204,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"a4c7555a-8c63-403b-b41c-ef8b962cbfa3","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":204,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"02757790-8726-4c6b-b1c5-bbb066c2aa71","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":204,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"1bb1037c-63da-49eb-b39f-827618ab6b49","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":204,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"4353bbe0-9bda-4476-bcc7-a698cade07ea","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":204,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"1e860d91-e66f-4c36-bed8-2dcb4aea9696","block_type":"box","text":"remained independent.","page_number":204,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"d46306bf-9173-4cb1-83cf-12673b0e6d2c","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":204,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"b5ad581c-f3a5-4155-a2e4-fb720a8593f3","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":204,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"63f55bbb-5a92-46a8-81c8-0bd598d480fd","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":204,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"15f1c377-d003-4533-bcdc-3db5b1766bef","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":204,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"b9666a58-5e35-4fc9-9357-03b25410c258","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":204,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"30e568e0-e34b-49d9-bc1a-7299167a3e10","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":204,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"43719ba8-cc03-45bf-9b93-930a943babf2","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":204,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"8aa790ac-f987-4d55-bd60-77ea001d578d","block_type":"box","text":"General shareholder meetings","page_number":204,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"509d7446-cbd1-43b1-8e8e-536f65a60986","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":204,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"acf80644-fc0d-4ffd-977e-e0c225a589f0","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":204,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"783a9e4c-941f-4278-b5c0-59fd59476682","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":204,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"ebe06554-d455-458f-8996-92a849ce5774","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":204,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"c7e73d1c-fce5-4d83-8d37-97cc0fe68950","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":204,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"fb13a955-40f5-4423-b90d-3f3a6d26728f","block_type":"box","text":"an in-person meeting.","page_number":204,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"51e50b4a-1e46-4fbd-a1f0-437e080f3490","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":204,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"0b2be27f-a6d8-427c-a468-b5a7dd1f9766","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":204,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"c7041b06-2350-4384-bd66-a1e4ed4858a6","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":204,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"c1bc9aa7-c279-4e7a-a8f2-bfe6312769ad","block_type":"box","text":"par ticipation.","page_number":204,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"c08af753-432e-4f64-85c1-313c687ea506","block_type":"box","text":"9","page_number":204,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"d37af44b-53fc-4269-a892-c7608cfb441d","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":204,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"9c7002e4-739f-47da-a737-77c8f990f2d3","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":204,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"7e0a26aa-9292-4ab4-809a-7da0a2d95621","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":204,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"eea438c7-c856-40e3-86ea-667fc2323b31","block_type":"box","text":"Disclosures.”","page_number":204,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"fdef213e-6c5b-476f-a599-09f67e7c549d","block_type":"box","text":"10","page_number":204,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"e0c06b14-aa91-47d6-93ad-e557027a6574","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":204,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"0cfb9f5c-f655-43b7-b63f-78ac310fc1be","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":204,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"2ffe6221-578a-4214-ba3c-687a7b7de614","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":204,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"4d7d77b1-cff4-46f8-8b39-479259f1957d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a6cb8b2d-e048-4a5f-ba58-8457b1cc3430","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"347f4900-53b5-4d82-a422-1df06e6c6ff7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"449dde7c-1ecc-4220-9f54-a64d74d842a9","block_type":"box","text":"Bylaw amendments","page_number":205,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"633cdd23-4635-4a7c-9e53-216468a2b9ee","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":205,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"90aad3bb-e910-45cc-83d3-db0c77199161","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":205,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"253aa5b4-87ee-445e-9d35-5de8df0c9cc4","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":205,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"9b078ecc-64c0-4c90-876b-4a957974d9f5","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":205,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"9046a7de-f3df-4311-b7fb-0734b136007d","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":205,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"4b82b100-8cc4-49a9-a5f0-ec55bff8c02a","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"67934cd6-4441-4e9d-8804-d7900a91f626","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":205,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"6adbe90d-2dd3-4b88-8dfb-a5c4572b66c7","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":205,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"afeb39b9-704f-4cfd-ac46-e7348863c813","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"b00d3b05-060b-4709-a806-be2ba6b7412f","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":205,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"d55372d5-e970-4f4b-9a06-f8e3cbbc41ba","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":205,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"b71ccc1e-0ea5-484d-a966-92593512df46","block_type":"box","text":"nomination process.","page_number":205,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"cd94cc11-212c-4aae-9de2-e08f63933d42","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":205,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"61cb9071-e29b-401e-ac88-9a1cc7a96259","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":205,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"7802412f-bdc7-4e0a-bda5-5916289a6046","block_type":"box","text":"Change of domicile","page_number":205,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"517ae551-932c-43b9-ac2a-1f88a8096954","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":205,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"f9717d7d-142c-4c61-8c18-2697393ed8ba","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":205,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"b1e0e200-af49-4b50-b85b-370007013df7","block_type":"box","text":"immaterial.","page_number":205,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"b776f594-e6c3-4a98-8bc7-f9cef2abeab5","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":205,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"5d7d987e-5629-41eb-9c28-f071e11d944c","block_type":"box","text":"with our clients’ financial interests.","page_number":205,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"ba3038c2-601c-4236-bca7-9d4c902c4203","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":205,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"dc57ea69-3db9-4742-915c-8ca431eb3fb1","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":205,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"bab97e06-af71-4f57-bd65-7552de295c57","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":205,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"7d6b1f8b-b152-4306-842b-6eda54994aec","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":205,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"af0f1105-c0dd-4390-a174-20ea3fa6b97b","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":205,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"e665d832-b993-48c6-8dfb-1a67ef078312","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":205,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"72e8e828-ec9b-4363-b67d-f06f1df38297","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":205,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"4190806c-dd29-4848-99ae-1b6755827016","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":205,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"a9350253-0bb4-461f-93ca-3a3b9748d502","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":205,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"288aaaae-9ef6-40f5-8828-b6206d27522c","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":205,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"f015eb74-9d3f-4479-9bac-713448fb0864","block_type":"box","text":"relevant to a company’s business.","page_number":205,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"4f1a3aea-4af1-4086-a5e4-275c0e0a5d65","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":205,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"cd02e22e-f08b-4542-b57a-55e590fefe54","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":205,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"37264fbc-e51b-4efb-9f20-47fcc6fcc59f","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":205,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"1fcf1734-6381-4177-8bc8-41f1afd28b08","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":205,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"ff65d1ca-b324-4560-838d-b4f2e36532e5","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":205,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"dca40604-335c-4b02-9f0c-7d0fd1418082","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":205,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"69f6cc7e-7b20-4233-b234-a48235447a31","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":205,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"db8aa075-09cd-45e8-896c-cbd7f75e6d26","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":205,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"97bb5e7f-5c2c-440f-9fbe-2a1336986205","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":205,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"3bd71858-a283-441d-a6a2-2dc99f30a5f2","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":205,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"fa6928dd-5878-44e2-b8ce-677074df2748","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":205,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"793d5b84-5d69-4963-aa31-88503428d456","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":205,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"07978505-acbc-44b9-9fb2-cbbd3ac976d7","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":205,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"b52a110e-a771-40d0-b752-1d2727fec177","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":205,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"58e84052-2317-4093-9a9b-3e21fbc779db","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":205,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"dfd4ac5f-680d-4ea1-baeb-abac56dee301","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":205,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"78be383a-7f1c-4316-894d-21c76fd8b94f","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":205,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"ed51dca2-0aff-4b4f-933f-a8813e135a9a","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":205,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"e586fe17-a600-4fab-b052-7a038e7c48cc","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":205,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"78b3a5ed-5985-45fe-b527-227944700107","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":205,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"87df6188-a9e3-490b-8c80-df9178973f49","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"623faa5b-5ff4-4b88-aa9f-71101599bd6c","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d3fda8c3-70f3-4ef7-b0d4-fa20060486dc","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48bd13d9-9737-49b1-9bb7-22215ab040b6","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":206,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"4c41897b-bb6d-4470-bea5-79f622932906","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":206,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"b1d1de45-6455-481e-b57c-d106df16a2dc","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":206,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"e1339ba7-ce7e-44ee-b490-70dab2882a29","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":206,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"ca797749-fafa-403c-a310-d933f777b4a8","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":206,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"e34ee018-983e-416a-aabb-05492a759f5f","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":206,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"46907bde-b8a0-4eec-a7d2-4cdb3c45d0c8","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":206,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"c047cbf4-253c-421b-9f38-8d980c02fe86","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":206,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"fccddf74-642f-42c4-9c01-7b1a8c7c1699","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9585f54f-c9a8-4660-a480-159fe11487ea","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d0ca6b6b-1276-43cd-ad54-8df3e7bb38e0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"565025b5-6411-44ec-8a1a-79b18873701f","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":207,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"039e3e59-9215-4981-ad9e-aa5fea7e2139","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":207,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"1b5de9c3-10c0-4e7f-afc7-33b8b82ace79","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":207,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"cf3718ee-9344-41bb-be32-ffa1de67a2e5","block_type":"box","text":"11","page_number":207,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"9843ec98-3dc1-4d45-b335-ebbf3b0d2f2a","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":207,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"bbac92e9-b946-4a65-87b7-be0314504816","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":207,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"452f61e0-1fd7-4ade-be4c-40d9cdacd0a4","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":207,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"5e7be766-c6a6-440f-8a9b-f86cc711c873","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":207,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"65802d94-8abc-4043-9821-54cf5ecdada5","block_type":"box","text":"regulatory requirements.","page_number":207,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"2751f061-f2b1-49ed-a1b5-67854aed96ee","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":207,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"62d24569-79a0-4ba5-b3fc-a8fd01e4a43e","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":207,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"bb98c339-5949-4bb0-9bfe-095817b22c32","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":207,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"e6ae5886-312f-485b-93c6-0549a9a9499c","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":207,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"057c4835-e159-40a1-a93f-82c664f6417d","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":207,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"a5de98ed-1d0e-4cf1-9a05-16015e829025","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":207,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"a868f445-bccd-4569-9943-ec29f0af344c","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":207,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"2cd40f7a-e058-430d-82dc-99e7072d0a68","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":207,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"d8b1840a-c206-42ac-a6f9-08427dfa952c","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"8a2de54f-8f18-4608-9b4c-34338c6877a2","block_type":"box","text":"KEY STAKEHOLDERS","page_number":207,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"eb9591c1-64b7-4ac6-bb39-0451b8e316ae","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":207,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"3ed03bdd-20bd-4ac3-8e3c-6d045ebda623","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":207,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"ef7d6e56-1061-4433-8c17-5e84f3787ca8","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":207,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"3a7f11a6-ae1c-4c25-9ed5-94848dc8a7b1","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":207,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"6c052e63-4e2d-4596-a18a-c2a4d9d67a9e","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":207,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"e7728f08-7004-4ef6-9dea-74d9a45fb65d","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":207,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"fbc36303-0fdd-4da3-ad74-d1c6d421730d","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":207,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"d5ee5560-f56d-406b-87dc-7a72725f6bf7","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":207,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"815cc766-c523-4a0d-b16e-49ccbb2aa872","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":207,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"efb9b2dd-e4ff-4097-b8d3-b7f59fc9f438","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":207,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"9a8c1c2c-fdb0-4da3-ae51-f793f2551c9b","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":207,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"e1709ecc-a5a7-4504-8d69-758db605cba3","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":207,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"0d40f569-d135-4651-a968-9ba1cb55ba21","block_type":"box","text":"i.e.","page_number":207,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"05b7f04b-cd9d-4f34-b8c7-624c1c8360da","block_type":"box","text":", one in which global","page_number":207,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"c794c027-f4bb-4c77-bd43-8283d2c59848","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":207,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"bb342eca-7235-49ab-8451-81b8d5542735","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":207,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"7bce6870-f07f-4914-b423-44a67148a5f5","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":207,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"888edece-c7a3-4d59-b968-443098e794e8","block_type":"box","text":"client.","page_number":207,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"bae1a402-2f30-42c2-8242-89942ec51dc9","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":207,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"59b5b7b2-957d-40c8-92fa-4bdefc147747","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":207,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"0d15dcc6-2ecc-4a4f-9e35-5bcb9bf18057","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":207,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"a21b147f-49d8-4860-8b3f-6f21d763aa92","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":207,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"b62b1def-5ecd-4d02-8cbb-739968284ad5","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":207,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"ed972db6-c104-43f1-8ce0-ad92188fb6da","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":207,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"5721a05b-76f1-44a2-ae74-2882f497e6dc","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":207,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"4435fce0-ad06-447b-8f57-6bfb1040bfc5","block_type":"box","text":"1 and 2 emissions.","page_number":207,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"366942ea-d33f-44db-bc76-bdfa4b5ebe35","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":207,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"7c359260-770c-427e-b4d7-af80802b9fc2","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":207,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"dce78eba-1705-4f7c-b7c0-9c2a385c54c8","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":207,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"f55a2d3f-2a8b-4890-ae42-e61615d325fc","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":207,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"15970d05-e301-487c-beb2-5b4c9d881a87","block_type":"box","text":"11","page_number":207,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"1e4a761f-8e67-404b-8f77-eda2d44f23df","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":207,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"705d6315-daa5-4ace-a480-c6ea37a4e534","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":207,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"8e701896-115a-43e7-a887-143678da114a","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":207,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"8a6d4fbb-0022-4da2-8c10-2354621bc649","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":207,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"8dd52e25-87a3-4542-bcde-b67850545691","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":207,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"8f0e8c76-16b0-4172-9616-656cae65960a","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":207,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"997cf17f-60eb-4a05-b9fe-04486d186329","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":207,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"48bd8ce7-5455-4fb1-a651-fcfb1de501d6","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":207,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"c235521b-474f-43c9-a135-621a9048b93b","block_type":"box","text":"sound governance framework.","page_number":207,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"c583658b-8cdf-4611-9581-f0450102bcf4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2e5b6d01-e726-4814-a5d9-bb64f959306f","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8de181df-4c1b-43cd-aeaa-cdcdf51f37d7","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64a29b60-ba7f-453b-9a8f-86b3f74dd1cb","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":208,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"97c95c0a-97d9-4c09-b5e3-2745a9d1d60b","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":208,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"211394ef-2e6b-4862-8623-d5c5a45bd9f8","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":208,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"b260af13-077e-4d5d-95b4-838a1a6426a0","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":208,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"1aca0600-b84b-4572-b911-7a9fc1074121","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":208,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"031cf529-1d95-4134-be1f-5d2f78a360f5","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":208,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"7a383976-2ea9-4c6a-a54c-9c5e7b90296c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5a3c25d9-27ad-4282-af8c-62ac9182732a","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c851d165-673a-4180-82d0-1cbfd3ed2ea0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96c7e40f-5180-41f0-8648-c3b7a0676968","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":209,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"a3123993-b8ef-4676-82ba-1a4c99f8172a","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":209,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"c408ade7-3dfb-4b00-a222-2e7236a09bcb","block_type":"box","text":"Oversight","page_number":209,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"37ec196e-e26f-4d4d-b77d-03bac9010901","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":209,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"33769d28-5257-4932-8101-ea5803580d39","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":209,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"4837c38a-f285-4e31-a2ef-8869538230e0","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":209,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"798cfcae-4824-40ad-a336-a7ab2c626ec2","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":209,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"1e3c6b7b-6bd3-4763-95b7-37bc8f8fa6f8","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":209,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"bc0a556f-a119-48c4-a2d9-009cfbd62b24","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":209,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"42257371-8240-465b-8ad5-7a52dd769893","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":209,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"a044b989-620e-4919-9ada-eef78718e7cd","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":209,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"32cc28e2-3632-4a91-8210-8595fa6ccfe6","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":209,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"dc5e4fe3-1a64-4417-9d5b-ed6867d03e5a","block_type":"box","text":"relevant active equity investors.","page_number":209,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"6b691ff3-3344-43e8-a231-a19e21b211ce","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":209,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"23b451c4-42bf-41e0-8f2c-d8ee54ad913f","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"7f02868a-e7af-458d-88f5-63c5ee165408","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":209,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"88704036-8b15-42d8-a586-d0c7537e37c5","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":209,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"698feaf6-16ba-4a6f-aa0b-0288e29666c3","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":209,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"a830cb7e-1050-4c6f-b5ea-c3773ea7cba2","block_type":"box","text":"third-par ty vote services providers” below).","page_number":209,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"418d0f5e-bf76-4c6c-abe8-ba400e799b16","block_type":"box","text":"Voting guidelines and vote execution","page_number":209,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"493b0e9d-10d5-4b90-9fc7-2afd36cfba11","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":209,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"bb8b5630-2cd3-4865-b1d6-1b24ccc461a8","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":209,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"87b1507a-eb3e-48dd-ae9d-1901046bec77","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":209,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"52209dbe-9910-4908-ba24-bead43415539","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":209,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"6043da26-0a42-4376-8152-78a051ee8d69","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":209,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"49b9701e-17fb-4200-ab84-687288433441","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":209,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"581e0b84-a02f-4f1e-ba2e-1a01d4582a83","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":209,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"62a01385-4124-44f3-85de-46848f277b26","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":209,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"fbfbe79c-ba5a-40f8-b658-9b4078cc9ade","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":209,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"ed520e65-6eaa-4069-8fd9-50b69d970dec","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":209,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"f955525d-3618-45e7-9c77-8d78142dedc1","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":209,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"05d26ed8-1e52-4c09-9d02-3fbc11f8e43a","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":209,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"17ab8883-4e89-4ef8-9931-75bcd37e09b9","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":209,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"c597cc09-7025-4efa-a954-7af61f4f84e1","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":209,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"6a063f72-ab15-46e0-a125-b3932f3aa924","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":209,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"26ff15e5-6983-4fd5-877e-94a573d6efbf","block_type":"box","text":"corporate governance and feedback from companies and clients. 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We are not suppor tive of impediments to the","page_number":209,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"d272d8e2-0c7d-4c71-9d01-0badf7508345","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":209,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"86e521c3-89aa-4fde-9c1e-fcfb5d7786f1","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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BlackRock contracts primarily with the vote services provider ISS and","page_number":210,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"0ac84f74-2041-44e5-9169-fbc7e5cd27ef","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":210,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"2f2e9048-809f-4e2f-93a7-d9dcc3ebce07","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. 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Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":210,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"eef8d417-9acb-45bc-88ba-12259d1019a4","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":210,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"512459fb-cf22-4787-a2be-8578a114fad9","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":210,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"438fd84f-8c18-4e3d-9be0-e7b0ff5adb0e","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":210,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"5f90eff6-f764-4240-acdc-caf8061974c7","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":210,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"cfc1bd5e-b938-4d99-847b-220c43044f85","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":210,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"cab08931-f55a-437c-9818-7ac0fb4ba789","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":210,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"7e934d13-48d0-4431-a593-c2eda0b74afc","block_type":"box","text":"interest. 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outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":213,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"345e0b08-b17e-4ff8-ae78-1e2ba108d350","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":213,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"4cae7ba7-f9cc-4bb1-960c-2d1ab09fbb98","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":213,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"5802b5d5-5b72-43f2-a128-e1d99550b9bf","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":213,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"021af0d7-cbd2-48a9-b4dd-46c20538685e","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":213,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"006d2b1d-2074-490d-ae37-42a472ecb171","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":213,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"6dcd8e5f-60ae-4ee1-827e-824cebac17bb","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":213,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"cba3a7cf-a9b5-4d23-aecc-311c35d7e883","block_type":"box","text":"Appendix A.","page_number":213,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"f2b8545d-0f3d-4dc6-bb8e-4d178f3bdbc4","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":213,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"2bbf0e19-38e4-436d-924c-b1d4e8c7922e","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":213,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"49e38499-e1f8-4ade-babb-651af04937cb","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":213,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"1b8b690e-efe1-4c18-a768-86015c2cd6e7","block_type":"box","text":"Conflicts Management","page_number":213,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"a30dafcf-fa4f-4964-ae49-10527f76a5ad","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":213,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"e2ea542e-bc89-4390-a29a-9749a0e2c92f","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":213,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"add1ed41-ad06-4ad9-82a0-0147aed9e73b","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":213,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"ca1f53c5-3151-4b6c-80db-55b1b8e3f76b","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":213,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"d4e62444-9bb4-41bc-a7f8-fa343d234bbf","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":213,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"48ef4e0b-861a-4fcd-8833-c5ea517124fb","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":213,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"004dd821-1e23-4182-b1b8-49850c946c5a","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":213,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"d7c56f43-a178-4f9e-91bf-d42b2ac47729","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":213,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"395b5644-48aa-4097-b296-9cc37e194b80","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":213,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"2400976f-3faf-40e9-8e17-52b8868478d5","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":213,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"31220e8f-f3e8-4fd4-b281-8b66f99d014f","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":213,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"ea5e6bbe-ae78-49cc-85ac-0a32ecaa50fb","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":213,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"dc5627c8-a25c-4945-a909-1ca8907a9446","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":213,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"820087d7-05aa-4e16-8572-81e0e2a384ab","block_type":"box","text":"connection with proxy voting.","page_number":213,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"c2d84a36-ce5e-44f1-a9c0-9c6f67570797","block_type":"box","text":"Reports to the Board","page_number":213,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"cefbd360-96e7-4239-a199-5f6bac6b800e","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":213,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"d3162284-285a-4807-bc21-0e76e907d9dd","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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Reporting on our activities to inform clients","page_number":217,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"63ae9147-4794-4817-9cff-35346a1a0589","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":217,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"21207ce3-ee28-4602-a5f5-4653a3262a9e","block_type":"box","text":"publications on our website and direct client communications.","page_number":217,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"e0e14511-6a9e-4c24-ae88-0303d008f5c8","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":217,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"edccece0-b1b4-4163-a306-b809590d647e","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":217,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"aaff487b-8458-4cd9-b144-c50e96c31b6f","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":217,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"d55ad0ff-886b-415f-af6c-30f5de70218b","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":217,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"e73060e0-6a44-4861-9949-4ffb663592de","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":217,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"ad45a613-113c-4d4a-9c54-388477777fd9","block_type":"box","text":"2","page_number":217,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"2741e6e1-e0bf-4880-b6f3-32be0772ff87","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":217,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"f4f10d8c-40e8-4389-a4ea-9a09b8ba6d9a","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. We maintain global","page_number":217,"box":{"x":102,"y":443,"width":751,"height":11}},{"id":"393cff1e-23af-4c1f-b717-d86c41bf85ff","block_type":"box","text":"principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing","page_number":217,"box":{"x":70,"y":458,"width":824,"height":11}},{"id":"c5b4ccb7-bb26-49c9-a2d1-b849032b25b4","block_type":"box","text":"the unique characteristics of the different markets where companies operate.","page_number":217,"box":{"x":68,"y":473,"width":553,"height":11}},{"id":"2fa4b29a-ff3d-4b8d-b85e-9635bc6a4410","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. 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Our role, on behalf of clients as long-term investors, is to better","page_number":217,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"58f78ff2-7e5d-49a8-8062-7f501194d09b","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":217,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"cf1d1b70-8e25-4baf-af0b-950ae0a67491","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":217,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"fe48b014-240c-41de-86a6-d4616c6fa89e","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":217,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"2227a2e2-8f38-4a8c-93cc-0319857d3ebb","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":217,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"51314085-980d-4795-bf93-2325ceca17af","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":217,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"ba948b62-d560-4239-87ab-8550f175d8be","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":217,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"dd1a1f04-82af-4aa6-9101-9b87961a8d87","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship","page_number":217,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"c183668b-dcc4-4b55-81a5-51a19101f10f","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":217,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"48aa29a5-d3d9-4b59-bfa4-e69f010fa1f2","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":217,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"10645e1a-ce0a-417c-92cc-77552ec5029a","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":217,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"c4814169-aa43-4f58-b0b4-64c0269da096","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":217,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"89c3ae06-1126-433a-996e-c9479f5f1c3c","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":217,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"b642a51f-21de-4c47-a740-551ed89a81ab","block_type":"box","text":"oppor tunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":217,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"132ba9a0-c06f-4edc-a794-33c6b7fc1bc9","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":217,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"a25942e9-b01a-41fc-83ed-c3437fbeff69","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":217,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"5fdaba93-41c5-4eb1-adca-201f7be9f00a","block_type":"box","text":"1","page_number":217,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"8a8c98b2-0fa6-4b4f-b223-8fe718a3c115","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":217,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"ad384413-52e5-4996-bc49-822b67fc5f96","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":217,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"203e9a32-e29b-493a-9612-e343c1ea5224","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":217,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"206a8b60-cb56-4265-af99-56b966b46fe9","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":217,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"657ae239-cff9-466e-8313-aec03170019e","block_type":"box","text":"2","page_number":217,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"ca7db5d9-96b9-449f-828b-a8d2c416ebd3","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":217,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"ad180ccd-c643-422a-9916-d1c93c45b487","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":217,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"faaebdfa-3413-4bdb-9621-244111f1eb8e","block_type":"box","text":"material business risk or oppor tunity.","page_number":217,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"75c0f5e9-6954-46c7-9aea-eb4a3b95ebc1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fbaa42a6-a9dc-4f63-bdd7-e2d82d9f490f","block_type":"box","text":"Global Principles | 3","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"9a4f8ddb-1574-455d-a52a-710089b8772e","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a34307b5-69fd-4111-a69b-07f6c1a0eaf9","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":218,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"7ad986ba-15b7-46ab-8392-b3ea39b2f72b","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":218,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"70ae3644-8261-484e-a1a0-54172e985789","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":218,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"7fbf705d-d2cd-437c-87f7-59a4cdb18a23","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":218,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"aebb706e-c7ee-429a-aa11-81c77d2f5d84","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":218,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"0d937c5c-f879-4185-be00-2297062afae8","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":218,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"aaecb66a-4a37-4e70-bddf-895f33a01a6f","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":218,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"1475f763-9ab1-47a9-ba28-e7f00589ba79","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":218,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"cff4c670-7511-4389-ae4e-a2f823fde89d","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":218,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"08e7e18a-54d6-42c7-a856-c613e7329577","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":218,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"3b071a1b-ca32-4c51-8d0d-02bcd22632df","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":218,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"dabce5d5-8ae3-4ae3-82a6-8476669858b6","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":218,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"9cf75bc1-dedc-4a0f-91b9-f086c321491f","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":218,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"e53fafb8-1332-4d28-91e6-48e9c259df6d","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":218,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"3f145826-7786-4809-b4e9-bd7180109cfa","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":218,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"8808db2b-d398-46ab-9aea-5087a43c1fb6","block_type":"box","text":"3","page_number":218,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"5bb50bcc-8251-4149-a2d4-99a2a45f0844","block_type":"box","text":"For example, in","page_number":218,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"dcb72749-e9fd-43ca-8f3f-b4a85ca7e7e5","block_type":"box","text":"most markets, shareholders have the right to:","page_number":218,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"f68beace-8bd8-4e73-a88c-adf72769f68e","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"dd85c2bc-cb35-41b9-84d1-bedcea9b61c2","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":218,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"f241f8a5-a4aa-41b3-a4de-e6e25396d22f","block_type":"box","text":"char ter or bylaws.","page_number":218,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"f085dfec-5c70-45f1-a210-e747e9d5abc7","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"84289f39-2f88-4cb8-8893-ea19723ceaac","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":218,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"bfe4a314-73b8-47bb-84b5-678788937954","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":218,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"3cabffb2-d2a3-4f7a-b947-7c4f3c51b611","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"24a48cb2-7c8a-4d29-86c5-a249d8472855","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":218,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"964d4641-945d-42bb-8c38-70500b1a1902","block_type":"box","text":"are material — to make informed decisions.","page_number":218,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"208958b0-41cc-4a2c-85b9-5551e73b28e7","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":218,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"352af656-fb9c-41d6-9f65-106fd52507e9","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":218,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"c639f77b-e7e0-4c63-b049-7645cfaf23b4","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":218,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"77599608-3f98-413f-95d1-ae4ebcf9e5bf","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":218,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"3f30b9fd-236f-44f8-9dd0-eb0717aa7a19","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"a9e98b3a-a86d-4341-91d9-84a9d9df3e9c","block_type":"box","text":"Boards and directors","page_number":218,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"4cbcbcc9-cca8-4e61-b16f-9de5b667c9ea","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"657328d3-edbe-4bd2-ab44-04d77be157c2","block_type":"box","text":"Auditors and audit-related issues","page_number":218,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"bb9ad822-1e92-4787-b5a5-4ab685f51221","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"6348eb53-20c7-44c2-bf97-646e2eb5c253","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":218,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"d4f3b1ec-82af-4107-b3d9-875418d099f8","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"6ff88f4b-c2a3-46fa-809e-73afbfbc652c","block_type":"box","text":"Executive compensation","page_number":218,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"4af5c087-b46a-4428-af0f-99f6e8074ac4","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"6db9013f-711c-45d1-ac3f-05eb152cf4f5","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":218,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"ff9d192e-41ea-40bf-bdb9-fc126f28f94c","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"affadddb-1345-4f1e-9437-a9ccff6c7055","block_type":"box","text":"Shareholder proposals","page_number":218,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"2d9e6c22-bdda-44e2-84e8-94376b921f42","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":218,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"1101e116-2da3-4660-8172-cdc35087b0a5","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":218,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"11c2b651-887f-4945-a93f-1fedd0eb81d7","block_type":"box","text":"which companies operate.","page_number":218,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"41ce616e-6fb7-42e2-ae3a-b911bf999d30","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":218,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"b1442e5d-0bd7-4b86-ba6b-1d0e7eee37b5","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":218,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"99a74430-15c9-4863-989b-b69962a3e74f","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":218,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"53676ace-f270-41c8-b0a3-52e83a6dd218","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":218,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"46392ed5-1284-4d82-8e34-2ab20d2f4517","block_type":"box","text":"4","page_number":218,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"fc8fbad1-7e25-41b5-9d02-82d190748f73","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"c730b326-9ef3-4d09-98e6-01fcb0670959","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":218,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"e5ce022b-2f20-40ce-a24f-29cdc155500d","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":218,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"77006cfe-1150-4711-b44b-4aa8609c4d5a","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":218,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"9756cda9-8d87-4aeb-9a51-847bad2a46a8","block_type":"box","text":"4","page_number":218,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"8632afd3-7057-4ac2-a8a5-674382074885","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":218,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"c6647b0d-c054-412c-a099-2a51558ba142","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":218,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"043669dd-1853-458d-9a3a-9f6e228fed19","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":218,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"e8f790fc-0057-4b15-aeea-3e72fe170ad4","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":218,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"7eb25165-ac8b-43a7-9499-1a18ab65de2a","block_type":"box","text":"guidelines.","page_number":218,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"a2de722a-afa6-4a87-a428-f8c46bc761ca","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4facfab4-0f12-4b58-aec5-5e387b30395e","block_type":"box","text":"Global Principles | 4","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"407bed1b-1c8b-4984-a4d4-1f5836ef8537","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afc04278-3042-44ad-bfdd-4e13c0139530","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":219,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"80c39757-225c-45c9-b87f-39150cc01606","block_type":"box","text":"Oversight role of the board","page_number":219,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"7c90994a-e4b4-4ac0-8e9e-af74c4d59e04","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":219,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"8df03286-387d-413e-b7d9-11ce2b82aad7","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":219,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"e021e50e-9849-49c5-ad5a-307e22921fa7","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":219,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"003ecc5b-b738-46a8-86e4-ef1ca23ae68d","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":219,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"30e3c353-7f42-4f30-9e1b-2ecc0f5e96ce","block_type":"box","text":"long-term financial per formance.","page_number":219,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"5fbf22e9-7656-44b0-97de-0f0673f816ce","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":219,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"59e34ead-e059-4d0d-8f5e-b660ab34a321","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":219,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"77c01ab5-fbd8-4f7c-9816-13621ef6acba","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":219,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"aff657a3-9f74-4f44-b53f-e0116aa0b82e","block_type":"box","text":"the business environment in which a company is operating.","page_number":219,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"534701a2-1510-4353-888b-525676233886","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":219,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"dbd68396-5afc-4a77-b4e7-e3164ccbb257","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":219,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"a7807122-3fcb-49e4-89f6-d79f794c81a6","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":219,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"34514da5-f98d-4fc5-a7b1-d79fbcae51ec","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":219,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"036d9208-c99b-49ed-b63b-70a3fcbe5999","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":219,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"af099b39-6ee3-4203-a598-b7b947c828e2","block_type":"box","text":"mitigating such risks.","page_number":219,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"a11faa71-6748-4201-83e6-c0eef6bbe4b4","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":219,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"53631afd-811b-4250-bccb-912f21aeec60","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":219,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"0e642e67-a4d2-4a5e-ac06-5c1f9677cbdd","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":219,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"7d823c19-b987-4abd-9e59-0c196c4b160f","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":219,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"11bb4ca6-9647-475e-845f-7472ec408e8e","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":219,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"c970647f-6a0f-42c6-a7f7-80544fd2c399","block_type":"box","text":"strategy.","page_number":219,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"a99fc2c6-1dde-4123-83bb-42bfb7d325f6","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":219,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"1d38d90f-d2cb-417b-9ab4-56f8ef16daeb","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":219,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"77dae9fe-4cc7-410e-b724-d335e8e3cf11","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":219,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"8b2fc5f2-d5c6-4220-b2a2-f2b7baa35b82","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":219,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"1872a2df-dcef-459e-9aa9-41797ebcdbde","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":219,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"743a4624-21b1-4fba-8b58-669293a20182","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":219,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"92eb585d-d5e7-4d73-8139-48608045f715","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":219,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"d44860df-83d4-43b0-800d-964312017e00","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":219,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"3d83af78-9c4c-48d0-9b0c-fb548ebf6ce3","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":219,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"55f3d8d8-fe62-41cd-adcb-9755fa2e1ce7","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":219,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"925508e3-5497-4dbe-adc8-12ab651c6960","block_type":"box","text":"Regular accountability through director elections","page_number":219,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"f71e6ae4-1f29-4cb9-842b-d4067cbc16c4","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":219,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"8b115c8c-133a-4147-9049-a1c21b541ed9","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":219,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"88425bdf-afd0-42f2-b2f2-c029f3de8dfa","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":219,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"d858c92e-2e5c-43c4-aea4-5fdd6466d28e","block_type":"box","text":"5","page_number":219,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"d0ad8e9a-22da-4f1a-9999-c17d219c25fd","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":219,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"98159de3-8ad0-4fa5-85d1-5bb228830241","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":219,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"066a71dc-8c92-4f60-a095-ed3a208746ed","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":219,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"805fb792-60c5-489a-817b-f8957eaa6723","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":219,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"3576e06a-f594-4b6a-b32b-630a13cbd9ec","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":219,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"7b811737-d5cb-4754-9041-1622565a578b","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":219,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"4debeaac-80cc-41e6-8ffd-95696063ac5e","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":219,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"0df07ecc-2695-42af-a64d-77e5485d16d2","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":219,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"72b0e100-195d-44f1-9086-8525972761e4","block_type":"box","text":"5","page_number":219,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"7fc17cea-d067-4bee-af1f-c35a169494d7","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":219,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"b0bdbe59-aaea-4e92-88fa-a2212900ba22","block_type":"box","text":"market regulation or voluntary best practice.","page_number":219,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"9a94a928-131e-49c9-b30f-16276b7d55be","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5c9f5ecf-bca7-4789-8017-5f9a403f9c08","block_type":"box","text":"Global Principles | 5","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"8d99a549-6f9b-4a50-8a57-b3f3279ad670","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5da8bf5a-e5fb-4ebd-b0ba-7aff8443ab96","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":220,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"4ec0c9a4-eec2-4c84-9c7a-36619779ef17","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":220,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"6bcf641e-78dd-4019-9c11-e7cd25802458","block_type":"box","text":"recently.","page_number":220,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"dd6bc348-4720-40e1-b3ec-258a34f041f6","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":220,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"570280e3-f118-4e60-9e32-ce0eef89aa70","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":220,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"65524232-480f-4ed9-91d2-2d02ccffc3ff","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":220,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"7bd8a0bc-8c83-4387-a002-a2cf00c2973a","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":220,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"e3b5b3fb-bd41-4a3a-bd94-bae0eef5b8fa","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":220,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"521761d0-a515-4cb3-bc67-96294930f1d4","block_type":"box","text":"Director independence","page_number":220,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"18d99463-a700-4e4e-a27c-29d6d7f8af02","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":220,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"b803b5f5-adc0-41ec-bf40-27dd28c47308","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":220,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"6e948c7d-0066-4752-bf5c-bf3541512672","block_type":"box","text":"6","page_number":220,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"db1d2c70-7884-404a-bd30-8f67a9df5b49","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":220,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"c89fc39e-1a2f-4876-a054-c825f18a8b79","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":220,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"5ae11b96-0bbb-42f6-b1c0-02e9ecf26050","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":220,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"20755e13-2334-4ee6-87d1-e8b62fe6cb50","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":220,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"33999a8d-7a6e-4358-9177-d2b06c8da8d5","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":220,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"cfb49597-dc04-4509-b2c3-1b9b77fea993","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"4c129723-92fb-4f3a-9ec9-bac8ea1399a2","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":220,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"d77c4198-ad8b-4dfc-a58f-4bc6f27ca0af","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"ffd894f9-0aee-4fc7-94d1-3395ebd0affb","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":220,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"4d46ab21-8932-4f34-9fcc-c385908284b5","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"868718f9-dcb0-43a5-964f-015709e4ef30","block_type":"box","text":"Interlocking directorates","page_number":220,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"db107b9d-d403-4663-840a-33c9e5d17f62","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"772aea03-e6b1-4ae6-a250-fdd685f4291d","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":220,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"caf54bfc-917e-49bf-8d0b-d4e72d4367b8","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":220,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"2b0ed707-7298-4023-86ff-8a3e7e6a0ca8","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":220,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"ad1a4761-d6aa-4246-9b3f-978635265602","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":220,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"17694c04-6e87-4c93-a464-ab44a60d62df","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":220,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"d3fe6eb2-37d4-46fa-93c0-ab2fb02738cd","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":220,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"87fe5db1-6903-4c47-b585-70e136752dee","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":220,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"ae491310-9d92-43bd-84df-bd9a329c187e","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":220,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"baa4a4fa-c5d5-4fba-86d2-18845aac71d5","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":220,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"b4f068bb-f5e2-4b0f-8507-b1380970fa62","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":220,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"1dd26d9a-4d9e-4092-8495-0413f85ab268","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":220,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"82e11d54-1cf0-44d8-ab4a-7d670fc65015","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":220,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"89b4ceb1-f64e-4a6b-8f78-7ae35a366193","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":220,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"e7183b6e-c2a0-4e07-b60c-98316c4005cc","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":220,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"7bee8cdf-50f3-45cf-b46d-deae47281705","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":220,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"3a86ecb3-a16a-4a5d-9eba-30272320c1ed","block_type":"box","text":"Sufficient capacity","page_number":220,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"14e55bbe-5c32-4dd8-b2f8-2c7b42ee3db8","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":220,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"b6427123-7dcb-4e96-be0c-7f5ec83098c4","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":220,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"e728f902-cab5-49bf-ba5f-cf54797f69bb","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":220,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"b99de175-bbb4-4e64-8794-df65b91bdabe","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":220,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"3264d3e8-6ce6-41ee-9df1-f4974ce5108f","block_type":"box","text":"Board composition","page_number":220,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"65ee82b5-059e-4e69-b327-b96fbf21aecd","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":220,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"22ce3901-eac4-4b30-a7d0-4c7c496d22b1","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":220,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"a409e92b-a42e-4ca0-a14d-448cff117a3b","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":220,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"ce8a09f6-8c12-41f9-8bfc-5c181b783099","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":220,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"f4da7c7c-f1d7-4566-a82d-663c82b2dfca","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":220,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"3b8e1d7b-5a02-4934-b7e1-ea37468d80fe","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":220,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"b88d329f-a973-4ea8-8b82-001fbc4b7dbb","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":220,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"cd99d447-00bf-476a-8a9d-ce61dc20af9c","block_type":"box","text":"6","page_number":220,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"f1aeac91-9d71-4d84-93e4-daa7f9668c6f","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":220,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"66a0fecb-f0b4-4652-81bf-600f4324660b","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":220,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"165f03da-263f-4f4f-9ee1-b4e2d3a3147d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c8264ea5-ec12-4f5a-b9ab-966fa0a8ffec","block_type":"box","text":"Global Principles | 6","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"cde99df1-d7a4-4d37-80cc-4dc6f6c5025b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40cf151b-7552-4197-bbd2-635ede95745e","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":221,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"d5c78ffa-6601-4864-88cb-74e9c014e881","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":221,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"71eef5c2-7645-4c26-85b9-e12fca654521","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":221,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"cd88a05f-d72b-4a1d-bf60-87f68df5952c","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":221,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"16ac3b02-4634-4c67-94c7-246f45323731","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":221,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"3843fc00-0d87-4a20-b553-658bac900a60","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":221,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"033b500a-293f-460d-b088-16cf230eb3bb","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":221,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"5f933ca2-bbda-459d-abd0-6c1f813c25ec","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":221,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"bfcd61c0-0c72-430e-b14e-c1f723c7e8b1","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":221,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"9730803c-10ef-4aac-8ad3-2b6069278891","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":221,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"97e7efdd-7ee2-4f6d-8a91-7d825cb7204a","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":221,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"4cd5ba35-aceb-430f-99c8-b77dde264986","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":221,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"63acb60b-f468-43fb-a636-344b06f0268f","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":221,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"ceb93666-217a-4fd8-88e7-4bab1ac472ca","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":221,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"ee569504-cc6a-481b-b4d5-0244aba0826a","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":221,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"d44abe1d-c3fb-454f-bcc0-f9bcdeb3bc5e","block_type":"box","text":"systems.","page_number":221,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"a5d5d040-e489-47bc-a735-125f0c5e7e4b","block_type":"box","text":"7","page_number":221,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"84716d27-9b8e-488a-989a-746060de9c9c","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":221,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"cadffd83-3e24-4886-9345-37633ecac28e","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":221,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"6e501e96-f50c-4559-b97d-b9bb996537c7","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":221,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"d0cc5930-2d6e-45ae-bedb-62d27a1be8a2","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":221,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"233d1e27-8879-4eee-8afa-7374b72db7ae","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":221,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"7bd410df-94d1-4875-a386-4a6435b993a6","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":221,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0168c14c-41d0-4eaf-8000-a60b0a080bef","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":221,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"f3ac5a65-3d9f-4605-a174-f024eb5affa1","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":221,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"1fe10d5b-b4f6-4a26-8de3-3fa10e342d03","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":221,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"76ae0f26-f13a-46de-8349-f20d72db66ce","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":221,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"d52f972f-c9e8-442c-8e4c-49c03912876c","block_type":"box","text":"or internal audit function.","page_number":221,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"b726e90e-c8ae-48b3-8b4a-8467f80133f8","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":221,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"775ed729-959c-4878-a6d9-495998523a2f","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":221,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"39110f83-72df-45a2-9e96-e0b7e47eea13","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":221,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"4e7a6910-0920-4a99-bf06-53621d199fda","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":221,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"c4d754ba-3807-4207-bced-9bea0b651dd2","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":221,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"df9c50f6-b4b2-4cf6-9d64-d04ad0c59808","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":221,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"23b6da14-5dba-4666-973c-30082f3ad807","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":221,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"0d8bad18-cc4b-4d2e-9c8d-f8b5b51dbb9b","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":221,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"250e0d27-2784-4cc6-b03f-6549c827b5c4","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":221,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"bc4dda1d-6f8c-4eaa-94a3-734a68ae6c22","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":221,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"6181197d-346f-4d5b-adce-dff5c968d199","block_type":"box","text":"risk.","page_number":221,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"fb69a4bc-42a8-4744-b06f-73854ffcca09","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":221,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"2f91f7ea-7635-47b9-b090-97432bc893f4","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":221,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"6056ba71-8777-44d2-9117-3d3b664ab827","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":221,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"73619a01-7299-421e-81dc-70f442112325","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":221,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"ca5647b4-8721-4ec8-a371-64c26d179fca","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":221,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"c8520e42-a892-4d8c-a0c3-e0297850a582","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":221,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"01587e98-0a9c-4973-8b38-e757a02bd674","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":221,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"bacd8923-dc63-4c33-96f6-bfbc3e115001","block_type":"box","text":"7","page_number":221,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"79be693e-4c59-4307-9b75-3221796201d3","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":221,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"191898c8-8377-4337-ac1e-5a0c42b11f9e","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":221,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"1a4fe2ed-9dbc-4f58-ac06-501274d5132a","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":221,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"e8cf5af2-dcd6-4fa5-822c-d769e9537512","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":221,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"0bdd8319-1278-4919-bea3-3c777b79cd18","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":221,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"7644679d-9dc3-4813-8587-94a4db2e605c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"74941ca6-40ec-42dc-987a-c1186d24d98f","block_type":"box","text":"Global Principles | 7","page_number":221,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"305ab0c2-9369-4de5-b156-3d1b128db22b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08a3d621-dd72-480e-b234-42dfe81f466c","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":222,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"91f99fe7-4ff0-4ed1-81c8-af2738f9915c","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":222,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"20ddcf55-6890-49f0-824a-67aad6323666","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":222,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"2d4eeb6d-2d8f-462e-97d6-fcd937cd43bf","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":222,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"f81a9e98-528f-427d-94ab-e2efae287f43","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":222,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"0fd6cf2f-8acd-4223-98d8-1b947abbc08d","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":222,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"92d9c07b-9f63-4ad4-af2e-af87f4ee5496","block_type":"box","text":"minimizing costs to shareholders.","page_number":222,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"b549baea-b603-441f-9977-5ea6bc73f59c","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":222,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"64aeaf76-eb91-46aa-bcb2-05553646b633","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":222,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"95454acd-0d5f-4151-9c4f-cee6c5eb1aad","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":222,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"e66dfe35-b849-4fa9-950c-26d2f5dca997","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":222,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"caa72422-f82c-4f52-aca4-4272ff43ce46","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":222,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"2d240daf-35d0-42bb-8deb-16b0616490e5","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":222,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"f4f0b180-2145-4d75-b675-57079a93a728","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":222,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"61f1c8f9-97a1-4438-96f2-32a5619f5a0e","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":222,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"413398e3-d804-40ed-b39c-37ffa5f9f79c","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":222,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"00eb5e54-2092-465e-a8b0-d32d13fd9c0f","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":222,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"e6056ca1-8f18-4e7c-995a-b4679aa9cd9c","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":222,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"8a5a5e0c-2af9-49d0-a0eb-acf2aa82824a","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":222,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"8401ea60-27c7-4861-80de-c62a969eea4d","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":222,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"074026e8-973d-4c55-90a7-8db4786b6c44","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":222,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"de77810e-c2d9-4a73-8963-01ed54f061eb","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":222,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"18ac0f1d-2d9e-44de-83c9-6ddea07b46d7","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":222,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"418e5c83-453c-4303-8073-b8c3c20703d5","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":222,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"18a27a06-8b19-4330-bc46-e89e0be5a71b","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":222,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"cf6f9159-c7d5-4090-8282-73dacc90279b","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":222,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"e355d060-9f2a-446d-b8a3-a8d32429f5ad","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":222,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"4749d63a-f361-45b8-9a5a-6e2b9c92d108","block_type":"box","text":"ownership.","page_number":222,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"c1bb1d0e-5680-407a-8342-5d9f3c58e822","block_type":"box","text":"8","page_number":222,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"2d247bfb-a69b-49ca-af76-f192f8b2a6df","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":222,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"6389c015-1a5b-4b31-b570-028faeab887c","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":222,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"bcd70f3c-8b7e-44f4-8a54-ce3047d13fd8","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":222,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"eea7ea61-92f6-4ea2-8f26-d9265085e9f4","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":222,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"1d08cc5c-51b8-4eae-bcca-a7e84463c0d8","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":222,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"ef966115-a56f-4a58-b7d2-18b3275e5c82","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":222,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"33076be0-aacd-4a9c-9943-6271d9ddc2d2","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":222,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"b124497c-08fe-4519-ac0f-f6fee4ceb003","block_type":"box","text":"results over a period of years.","page_number":222,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"1bb70ce3-752a-469d-b021-f41b2d343a22","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":222,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"ddbca353-a0dd-4dca-a51d-6aefec84049c","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":222,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"4d7d48cc-48d6-4da0-bbf6-7b7edfc128ee","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":222,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"16863996-42b6-4533-810c-8c5061ffce1e","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":222,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"c1b325ab-4d5c-4fc5-94a1-f8c36b10bc6b","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":222,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"d51de4dc-0dcf-480c-9fd9-bc1bab96075c","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":222,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"ca34be20-efc3-4aaa-babd-cd650f4753b3","block_type":"box","text":"executive compensation strategies.","page_number":222,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"f708f599-68a8-418a-a94a-52703e439cfa","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":222,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"5b95c501-87cc-44d1-b5cf-c8d0cc0e751c","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":222,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"14d0fc86-6757-4647-95c5-51e9a658e75e","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":222,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"04d5a18a-d5bc-432a-98fc-7430b8faef38","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":222,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"a2d1d52e-aedd-4bec-aaed-637149a0b400","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":222,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"256ed85d-3193-4fdc-8f1c-83283f396e83","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":222,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"d1c0c2f2-7655-476f-b19a-61b13a2e5409","block_type":"box","text":"8","page_number":222,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"00658660-3b06-482b-821b-d83c53ff43dd","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":222,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"e84576e9-04f2-416a-b4da-bdfa6fe5c55a","block_type":"box","text":"different markets.","page_number":222,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"6c85494b-b5f6-4fa4-b60b-726bfbeb3792","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c2c9156c-0791-48d9-8317-1b5aa31d78dd","block_type":"box","text":"Global Principles | 8","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"709c4399-7869-490d-8b36-3f4237aaa19b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dbd92f7c-cc0f-4cc3-a5eb-5bfd92ed7b18","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":223,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"7c26ac29-f4ea-4568-8d1e-f64e6478bb2b","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":223,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"84870221-0e72-46ed-83e1-700d0a631de9","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":223,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"39062b7f-bc2c-4174-b496-9a34282d05fa","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":223,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"02167495-7996-4d8b-882d-31301adb472e","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":223,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"6499640c-1367-471a-b74b-b372c6767d83","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":223,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"e67ecbc0-ba10-4a6f-afe7-9fea536ab0ee","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"c4d9210c-0d23-4bea-8d89-3618cb29f444","block_type":"box","text":"whom they are charged with overseeing.","page_number":223,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"e89d1783-de38-4db1-986e-b3b92ba36467","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":223,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"525b4fe2-9c18-4fc2-b87b-e3c5d1e20aa7","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":223,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"066ff9f7-625e-47af-8f83-72b05aa5a46e","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":223,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"7359714c-a35a-438a-9240-27cadf8e88aa","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":223,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"c6bb8707-80b8-4a03-a494-83982d27d0a6","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":223,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"2676dfb9-2057-43cc-a9ee-ca33301ec5ba","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":223,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"d1856ec7-97fa-4087-b6a4-a8226b6d53b1","block_type":"box","text":"structures.","page_number":223,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"2d7ccd9d-8a72-4217-81bc-9cef7fde2d15","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":223,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"401f31fd-8404-4fee-abb9-540d1fdec1a2","block_type":"box","text":"Corporate form","page_number":223,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"8125d7bb-0ea3-4e03-b674-48e2dbf2a947","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":223,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"f08fe2da-d4e0-4e54-a816-a3885a6adaaa","block_type":"box","text":"the company’s purpose and business model.","page_number":223,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"08ea0fdb-e9ec-4231-9d87-c9d87ea952dd","block_type":"box","text":"9","page_number":223,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"d6e6b65d-270d-4d1f-af8a-ed30684bc8cd","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":223,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"beae36d6-abd4-4804-abf8-3c18adb5077b","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":223,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"71d04ecb-a4f3-4c83-b072-b9328e8b7e3f","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":223,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"2b76bf87-dc72-4324-ba5d-0337de67dfeb","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":223,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"d1cc65d4-4284-431e-9ec2-35690b9aeca7","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":223,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"02501e26-1b11-44a7-a310-7f500642764f","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":223,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"7ecf7d40-759b-4a37-80ff-5d8c943dea3a","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":223,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"6cd7c793-eb6d-4815-94df-4492576c2a98","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":223,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"b37cc36b-0ba5-4e08-a1f6-bd004bf32a67","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":223,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"d56650c0-0af7-4c3d-9f40-f8631dc81cd2","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":223,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"352a2fb9-7689-48e5-b51f-98514a3d82cc","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":223,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"dac5a919-41cf-4cd1-b07e-64d28032d365","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":223,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"7b98fa9c-7d07-4771-be08-df1e2606eb82","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":223,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"2048b822-3a70-4035-9869-40ff3fd1448d","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":223,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"d1686bbd-e7f6-4ee8-a79e-3f1f3463bf87","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":223,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"13f92018-5642-4fc0-810a-b5e4e620f331","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":223,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"d4ba7c4d-622c-47f9-90c1-ce0287b48864","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":223,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"647b55ca-a35f-4645-99d3-471895dfdb38","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":223,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"99ba2792-cf6f-4251-b2bf-133c54a5b8f4","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":223,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"ad220228-a9d4-4d2f-84a5-9a6744cbaf7d","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":223,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"67309541-ddbe-4268-bed8-90660c6dad6d","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":223,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"9bd92e41-dea8-4706-82b7-98ef511a4387","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":223,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"0462640a-64dd-4759-be78-7e53f0da2d71","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":223,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"adaf2922-fd15-466b-b0eb-f81a10263572","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":223,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"9557c0e2-5a77-4f43-9b01-d48e982a8e52","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":223,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"87fd4f8b-2e8c-48ee-8b03-dcae783a73f4","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":223,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"51e1ac64-62ba-44e2-81d4-5bc72dd03279","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":223,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"8ce2b1bf-4b6f-45e2-a025-c6e5478f6531","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":223,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"7e7d01a6-91a3-4d1c-807e-2e5944d735a0","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":223,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"7149aeef-34e3-4ffa-8e46-e311e55d6b9c","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":223,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"b2e9cfb2-f6a3-45fa-9b63-e301a38a99f2","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":223,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"ac53c709-7e09-480f-af93-13480cd76dbd","block_type":"box","text":"9","page_number":223,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"1b8a496a-0794-4469-8653-d4233c4b2702","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":223,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"522e4f06-31f5-4227-84f0-a6660b59a499","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a14c7126-4ae3-4ae9-9ba0-239c83192a91","block_type":"box","text":"Global Principles | 9","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6841efee-d7e3-41d6-af5f-299dad3e686e","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97340760-b7f4-475b-b160-529b5709007f","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":224,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"2e7d1848-c026-45e4-9ecd-87b53d0b71f4","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":224,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"c0e64762-0154-4fa7-b4be-c14cd64909c9","block_type":"box","text":"long-term financial interests.","page_number":224,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"3165f11e-a08e-4be5-9611-9c3b84bc8954","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":224,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"8e81c508-da27-41de-a5de-4c7a5bf6dd92","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":224,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"cd8d4237-4d47-4485-96da-9168e3e6bf72","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":224,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"7d43a009-c379-476a-ad17-c47550241666","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":224,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"69be1d2a-99ae-4d9d-8355-5001c9942023","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":224,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"71796d71-8fae-4c39-b7ef-447eceb60c22","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":224,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"2fa666cb-e805-41cc-b756-342acce94e2f","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":224,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"2b11856c-74cd-486d-9082-e43ee54b3fe3","block_type":"box","text":"term financial value creation.","page_number":224,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"ba8cf90c-9eeb-475b-b829-309ca42a7ad0","block_type":"box","text":"10","page_number":224,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"7fd3a1f7-a6fe-4ada-9d5d-a0bcbe02b190","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":224,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"debaa122-ad19-4b31-b2fe-bdc12cfd882b","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":224,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"455c1a5e-fea2-4e6f-a734-c7294bce0e8c","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":224,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"5cfcdbed-b77f-4e95-b320-eb45f3291041","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":224,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"75dbcc41-6e52-45d9-9de8-7dba65cc3c3a","block_type":"box","text":"industry-specific metrics.","page_number":224,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"49dba228-1d41-46ea-bcb7-8f8025ece198","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":224,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"6feefb95-e8ad-4816-ab6a-aa6cff680c36","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":224,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"8fb62020-da33-48c5-975c-9ce216f16368","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":224,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"7aa10b81-988d-4d86-92f0-91eedbe85dc1","block_type":"box","text":"11","page_number":224,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"4b7960bd-e146-442a-859e-37fbb7c12dd1","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":224,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"7e99e964-b453-439f-88c9-78cef53f2d9b","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":224,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"87ae6cb7-bed5-4307-a496-2499a94f075f","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":224,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"84043b98-0686-4cba-ba95-433cdb8e84ba","block_type":"box","text":"specific.","page_number":224,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"9aa3fe62-aa73-4b4e-8deb-2d910255976e","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":224,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"6fd683b0-cdc0-499f-9228-299ec33171ef","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":224,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"c191dc20-dc58-4eae-9a43-fddb918d8dab","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":224,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"bc8d0d5a-3220-4def-b26f-36dfa84b680c","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":224,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"5d6fa27b-abe1-4811-81f9-f797649088e1","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":224,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"e9999874-7536-46c9-b236-45f824dba768","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":224,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"981952f4-2850-4e96-8abc-94a057481d37","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":224,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"15664684-d025-45f7-8055-2eddb4d9c9c0","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":224,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"c22dcebe-d3d8-4320-89b0-b31d929a5d44","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":224,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"7d9ca600-4a37-4d7d-9216-0ceeba03d9ae","block_type":"box","text":"10","page_number":224,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"143b91f7-be21-4b67-8dd9-4ec262e562a1","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":224,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"edc99df6-5d3e-4907-ab38-1e06c75785de","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":224,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"f2799475-729c-4ddc-a09b-9ceea8ac5fec","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":224,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"aac65a0b-139b-4982-8b9c-5a5501991f66","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":224,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"95d72fd9-cd78-4b69-90ed-2a6ec4ea0d88","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":224,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"ea8841dd-0921-4d8e-8ffe-95e40d426c48","block_type":"box","text":"11","page_number":224,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"681c66d8-3b40-40a1-9145-4e22be48842a","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":224,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"d33652e3-0cad-49bc-8c31-9626339cb378","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":224,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"fba6e3fb-1619-4c9d-8245-43f293a664ee","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":224,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"2f641b24-3e06-4464-b54a-69b0e8b40e6a","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":224,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"55206629-720d-4f08-bd5c-4abcc3cdf423","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":224,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"94b539e6-5a1a-4089-9939-5e3cbc510ee2","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":224,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"394ea6da-ccab-4832-b4e2-8ba2fe771184","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b4274d1e-a3c9-4e4e-b7b0-62457c3cfb7c","block_type":"box","text":"Global Principles | 10","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"122f54c9-0990-42af-851c-6dac4b756d43","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3ee7ac4-e737-4472-955f-2bb10c9ae45f","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":225,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"ab8c1f34-f3bf-4e2f-a570-8d5195609108","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":225,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"ac4e3c8d-0f34-43da-b18a-5590009e0db0","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":225,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"0c3f2312-8e9c-4e0c-82ca-4871bc8c5cf5","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":225,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"5050964f-ec18-4704-a7ef-b621ed8e2c7b","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":225,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"afbb78c5-ed2b-4011-94ba-ef6adbe97dd9","block_type":"box","text":"12, 13","page_number":225,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"d3ced5c3-d544-4e46-b209-7cf9f60b0f90","block_type":"box","text":"From company disclosures and","page_number":225,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"2f5692d4-bc35-4ac4-8f70-055296997bf1","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":225,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"6adcb19e-b2a9-49c5-9103-730cd8e7ca35","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":225,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"2653dbf1-8a29-41c3-b30d-eab1a1020084","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":225,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"f8824c06-ee77-4ea9-b12f-56ae2b04698e","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":225,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"66bc96d0-1555-4555-98a2-4ce90ca3f5e4","block_type":"box","text":"viewed as best practice in the market.","page_number":225,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"bae14a9e-eff4-4ac0-bcab-2dfba06e63d4","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":225,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"a47a0d0b-32c0-42fe-88c2-7bbde71f9820","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":225,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"a8d87df8-4046-4820-87b2-c8d1045e9dfa","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":225,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"441d6490-f157-48db-bf44-6df12fd2cb75","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":225,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"5976c390-b52d-4ba0-9d5c-8c72bd3dbd10","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":225,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"d3452ebe-7f63-4bd7-8930-f0dd708b20df","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":225,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"aff6fbba-c918-480a-8b2a-3ebd2f450f7c","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":225,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"2078659e-efb5-4d2c-98d8-16c96cd30a26","block_type":"box","text":"interests of their investors.","page_number":225,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"eb573bbe-8175-4143-820c-9e0b448ebf89","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":225,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"bc96a898-4e72-428f-8a0e-c9055be0abb4","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":225,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"f9167314-bd2f-4ad7-be99-0efa57d6b83a","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":225,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"b14b4a7d-7b1e-46b3-a0d4-04c5db337c53","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":225,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"a84322db-a451-4939-a244-0586e5f8b6ed","block_type":"box","text":"good-faith basis as methodology develops.","page_number":225,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"57356bb1-6a5e-44ff-89a1-91ad1638f74f","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":225,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"42021bf8-9e0c-42bf-b27e-5eb41d35b65a","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":225,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"50ff3cba-9c8e-4629-ac7e-13c590757706","block_type":"box","text":"generate long-term financial returns.","page_number":225,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"a8cfb196-d23e-4666-9157-c53be4da57ac","block_type":"box","text":"14","page_number":225,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"54fd47ab-c4aa-4bb9-b670-7cb012a969d6","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":225,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"ebb0baf5-9a7e-4a3f-aaa2-81da970523ea","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":225,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"957a7c72-f64f-45a9-9d7f-15f0a997bd75","block_type":"box","text":"15","page_number":225,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"131db0c8-85b5-470d-8a14-f2844ebc2359","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":225,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"907ab1d0-5988-4713-af73-a9e4942396c5","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":225,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"cd91da0a-446a-4567-8808-4300602be327","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":225,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"4ab38a0b-c6ae-466a-95f2-c7c987d1a098","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":225,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"a5278160-5d89-4b61-ace1-5e705e6312e6","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":225,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"0ce1ba36-f285-4f3f-9417-34aa594a9f98","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":225,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"9898fbc4-1c7b-4c00-abe4-d15fad2259fc","block_type":"box","text":"12","page_number":225,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"6d5f9f8d-1623-4ae2-8f5f-e72f0f4b75bd","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":225,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"8c064d35-2a01-4896-8cf3-316bfa17b85f","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":225,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"648fda3e-c503-473c-8468-27a00626a039","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":225,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"58772f43-fa0b-4dd3-8614-04cf015d0cc9","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":225,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"55cff1d2-f2c7-4ac7-b488-0cbd85321aab","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":225,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"7009dd77-ddaa-4537-8880-445eae3f8765","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":225,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"18a27a40-dbe0-4992-b355-de993b4a64f7","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":225,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"69ba533c-d1b1-4fb8-ba49-c13a2d2908e0","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":225,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"24e7698c-ddb8-44d0-b383-c1a9cbfa4c68","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"42945b24-a057-4e76-9eaa-09e9e2908d0f","block_type":"box","text":"13","page_number":225,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"77e14e20-668e-4a4f-8528-7697f10bddb0","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":225,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"9afb16eb-e08c-4f2e-bafe-f1cc3f04edc5","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"e5fe6489-10aa-476c-b7b2-4c161e592c2b","block_type":"box","text":"14","page_number":225,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"72b2fceb-0d1b-4b36-b8d3-f91a1ed1a5f4","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":225,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"cc12812a-5a53-4f66-bc28-7edf6706a8a7","block_type":"box","text":"2025.","page_number":225,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"b7c70770-db9e-4435-8ee6-dbf91fbb38d5","block_type":"box","text":"15","page_number":225,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"e6bd3cda-c84d-42fc-b500-40c71c3407a5","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":225,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"aecb211d-5148-4b39-9c51-a640be8674ae","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":225,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"2b15b6f8-f264-49f4-b289-e2b7d98c21ac","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":225,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"d75ea7ca-6b3c-45b6-9a6e-96f87806760e","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":225,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"a3bede7a-2467-429b-96ea-92988e4d6bb0","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":225,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"8dff1923-5973-4c36-81a8-02db7ce95246","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bcb4774c-2d41-47bd-8381-63f4f3fdab53","block_type":"box","text":"Global Principles | 11","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b79d32c9-96b6-4fb8-ad3e-792e5901065b","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75c08392-ffc0-4281-afa9-5f8b8333c0c8","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":226,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"aa5380fe-14a0-4796-a3cf-cf0ea11a088f","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":226,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"db8daa7f-e2e2-4581-9099-329c1e57963f","block_type":"box","text":"16","page_number":226,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"3332aa76-bf7e-4a0a-8236-75a2fc5e7dc3","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":226,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"a079ca83-d5ec-41cf-8f9c-96e66cd975ac","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":226,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"edb58b29-403f-4446-b271-39529738710b","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":226,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"431aa028-1c5f-43ef-ac7f-0d8d2f9f709b","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":226,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"751279de-57c6-4fb1-8e72-0e6372da4f47","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":226,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"aa1f9242-cece-4ef6-8871-a82dbf7cc580","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":226,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"955741af-8808-4aea-853c-ffab20620a39","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":226,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"a51272c0-77b0-4765-a457-47f4c05ea167","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":226,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"7cd3525d-00c4-41c4-9dd0-98bcaea466a2","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":226,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"eae9791f-c136-4800-87c5-7fafe24c6246","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":226,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"28bdd815-ca9e-4998-bb0b-40e6ea54ac9c","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":226,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"d6a69eea-8564-4aaa-aff6-abcb86c4fd7d","block_type":"box","text":"impacts.","page_number":226,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"be892230-0fe9-4c61-b236-f8b20ad5f050","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":226,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"24504321-23ce-4277-9323-0aa08c7c6ea3","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":226,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"2b2bf10c-64d0-441d-a0e7-38503881a8ab","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":226,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"05c207fe-41ce-4a9f-a6c3-0476e3183bc9","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":226,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"34e8e6dc-984c-46b5-981a-f1e206a1fbe8","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":226,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"a0b2578f-1da1-4f4e-a801-e61e6fe2072d","block_type":"box","text":"clients at the global and regional level.","page_number":226,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"73c39094-0006-4026-a057-0477a93a0323","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":226,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"d5ee6668-114b-4cc5-88c5-d0637fa9a1c3","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":226,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"6f79bdba-3bb7-40ef-bf59-3e07361292e6","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":226,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"d093e7c9-fe7e-4e77-86d8-bf8aa7767622","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":226,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"d8b089ca-25d4-4b43-bd2a-e150acbe3e3a","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":226,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"ec70efa1-6a19-4d24-a4e1-7343249b5063","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":226,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"4aa9cac2-fc9f-43fa-9106-95359b9b0e24","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":226,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"c475d294-8fdc-46fa-9f66-3a8e61282659","block_type":"box","text":"are independent from the investment stewardship function.","page_number":226,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"f8a0d399-4603-4f1a-a806-efd287aff7ea","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":226,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"7894ceca-8c4b-4f94-bc65-4049ca9a4a7e","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":226,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"7f142dfc-a184-4f0a-85b0-b35f9b333ec6","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":226,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"6286df9d-8622-4778-9609-cfbe53412fc2","block_type":"box","text":"VOTE EXECUTION","page_number":226,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"e0949ccf-33c0-41f7-8409-baa6bd9dbec1","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":226,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"17febd12-fa19-47bb-83fd-b75b7fa662f9","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":226,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"d8c39a13-d93a-47c9-804b-4459d8c76548","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":226,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"e6a452c9-3724-42f7-8cb8-c66d14587e97","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":226,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"d9875608-7c68-4024-9d09-9aa7bb3a1439","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":226,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"2d523cc1-24a1-4c95-9033-2da4c3f6f0e2","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":226,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"128617d1-7ff4-4ad7-99a3-acc29ef07c55","block_type":"box","text":"management policies and procedures,” below).","page_number":226,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"27dd5425-fb99-48f7-8dbf-4f135867bba2","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":226,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"56761cf5-45ee-4765-9eb6-6a34cc6fe29c","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":226,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"b8abe533-8612-4329-aae9-35f808668a9f","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":226,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"fece947b-f7d8-4c7a-ad59-a70b6bc777ce","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":226,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"e624798b-c4f7-4bb4-926a-267cefa539e5","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":226,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"ab57e801-89f4-4f1b-bbb2-c5c67f23c17e","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":226,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"ed89ec7e-13e7-427f-86c5-c61d648bf409","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":226,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"14dcb551-6e6d-4172-98a7-72d94d0e103c","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":226,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"d0821112-2dc5-447e-9945-297f1fcbddd8","block_type":"box","text":"16","page_number":226,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"0201a389-5bc5-4c40-8ecd-d1b21e8816fe","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":226,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"83b95bd4-e6ba-4b62-add3-6ee369cea806","block_type":"box","text":"December 2025.","page_number":226,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"fc1354bf-0260-4e98-a1b2-15d3e894204e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cf72cc4e-39bc-4143-983f-2737c103c7bf","block_type":"box","text":"Global Principles | 12","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"9c703fdb-090e-4006-ae2c-3cdcfd9071e3","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"435cf031-dcc4-4c7c-878a-0887969d13b4","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":227,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"2c05d80b-d85e-4980-b557-f19a37d6c456","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":227,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"26911a11-29ce-45cd-a58e-37fd31fbec28","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":227,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"7270409b-3cd1-4f81-93b9-0fdce2802e5f","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":227,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"59eafc9e-e4af-4747-ae1f-97b15967aa98","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":227,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"f9f84c9b-150b-4058-8f8d-32df11c13bad","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":227,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"56c6f318-badb-4ae8-9fda-6aa4796b92ef","block_type":"box","text":"enterprise-level vendor management activities.","page_number":227,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"f1a7686f-608d-4b90-8cef-059f6e15a832","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":227,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"d5fd800f-0e4c-496f-8452-9dd6a28d9659","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":227,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"1a2386a5-6a24-436e-af34-5c2c714e8758","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":227,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"f4314880-ce32-4a66-9902-73f5af8f72a8","block_type":"box","text":"BlackRock employees.","page_number":227,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"d528bfd4-265c-4115-a349-f42e4ab68c22","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":227,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"44f22399-5445-4b41-aefc-bf85f92b8466","block_type":"box","text":"SECURITIES LENDING","page_number":227,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"b587c15e-d57b-48f4-9fbc-edb3cc8b86d7","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":227,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"dc746f6f-1b89-464b-aa61-34050e89fb41","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":227,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"71f37d4a-ed28-490e-ae2c-6a17316261d1","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":227,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"4dc84368-a6e0-42d4-9a02-6d0f92ad1783","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":227,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"be792b94-1222-4fe3-9aa8-a6572f1c952d","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":227,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"ec1f2adc-4868-473f-ade6-c2546f6dad5f","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":227,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"59cc755d-daf6-4c14-baca-6a8d1de4f1ea","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":227,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"500eb8c6-9663-4d36-8f47-e018d3cdc655","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":227,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"1217a0e8-5c5c-4b5a-8e64-341e472c9ac1","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":227,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"00392efd-42a1-4023-a4fd-aa454199b489","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":227,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"0b329f33-d962-468a-b667-57cf0cb0fc90","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":227,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"bc158175-1072-4cbe-a616-724ff7f412b9","block_type":"box","text":"of recall consideration).","page_number":227,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"e895685d-d7a4-4393-8907-227fef4f8d97","block_type":"box","text":"17","page_number":227,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"0dd9106b-320c-4b94-b3e5-251773b34753","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":227,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"609b4b7b-6e6b-458d-9262-2cf850231c7d","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":227,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"dbc04166-45d0-4e31-bc53-193c985c979a","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":227,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"113e389a-33be-43eb-9119-d663eb39f1d0","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":227,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"5bc818ac-005e-4526-8762-d1e59e2bc53d","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":227,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"1f115bfe-e8df-41bc-9881-6263f1a4f1e1","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":227,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"e43607aa-ca32-4bbd-8125-87ef081f66b4","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":227,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"56047343-8137-439d-9553-ea414930942e","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":227,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"e31528ee-0fc5-4667-866c-722a32e4f0e1","block_type":"box","text":"and may modify it as necessary.","page_number":227,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"2fb2befc-10b3-40fd-b60b-0f2b0f885cf3","block_type":"box","text":"VOTING CHOICE","page_number":227,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"9cabd5ae-04f3-4e86-881f-0af0fa10451e","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":227,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"0925f127-2024-43c8-9a22-12a1beed141b","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":227,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"a6f94512-da65-4922-9497-63470df0833b","block_type":"box","text":"18","page_number":227,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"be7fdd90-18b2-498d-adb3-7ef4869c7c65","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":227,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"b1fcf0e9-7003-4f1a-921a-9eb1e0705b6f","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":227,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"73bc641c-6a4c-4cd9-83a0-820d83635141","block_type":"box","text":"17","page_number":227,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"f19d12c5-4a02-46ce-ada0-ce96d54cf41a","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":227,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"36dbd65a-01dd-4701-83a7-1a2ae3479b9f","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":227,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"9cf5d8b9-fdbe-4c0c-af93-21d9cdc7e4d5","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":227,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"d79f5a0c-add3-409c-b81b-14de24e2534a","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":227,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"4c7d1d23-79d9-493a-a819-b42121e7e291","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":227,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"b9ecc712-bc17-4dfb-b1be-c3ebf1f8cefe","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":227,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"5a13a2f6-34b2-4072-990a-90668b0fec4f","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":227,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"b2bb40db-41ed-40ad-91a0-7862c51b6e8b","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":227,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"2fbe4033-90a5-462a-8bb2-133e6a4d24cf","block_type":"box","text":"18","page_number":227,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"44d2febf-8c36-478a-a359-fdd8a4968b85","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":227,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"43c8eb08-e2ad-470c-a047-8e93f99908c0","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":227,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"59c38537-999f-4939-9413-7e94c9e361cc","block_type":"box","text":"including the decision to lend securities.","page_number":227,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"73c8e286-8be5-4e69-86a2-cc054422080c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2c3c93d2-8a42-4296-b3aa-b19ae3a0d091","block_type":"box","text":"Global Principles | 13","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e2d37cd9-2dd8-4246-ae8c-884abf884c39","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ca9c4be-84c2-4c9a-b619-d3694fd32860","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":228,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"3b73a844-cfa4-4ce1-9d78-0ae928592e2b","block_type":"box","text":"(SAE) strategies. 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Please refer to the IFRS website to learn more about the framework and standards S1","page_number":234,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"50efa598-dca5-414c-b246-5cc69a6c0fbb","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":234,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"4dc8e0ae-5179-46fb-b2ba-d9f8c6c1a99a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":234,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"149e1b1e-28e6-42fd-a016-df0f1da2dbc8","block_type":"box","text":"15","page_number":234,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"b0498a58-8399-4ab3-8a50-6c6c88fa62b1","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":234,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"a21423a8-82ef-4e8f-b100-dd0b671e0d9a","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":234,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"7e4a71e3-ade0-4235-a71c-f20d35673c03","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":234,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"b62e80be-79c2-4aa2-9e0d-a7de6904bbaf","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":234,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"c842a3bb-e4d2-4b5b-b74c-8b6c62098a28","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":234,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"70ac1083-5cda-49e8-8ddb-d9332fba4af0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c63b28bf-3a95-4115-adcf-e969e129e874","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":234,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"5be55c95-9a85-4d8c-9a29-7a65f130219d","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43804459-efdc-409b-a506-9c055a5dbfc6","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":235,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"60dfcafd-092f-4cd6-a96a-4bc164d421dc","block_type":"box","text":"16, 17","page_number":235,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"f29973de-8fd8-4d9a-b285-ce76314508ff","block_type":"box","text":"In addition, the dedicated team looks to","page_number":235,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"9ede6324-332e-447a-a2d3-5947e734d157","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":235,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"ccf8e1d0-adeb-4cb5-9c33-2ad4347f9563","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":235,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"14887862-1922-47c4-910a-1a2d33feb97f","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":235,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"4be80525-591c-4195-97b8-3eb850c02c1b","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":235,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"5db6750a-18e5-40d6-96a3-80cc22a1f59f","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":235,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"789665f2-d84e-4353-b16b-a2409e986527","block_type":"box","text":"18","page_number":235,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"7ffa9fc0-4ed9-4bca-9e3d-37904e4d1040","block_type":"box","text":"However,","page_number":235,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"c966316e-b0c1-4687-aec6-a5e5638f99c5","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":235,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"ac1d2da3-dbac-42f1-9119-b81b3953cb27","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":235,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"ce2d9670-309f-47e9-af11-f36348f32505","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":235,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"3bbbb2f7-4a27-4b0f-b339-471dcb0428da","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":235,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"9ee19a7a-e8d9-4777-b408-4ae1c55c91e7","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":235,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"b2051e75-d0a9-429e-aa5f-a9dbc1339be1","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":235,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"067e2bd8-950d-4383-8644-1b0eced740b4","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":235,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"e35c94d8-7a9a-4446-b299-f0f434f3c79c","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":235,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"83e0b261-a05d-4959-8042-613c57021682","block_type":"box","text":"transition risks.","page_number":235,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"f20d51fc-6a75-49ce-a404-251bf9923e39","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":235,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"e74c6cfb-7a99-4b59-abd5-5218b9ee66c6","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":235,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"0dcef8e5-89df-4c17-a696-1ce3fcd6ccb4","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":235,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"27523351-3f66-4fd8-8478-8646249ea217","block_type":"box","text":"Transition plans","page_number":235,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"b951629f-2e01-4ad6-ac69-5f16c81e36e7","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":235,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"5c1566fb-9b84-4b77-81f9-a35e36d051eb","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":235,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"a187a30f-814e-4af8-a486-702289410020","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":235,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"fcfd2ca9-576d-4dfc-aade-0ad426ee85e4","block_type":"box","text":"(see Appendix 1).","page_number":235,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"19b7e927-e511-493f-9c43-a92f0c388cfe","block_type":"box","text":"19","page_number":235,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"c9c2600e-9a23-4a82-97b2-6079e96648e0","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":235,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"8861681a-ddcf-4d15-8166-bb4017fb83a7","block_type":"box","text":"transition plans.","page_number":235,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"d6ee38f1-d53c-44bf-a107-40b37f51b0e2","block_type":"box","text":"20","page_number":235,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"20b0d88e-a636-4cfc-a247-cfaa671f6fbe","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":235,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"85a57519-0b85-4b6e-b1eb-38c44e6fd9cf","block_type":"box","text":"repor ting approaches.","page_number":235,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"5ddb0a3a-9ead-4231-b6eb-4596b259c83e","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":235,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"ebdf0806-b444-4107-ac75-558b8547f75e","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":235,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"64fef530-c2fb-432e-8c09-e5797f30a86b","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":235,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"1b7960cf-4e95-42cf-a27f-a67ac81a5c24","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":235,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"e580529a-853a-4180-8d69-889f0e501785","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":235,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"5f998b6d-5486-4722-9271-c99e8c335510","block_type":"box","text":"informed voting decisions.","page_number":235,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"2577632c-58b4-4ed9-b1fa-219a576a0fce","block_type":"box","text":"16","page_number":235,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"57b9feca-48ca-41a8-98d9-e8379490fcf9","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":235,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"6461acdd-3bb5-4c01-a581-ea89091bcb4a","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":235,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"24bd0413-e548-4a7d-b30c-9752238c0f3c","block_type":"box","text":"December 2025.","page_number":235,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"3042db64-9f3b-4bbe-8930-084aca905351","block_type":"box","text":"17","page_number":235,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"0c1a6871-30d2-4978-a84c-cb166bfa4e03","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":235,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"777363ce-608d-4d31-b3fd-2efff912c666","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":235,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"5dbd68c5-e087-4502-9a9a-14f78a90d6e4","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":235,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"46990f70-5367-4766-a61c-087f0e99794c","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":235,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"a6db5e99-d9f1-4a9a-8fd8-b8b0973228d6","block_type":"box","text":"18","page_number":235,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"4dee0ce5-5719-4e2d-b018-ca32a27a3cd8","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":235,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"c62b7a07-7847-4c4b-8793-c7f74e34c61b","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":235,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"ceae7ad4-f9b0-411a-b005-9836264ac91f","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":235,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"6a4bfa97-affa-4cfc-a594-3862dc9e25d5","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":235,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"0b5f846b-9e69-4b80-8eb7-e352183cce82","block_type":"box","text":"material to their business models.","page_number":235,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"2c5f5c9c-ddd6-4a1a-83dc-46ffe43cf6ac","block_type":"box","text":"19","page_number":235,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"544b76e6-6f3b-4a7c-9899-1e9cedccc29b","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":235,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"47dbd954-6664-4d59-8a48-0dd2c62b6928","block_type":"box","text":"December 2025.","page_number":235,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"44c80aa9-22a4-4476-8125-e7ed1981b33f","block_type":"box","text":"20","page_number":235,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"0e61f245-03cf-4b33-bcf1-fab4dc231d2c","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":235,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"ff3e05fd-1298-455a-84a0-252030fb064c","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":235,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"f45fc188-eaa8-4515-9877-666a58aaed74","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":235,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"496b94a7-e380-48bb-9182-25dc815ad656","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":235,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"fe07d3fd-ca58-4018-8de2-c512fe0997ab","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":235,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"29e133b8-8797-41c4-95d7-b9b4ceed6887","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Under the Guidelines, the team may suppor t","page_number":237,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"a77bc239-7982-4c3b-8460-c3ca100a61bb","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":237,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"01c5c6e1-2bfa-4cbb-a65d-5562df29f67d","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"9ab901f5-701b-43da-a5d7-3ffc34239c72","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":237,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"3f1a0083-31ea-4f48-bd3f-b97c25069546","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":237,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"f662c7f7-848c-44bb-91a5-c47ce75f6f80","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"1d67f66c-1b0a-4276-ac9a-978bfcfb5bff","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":237,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"f98174d2-064d-48d1-a76f-fbe2760d0f69","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":237,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"cda0a7bd-31f5-49ec-a353-b55c80dbe938","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"2786ac75-e68f-4e45-8b2c-9ccbe5695c36","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":237,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"12e0b07f-8a62-4e02-8e44-874bce4276a2","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"1f70ec1c-a7f2-441b-990a-fd83af2e77ee","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":237,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"88a4ac52-7cab-446d-9c08-b82ab8edf793","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":237,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"a2dfadd2-e3e3-42c7-9226-442a168efd52","block_type":"box","text":"25","page_number":237,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"89fb0e38-160c-452c-aba4-e269656865b7","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":237,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"7cbf0e4e-0239-44e9-af9c-ab575a3f2e52","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":237,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"c6e142e9-f17b-47f4-8bfc-1ea8578ea86c","block_type":"box","text":"RELATED MATTERS","page_number":237,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"721fab16-32af-42c5-a83a-7d2b33d557bb","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":237,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"6b2bdcdd-acca-4031-a17d-6b6c41dc60dd","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. 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Generally, voting on these matters would","page_number":237,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"7dd7f2ec-cf94-4942-9681-070b55f3a09d","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":237,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"c87dbf1a-2852-413d-9913-b1a9ac4af487","block_type":"box","text":"Executive compensation","page_number":237,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"b624c531-b2ea-40b0-833f-7eecf994aad0","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":237,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"269e3467-7f16-425d-a723-336e1a89cb51","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":237,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"d0e91434-61f6-4133-9539-102f6b40973d","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":237,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"ded9455a-c0e7-4d03-8a69-8fa8b99af64d","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":237,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"1b5c683c-f265-4e9f-aa35-2b2b943bf715","block_type":"box","text":"24","page_number":237,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"c3364e1a-103e-4e03-ade9-01c45995fe0f","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":237,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"3f4994b5-2bae-4eee-8fd0-136034a37e43","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":237,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"3cc9bb3a-3b0d-430c-9060-529994ec0ae3","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":237,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"1d62da89-fe60-40dc-b700-156de63023fa","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":237,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"09164ad6-0b60-4fc6-a23d-a32732d63949","block_type":"box","text":"25","page_number":237,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"36019e86-35ba-4a7a-bdb8-0e14145baf75","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":237,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"9f557c3d-fdac-49ec-a424-fc7f7c5b009e","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":237,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"541ef89e-f50a-45f4-9b36-57cbb45ba3a8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"74f23959-bf81-4ddc-96bd-d0e8fbd38f5f","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"c1594316-1c65-4d52-8133-d0949aa357a0","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd4bfbcf-5a6e-447c-a545-6f30ba6964fa","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":238,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"d6f8c09d-eaa9-49e8-99f7-47d60afd13bc","block_type":"box","text":"strategy and risk management.","page_number":238,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"613196ea-94fe-4f20-b49c-124777d6a0f1","block_type":"box","text":"Auditors and audit-related issues","page_number":238,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"0c16b7ae-d12f-4846-b8dd-aaba0a50c896","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":238,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"dafd2c4c-1516-44cf-99a2-886d5910975e","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":238,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"f8498b65-4721-4f94-a102-b3e345a2331f","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":238,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"6b5c08a9-7c1f-4ca9-8841-f6abd95a1eec","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":238,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"3d274697-3774-40c5-a4dd-967ba5fdce39","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":238,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"5fbdc475-2c03-4a0d-95a8-aacd3b152cc8","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":238,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"3a73631c-d217-4b41-865a-fbe4ef6281cf","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":238,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"4f5a4d19-3146-4fb1-9c2c-df68502b0d29","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":238,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"df66a6e9-1401-4dc1-b1df-042116b576b4","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":238,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"a656300c-2331-41b6-a353-87a79f10d72f","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":238,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"7ccc9a26-ed1d-4497-92e2-7bf535e6f3f7","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":238,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"66fa2dac-db7f-4e0f-a8fb-392b35f1891b","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":238,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"93daf048-2321-40b0-9f90-3ae4127f749b","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":238,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"8a4a20eb-4606-402a-8e40-a60779fefc41","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":238,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"168ce47c-2133-4456-ba89-3c2998b27a7c","block_type":"box","text":"stakeholders.","page_number":238,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"5cdcfb6c-415a-428b-86fb-4e698de1194f","block_type":"box","text":"26","page_number":238,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"2555db17-638e-4ab5-92e1-f9889216da0c","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":238,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"fd6ce5a3-df6e-4bd9-899c-a9d8060270c7","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":238,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"af727193-8ca4-488f-9f94-90bc7e77237b","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":238,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"c0633f6d-efb4-4cb5-9d64-46adf8b56bd9","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":238,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"b4932d5f-4444-4343-bd5a-6fc8c15a154f","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":238,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"a3f6961a-8177-45fa-9737-73ac7f381838","block_type":"box","text":"26","page_number":238,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"99601e81-8203-487e-8b3a-3a97fbb0a5e8","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":238,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"3d38f6a0-2cd0-4d09-a718-b32af4f50b84","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":238,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"e29c3e1c-8895-4adb-a5c1-078585d6d5ef","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8c599ada-243a-4edd-aa93-a54c30641797","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"3bd43ddf-6a0b-43ee-9c4a-752b9f6f221d","block_type":"box","text":"BNM1026U-6032383-19202715","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08f51f07-84c1-415d-bbf2-95edb6acde36","block_type":"box","text":"Appendix 1","page_number":239,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"45347d06-e306-484c-a07e-917ed09427bc","block_type":"box","text":"Terminology","page_number":239,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"cc8e6eed-18fb-4e4c-884f-82bd326b1357","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":239,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"b5bdf1d9-0a82-4406-bc1d-f3f1737a6474","block_type":"box","text":"Climate risk:","page_number":239,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"ddf964a0-44bf-44d5-b005-86b188b9200f","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":239,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"0abe9612-19b5-427b-9b38-2e2ee2cb9730","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":239,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"3c333bc6-2b81-4559-87ee-4630b5be9ebf","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":239,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"e7ed6ec5-e07e-4dd4-9d2b-3e513ce6fe40","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":239,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"3d9c5137-5e03-4329-8567-4da551475c6e","block_type":"box","text":"The global economic shift toward lower","page_number":239,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"ea3e6f5a-3f6e-4b4a-b073-331bc0421515","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":239,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"51f14faa-3123-47fe-9cd6-262b2d93ecd8","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":239,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"2674ac31-f934-4e83-a6c0-789a3e433389","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":239,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"897fb7f7-1f20-43d5-8453-5c8902ff9b87","block_type":"box","text":"Decarbonization:","page_number":239,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"5e468624-bb4b-4c04-a3eb-7627fc1a6fba","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":239,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"d6a8a8c4-7c29-4f4c-87d2-63239e0b66e3","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":239,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"08dffa00-eaf3-4c92-b6d9-b50ad6019a8b","block_type":"box","text":"individual consumers. 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