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You may request a copy of the","page_number":15,"box":{"x":69,"y":415,"width":840,"height":12}},{"id":"4f979773-7753-47cb-84b9-90a7504e8d12","block_type":"box","text":"2025 Annual Financial Statements at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m.","page_number":15,"box":{"x":69,"y":430,"width":822,"height":12}},{"id":"f076d51d-6542-475e-b053-46d7281908f8","block_type":"box","text":"Eastern time on any business day.","page_number":15,"box":{"x":70,"y":445,"width":258,"height":12}},{"id":"4f8e83e1-3050-47ac-a065-f9f9057d68ce","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"622c798b-57a3-4c81-87f6-4b765df224f9","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"ec7c4a74-cab2-4591-9309-b66b0163dfa0","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"68d4e9bb-d273-4690-9dcd-35b2803d5c72","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"feffc33d-4ba3-424c-b03b-7333a6c35868","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"02fd76d5-0075-4588-8979-ea7d9c477e88","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"26bd9d87-c113-46bb-8eb8-684dfdae052a","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"da60204a-fb33-48c8-b0d2-bc00b6426651","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"a1988d38-4525-45e4-a130-727a1525be7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"0c8f8fdb-e053-4f14-b030-093fbb32cfff","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"8791c9ff-e7bc-4766-81e5-3b7f9579f25e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"c5108355-086b-4249-9349-f6ad143c6cfa","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"7cd8f673-8265-472c-8a87-7d11a4dff7d7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"8a6e636f-2d3b-403b-b6f0-703969ddd1ef","block_type":"box","text":"I-128","page_number":16,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"60c0dd29-0842-4e1a-9bdc-6ef003dca111","block_type":"box","text":"Per formance Data","page_number":16,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"0cb43602-60d9-4780-a0a6-4e4217f9ce71","block_type":"box","text":"................................................................................. I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"38a01a6d-5bac-47b9-9af6-2e67370276fa","block_type":"box","text":"I-136","page_number":16,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"00cfc332-c8c4-49fc-9c39-178de9c85a98","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"b79ff615-075b-4503-b1c8-c488fb314359","block_type":"box","text":"........................................... I","page_number":16,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"27b929f4-186b-4e97-b9ac-7a56cbdc9d63","block_type":"box","text":"I-138","page_number":16,"box":{"x":874,"y":451,"width":35,"height":9}},{"id":"4770d083-1eb5-464e-81d5-d1ee183f8036","block_type":"box","text":"General Information","page_number":16,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"651c9f56-efe4-4543-b3e0-21eee92875ca","block_type":"box","text":"............................................................................... 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The Commission staff has taken the position","page_number":22,"box":{"x":68,"y":423,"width":811,"height":11}},{"id":"e35779de-32cd-4e3c-8826-3b1dd1a0723f","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":438,"width":833,"height":11}},{"id":"58a9f91f-920a-420f-93c5-cadfb98867c9","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":453,"width":836,"height":11}},{"id":"bd6a4eb7-c119-467a-8181-575be119d373","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":468,"width":815,"height":11}},{"id":"44ea29e0-1cc5-4bd7-89e6-ca12edc455a8","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":483,"width":813,"height":11}},{"id":"c746b0c2-676b-434c-843e-94638145d9f9","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":498,"width":820,"height":11}},{"id":"361f6693-b24c-4f5c-b44a-4fb4072a6fc3","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":514,"width":809,"height":11}},{"id":"b7becf24-de3d-44fa-8d1e-65e0dcec6cf0","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":528,"width":772,"height":12}},{"id":"6f71dced-c16d-49e2-8b32-a373a1b9a3ce","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":543,"width":824,"height":12}},{"id":"b5cc840c-8df4-4401-9817-2ece3bb4862d","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":559,"width":829,"height":11}},{"id":"8a31bb95-b44b-45bf-92a8-f9e0fcce53d2","block_type":"box","text":"are primarily related to financing the activities of the parents. 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The policy also will be interpreted to give broad authority to the","page_number":22,"box":{"x":70,"y":619,"width":807,"height":11}},{"id":"c4e45801-5673-416b-ac7e-bf85fbec2456","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":634,"width":438,"height":12}},{"id":"c8b4cda1-e7fd-4cdd-bb50-0d984faabcd2","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":657,"width":750,"height":11}},{"id":"369f5cdd-4122-4351-bae7-a6c46e043222","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":672,"width":827,"height":11}},{"id":"516b0b67-a25f-49be-b976-e0c7147bf86d","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":687,"width":781,"height":11}},{"id":"a8933c27-0889-4fa9-9e50-2d546e3b3613","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":703,"width":815,"height":11}},{"id":"4d4b0005-b1b5-4b30-81b2-a30e457562bc","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":717,"width":825,"height":12}},{"id":"d940b4ec-605f-48b3-ac3f-2e14e21d562f","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":732,"width":777,"height":12}},{"id":"6258b898-cf12-4394-a01a-f54218159a1a","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":748,"width":776,"height":11}},{"id":"e8fc4d78-cea5-4f73-a1cc-fd71098fcd2d","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":763,"width":828,"height":11}},{"id":"09471602-88fa-4e51-9577-59f2376015f4","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":778,"width":788,"height":11}},{"id":"f66d3ee3-f780-4984-8252-6a7a25836f8d","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":793,"width":813,"height":11}},{"id":"96fb2512-4698-493f-bd38-11be309bebd7","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":808,"width":802,"height":11}},{"id":"17acd476-5b3a-4d51-85d3-ada626a7ef57","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":823,"width":834,"height":12}},{"id":"ae06d7e7-be32-4e6e-a3ef-72b8fb94ce7f","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":838,"width":807,"height":12}},{"id":"32edf29d-7223-43ca-8618-e5fcc38f40b6","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":853,"width":831,"height":12}},{"id":"c187e22c-ce64-45a2-9f9b-486d2a3563d4","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":22,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"5d4a03a8-429a-41c6-a480-2ac3058c4d67","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":22,"box":{"x":69,"y":884,"width":643,"height":11}},{"id":"6c4e6fd0-093b-4471-9961-99d8903b8c89","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"30124b81-62f6-483e-9b7e-96ebd04abbb2","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a897c31-173e-4f1f-98ba-4f76b1646da3","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":45,"width":788,"height":11}},{"id":"685e00d9-5c1f-4b5f-a418-7a77db0a67b2","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":60,"width":840,"height":11}},{"id":"4449219c-6149-4d57-8c8f-9024b22aa15e","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":75,"width":808,"height":11}},{"id":"2a846ee7-b7b7-44fe-b393-e991014a476b","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":90,"width":811,"height":11}},{"id":"05c73567-efde-47f5-a9a6-88cef08d17ee","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":105,"width":838,"height":11}},{"id":"9ad28990-dc49-495a-bf37-d3ae91e0253f","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":120,"width":818,"height":12}},{"id":"626f286c-a2d1-4c62-af92-37b3b3c89916","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":135,"width":826,"height":12}},{"id":"6208b169-d0bb-4d59-9b67-42447ee53cfd","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":150,"width":822,"height":12}},{"id":"28810c6c-9458-471d-beee-bd89325d499a","block_type":"box","text":"the application of the Securities Act provisions described above would cause a fund to be engaged in the business of","page_number":23,"box":{"x":68,"y":166,"width":838,"height":11}},{"id":"f075bb8c-aa12-40d9-8c24-d47afcd9b5e3","block_type":"box","text":"underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions involving","page_number":23,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"bc125e31-ef52-455d-a6d8-7c5a50113e8f","block_type":"box","text":"the acquisition or disposition of por tfolio securities, regardless of whether the fund may be considered to be an","page_number":23,"box":{"x":68,"y":196,"width":796,"height":11}},{"id":"1bcc4637-ddca-404e-950a-0bc3af72749c","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":23,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"9090009b-5623-42c0-9c75-e31bf6f650dc","block_type":"box","text":"applicable law.","page_number":23,"box":{"x":69,"y":226,"width":102,"height":11}},{"id":"c0957fed-5542-4d53-9e16-abd917e15a7f","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":249,"width":778,"height":11}},{"id":"2916d36a-ef8f-4807-994c-dc3d78a088f5","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":264,"width":756,"height":11}},{"id":"9b7a8da7-4d1f-4b6e-b7d4-e8eef97958c1","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":279,"width":807,"height":11}},{"id":"18d5e398-bf4e-421e-b439-dc08a54f6e2b","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":294,"width":784,"height":11}},{"id":"bc3f8689-5c83-4951-803a-9beed34cb49b","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":309,"width":791,"height":11}},{"id":"04aa65f9-0115-4fcd-a2db-12da941305c4","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":324,"width":803,"height":11}},{"id":"1d32653a-a58e-433c-8c43-17ac371394ac","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":340,"width":40,"height":8}},{"id":"7b923ad6-ac5a-46da-a62e-5a3fd6428ecb","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":362,"width":777,"height":11}},{"id":"8e33f5bc-d9b0-4999-a482-27f4d699dc5a","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":377,"width":751,"height":12}},{"id":"d8fd4487-c4e5-4078-a882-f8f583abf38a","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":68,"y":392,"width":812,"height":12}},{"id":"c6b675f3-5f14-4469-b31f-198b6d4d6031","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":407,"width":827,"height":11}},{"id":"ff683325-50b0-4e6e-b7b5-5ca8cc42852c","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":423,"width":781,"height":11}},{"id":"cece4a04-ba92-4e2d-9923-783e4e279940","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":23,"box":{"x":69,"y":438,"width":759,"height":11}},{"id":"ae95ea36-346a-4e2a-acbe-7bb59d0ac665","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":23,"box":{"x":70,"y":453,"width":774,"height":11}},{"id":"ca318d53-881c-41aa-b996-c25fee5ba81e","block_type":"box","text":"shareholder approval.","page_number":23,"box":{"x":69,"y":468,"width":153,"height":11}},{"id":"1ec2d5ad-0751-4a93-9753-d7552465bdeb","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":491,"width":768,"height":11}},{"id":"a9e57e70-f1e9-479c-a3e0-81641a59b205","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":506,"width":197,"height":11}},{"id":"32dea354-c132-473e-bbc8-cc04b58c5312","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":528,"width":742,"height":12}},{"id":"ac86e534-8c1c-4f2f-b5f0-429ca4b09a46","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":543,"width":759,"height":12}},{"id":"0fbcebcc-7c6c-4d25-be8a-1606959ef8bb","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":559,"width":779,"height":11}},{"id":"5fd24c1f-b1a5-4768-ba25-082c5058079b","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":574,"width":761,"height":11}},{"id":"4a0bda13-0481-463c-b69d-60f29347c8cd","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":589,"width":795,"height":11}},{"id":"67878908-8ec0-4019-9b0c-486f20657a7e","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":604,"width":60,"height":11}},{"id":"54719938-86b7-4653-8a53-1afdd6dcee98","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":627,"width":765,"height":11}},{"id":"99936b5a-5b7a-40f2-8938-be8c5e6d919a","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":642,"width":509,"height":11}},{"id":"4b5ab53b-3293-4283-8e88-0fffe6c6679e","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":23,"box":{"x":102,"y":664,"width":744,"height":11}},{"id":"3a019b3f-63fc-4443-a8cf-8fd9ad58dbd2","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":23,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"dd946f83-4376-4c0f-a8d7-0b37fad14a65","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":23,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"1c5854ab-ff73-49fe-8a73-075eb0f3a18a","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":23,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"1b530658-0b44-4c16-b837-9fc4bc233497","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":23,"box":{"x":70,"y":725,"width":642,"height":11}},{"id":"23a6061c-0d73-47d4-b6e8-f3c5979e9788","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":755,"width":290,"height":9}},{"id":"23ae6d8f-84a9-4b2c-b248-76380b38a2c3","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":778,"width":789,"height":11}},{"id":"5ddfc3c4-9c52-477d-b424-fabf6c80e45e","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":793,"width":779,"height":11}},{"id":"164f32e0-929c-4ed0-94ff-d61af480d280","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":808,"width":837,"height":11}},{"id":"e33d407d-2f38-421c-865a-b5bcf64f4ced","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":823,"width":793,"height":11}},{"id":"737049bd-2f6e-4180-906a-84964bb896c4","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":838,"width":822,"height":11}},{"id":"71b727aa-d1b2-4262-9634-1fd9df0c4871","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":23,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"3bcdb4f5-00a7-4e60-b86a-880753e4e53a","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":869,"width":335,"height":11}},{"id":"388dc52e-9cf7-4d0c-8849-9110b62aafb0","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":23,"box":{"x":101,"y":891,"width":769,"height":12}},{"id":"0d3f146a-4d05-4995-ac99-2dc5b2bad2ac","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":23,"box":{"x":70,"y":906,"width":827,"height":11}},{"id":"f5d21c87-cfda-4b0e-9202-721ad3ac71ac","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"07faaa49-aeda-40c9-9fb2-7101806dc26d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c1bf65b0-bdc8-42d6-b370-36e4d72689a6","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":45,"width":821,"height":11}},{"id":"b7ebac0e-a1e3-40f4-88cb-11ec2930da35","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":60,"width":835,"height":11}},{"id":"530a02a8-2f15-45eb-9897-925bcff74224","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":75,"width":830,"height":11}},{"id":"1024fe4b-9751-40e1-993a-e2a6d43d1205","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":90,"width":789,"height":11}},{"id":"f5fada9b-353c-4f74-857c-2fed67a84ec2","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":105,"width":810,"height":11}},{"id":"2dc26453-ca28-4737-abba-d04b8ae5a169","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":120,"width":809,"height":12}},{"id":"bd96a2ca-80fe-4e4c-ada7-07b259bc6121","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":135,"width":794,"height":12}},{"id":"b7749ed5-63e4-468a-b9da-803762ab7501","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":150,"width":816,"height":12}},{"id":"fd7d318c-df13-43e5-b56e-8104f553a63c","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":166,"width":831,"height":11}},{"id":"03d7019c-4a21-4101-b518-366f651fc3a0","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":181,"width":811,"height":11}},{"id":"8fb45e19-9acf-4ee4-8642-4dd22e1797df","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":196,"width":809,"height":11}},{"id":"4facd8ea-4973-45ae-b3d8-3b9bd0c92bdd","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":211,"width":825,"height":11}},{"id":"209de661-b0c5-49bb-a2e3-ad1018467b97","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":226,"width":441,"height":11}},{"id":"fa5092e2-65a7-4b89-9705-8e6b2aa3cb92","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":249,"width":777,"height":11}},{"id":"904024dd-8920-4538-9f21-edd5cbce3652","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":264,"width":832,"height":11}},{"id":"8c162587-880f-447f-9b16-30b792d77f29","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":279,"width":820,"height":11}},{"id":"c94d6ece-7f5d-403a-8fed-88870a2a4d6c","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":294,"width":812,"height":11}},{"id":"64834bb2-805f-4be7-b7a8-9d9210248117","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":309,"width":819,"height":11}},{"id":"9ea60abd-1d14-4be0-9b02-2d39b18083d4","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":324,"width":192,"height":11}},{"id":"1f7d27f5-2428-4855-b615-701adc4e6b76","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":347,"width":785,"height":11}},{"id":"69030bf8-c5b4-42af-930c-f03ef0176f46","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":362,"width":828,"height":11}},{"id":"ac8c77c2-f100-4d0a-98e8-22e57f2eabe9","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":377,"width":832,"height":12}},{"id":"56b60e1b-3913-4fa9-90c1-11c4d4df34a5","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":392,"width":820,"height":12}},{"id":"d74300a0-2ffa-4b4d-bfba-cd92a0eddb96","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":407,"width":811,"height":12}},{"id":"8472d63a-4592-42bf-87b0-378cb8b4e298","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":423,"width":767,"height":11}},{"id":"efb28942-5e54-4868-8bdb-25fa12bd24c4","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":438,"width":815,"height":11}},{"id":"ec87a7de-e2fa-4595-bfeb-891a69825c14","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":453,"width":803,"height":11}},{"id":"56839a16-12b6-455f-be19-3aa451013fd2","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":468,"width":840,"height":11}},{"id":"aa90a916-b0e8-41b0-b03d-40f5720fc821","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":483,"width":812,"height":11}},{"id":"984f897f-71ad-4fa2-adb6-c89074068486","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":498,"width":817,"height":11}},{"id":"90c6fd5d-f60d-49f1-8d65-071506eb9b8c","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":513,"width":812,"height":11}},{"id":"4e0d9c4f-1405-412b-9608-ea4aa9cfdffa","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":528,"width":818,"height":12}},{"id":"fbd0591f-ece8-421b-9071-cf6160970909","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":544,"width":759,"height":11}},{"id":"16b759b0-237d-4ee3-b809-4eedf22c8abb","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":559,"width":299,"height":11}},{"id":"21d2e082-4af1-42c8-9edd-33250631b5f9","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":581,"width":122,"height":9}},{"id":"835eb80d-0687-4a9f-acb9-dd733ae7f498","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":581,"width":673,"height":11}},{"id":"e4992d06-baf2-405c-8dcb-e98ce0158555","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":24,"box":{"x":68,"y":596,"width":814,"height":12}},{"id":"6bf7c1ff-f19f-4ffb-8a9f-062cab1e694c","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":24,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"a79b5e1e-cc50-4f42-9042-f74b8e2444fc","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":24,"box":{"x":69,"y":627,"width":753,"height":11}},{"id":"41b05f76-2be9-4ea6-b607-0b60f4f8ac8b","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":70,"y":642,"width":797,"height":11}},{"id":"50181240-53db-4821-8aa7-404be6141a92","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":657,"width":825,"height":11}},{"id":"44b5ddfd-9411-47d7-bf95-d79fff5bd67b","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":672,"width":807,"height":11}},{"id":"3ebb20f7-906d-441c-9990-4a7722d8bf28","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":687,"width":781,"height":11}},{"id":"763dec95-277d-4747-b8a8-748536ef2e39","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":703,"width":834,"height":11}},{"id":"cef3cede-4f9e-47d6-a102-a470cd0b1447","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":717,"width":838,"height":12}},{"id":"ed0942a7-22ab-4f2c-92d5-ddca9f6fde58","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":732,"width":825,"height":12}},{"id":"b856be03-c62e-4d58-a0f3-a1ed774f19d8","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":748,"width":809,"height":11}},{"id":"1a64878a-e25c-4273-893b-e47595fd8f49","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":763,"width":815,"height":11}},{"id":"8316a09f-c2db-4b84-aca8-fbba25711f55","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":778,"width":774,"height":11}},{"id":"9af3f117-957e-42a2-a682-419357bbae30","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":793,"width":815,"height":11}},{"id":"8a1e33d2-9310-435c-aa68-e2f268192192","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":808,"width":819,"height":11}},{"id":"bed55d19-b76c-4ccf-8d55-398e885df163","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":823,"width":812,"height":12}},{"id":"357a723d-1319-4997-8e13-50ead07c5610","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":838,"width":617,"height":12}},{"id":"64df9692-8090-4e7b-b9f8-eac574fd6d85","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":861,"width":286,"height":11}},{"id":"4ef48dc4-9287-4939-892f-dbc3c2f70e24","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":861,"width":464,"height":11}},{"id":"da3def6b-d211-4c9e-b89d-bfba106a9013","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":24,"box":{"x":70,"y":876,"width":833,"height":11}},{"id":"f0c18659-6fac-41a8-b83f-8b4f843fa753","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":24,"box":{"x":69,"y":891,"width":769,"height":11}},{"id":"d6821fc9-086b-4225-b137-47972939c583","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":24,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"54d2a003-d345-4f4a-a5b6-421bf391d239","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"3050ec2c-3a17-48a2-ab96-c88b4e957387","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"423fac2c-a152-4242-b3b4-c766f35e1d10","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":25,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"6826c51d-58a0-4a78-88d7-76690a5a26a1","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":25,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"8f0b90a1-69e4-4401-8bc9-b871b4689149","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":25,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"e2d887c6-7ee7-4d66-b6c4-40479b4e32eb","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":25,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"dafd7b36-0e1d-4fe2-8116-3db7aa167367","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":25,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"6be449f3-944e-4e93-9d12-7485472fac3c","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":25,"box":{"x":70,"y":120,"width":835,"height":11}},{"id":"a54810ed-a873-481f-abec-c50118212e7b","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":25,"box":{"x":68,"y":135,"width":815,"height":11}},{"id":"e189e6e6-ab6f-488d-9cf6-d3ea6766992e","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":25,"box":{"x":68,"y":151,"width":841,"height":11}},{"id":"ce8fbf8c-4e2a-4120-8a4f-5d92e579a5d9","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":25,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"5558da49-d899-43b2-99a0-12564b027798","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":25,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"4cb33ac4-e6c2-450b-a2d9-86e543ee8b8f","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":25,"box":{"x":68,"y":196,"width":792,"height":11}},{"id":"4c649aee-aad0-444a-96f6-57f675ec5c57","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"c2ec3bd3-82c1-4510-84a6-89b4dbdcea13","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":226,"width":832,"height":11}},{"id":"5e46821a-f027-4024-9598-5076b715089a","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":25,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"9bda1ccc-2ffc-4d68-8d24-f0c8c9785f3d","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":25,"box":{"x":68,"y":256,"width":832,"height":11}},{"id":"71a7cb02-119b-4264-9337-e0a0d514f606","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":25,"box":{"x":68,"y":271,"width":820,"height":12}},{"id":"e6d7fb15-6668-4761-a62d-e61ff5684395","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":286,"width":801,"height":12}},{"id":"5f79728b-8bb0-4f9e-b74c-26df145ceed6","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended December 31, 2025, the Governance","page_number":25,"box":{"x":68,"y":302,"width":808,"height":11}},{"id":"dafa9c75-d1ce-48f5-8002-41a1a6401cf1","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":317,"width":208,"height":9}},{"id":"d75361b9-a591-42ee-bd01-cf78bedfaee0","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":340,"width":168,"height":10}},{"id":"012ad01d-299e-40f8-977b-97c88d073396","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":339,"width":629,"height":11}},{"id":"a451becf-9b9f-452c-95b6-2793d2fb7a4b","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":25,"box":{"x":68,"y":355,"width":789,"height":11}},{"id":"a38d30f5-f8c7-4228-ab2c-31327b17554e","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":25,"box":{"x":70,"y":370,"width":812,"height":11}},{"id":"51bd1e12-b52a-4185-a908-675cec098259","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":25,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"5ae91818-3d47-48a6-8863-3acdf5d0c215","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":25,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"41d08df8-be3e-4571-a777-156cf269cced","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":25,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"e7c01285-79b3-4467-8a58-e6a3938bef80","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":25,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"903f89ba-4c19-4431-b98f-55438fd76ac1","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":25,"box":{"x":69,"y":445,"width":798,"height":12}},{"id":"949edca0-af31-4db7-be64-4e874379fed7","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":25,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"6f5ef1e5-67aa-44dc-8862-dfb67230de69","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":25,"box":{"x":69,"y":475,"width":803,"height":12}},{"id":"b2b1caca-b5db-484f-a58f-2499bd8dc9fb","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":25,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"97883dfb-96f2-49d9-a269-e0ebc4aab4da","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":25,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"a1dbe3c2-dfcd-481e-a599-03ee6f435805","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":25,"box":{"x":68,"y":521,"width":720,"height":11}},{"id":"3ec22aa4-e823-4d54-98eb-dc7367ae7427","block_type":"box","text":"December 31, 2025, the Compliance Committee met four times.","page_number":25,"box":{"x":70,"y":536,"width":460,"height":11}},{"id":"d8f414da-8412-4a1a-9d87-f5e0887ba92f","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":559,"width":248,"height":11}},{"id":"0f0eaf01-a1e6-432c-aa16-51405b428f66","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":559,"width":531,"height":11}},{"id":"454f1191-090f-479b-b64b-a96f5246ccee","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":25,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"4e3a8397-c233-47d4-a157-fef9136c48b8","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":25,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"b1ddebc3-4146-4d7c-9fe6-59fdc1b61164","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":25,"box":{"x":70,"y":604,"width":769,"height":11}},{"id":"3906e19a-0fee-4524-8f4d-e47f4188427c","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":70,"y":619,"width":775,"height":11}},{"id":"e2acc460-5bbd-4bf0-bffd-28b7b7bc9df4","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":634,"width":782,"height":12}},{"id":"86824bc9-99ca-4a2f-9e36-801eba40d610","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":649,"width":829,"height":11}},{"id":"9b3637bd-516d-458e-8978-56ca9596314c","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":664,"width":816,"height":12}},{"id":"b57a1d15-f116-4dd3-b0e4-146b784ec068","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":680,"width":803,"height":11}},{"id":"e67c3ffc-5481-420f-a673-86c7ca19ef64","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":695,"width":827,"height":11}},{"id":"f14306fa-1e0c-479c-9d08-316401192f5a","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":710,"width":811,"height":11}},{"id":"7852bdf3-7ae8-4244-8d94-3690ed230ebf","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":725,"width":757,"height":11}},{"id":"6fdedc6f-358e-4e8a-a5a2-46d48a58912e","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":740,"width":835,"height":11}},{"id":"f76c19a3-3bf7-4d88-8d8a-4597a8d7c060","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":755,"width":800,"height":11}},{"id":"ab3a776c-f30f-474c-a69b-747b39d6e362","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":770,"width":780,"height":12}},{"id":"21aa1bf3-97f1-496f-a5eb-e84b23f30fc3","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":25,"box":{"x":69,"y":785,"width":838,"height":12}},{"id":"ec63faab-57fa-4be3-a7b0-f14d7d5b8bf3","block_type":"box","text":"ended December 31, 2025, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":801,"width":587,"height":11}},{"id":"e3438a7f-bc20-4427-9941-8eb736a5d276","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":823,"width":186,"height":11}},{"id":"6de29ace-b0cd-4d03-8315-754d09d7ee40","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":823,"width":598,"height":11}},{"id":"09d2db1c-23dc-4798-a8fb-bb2ab39db430","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":838,"width":817,"height":11}},{"id":"12aee908-7d9c-471a-b087-57d80fe8df9f","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":25,"box":{"x":69,"y":853,"width":795,"height":11}},{"id":"060d919e-d66f-4018-aab9-32e6ddbc91e0","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"b4014ccd-2709-4a30-9a6c-1523908429bf","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":25,"box":{"x":69,"y":884,"width":813,"height":11}},{"id":"544186e8-c23d-4c01-a751-0eb130f9e43e","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"74abf52f-6793-4c1f-95e7-bdc1cf0f4cb5","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4119210d-ba88-46f5-82ca-7fc1c78fe5d8","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":45,"width":816,"height":11}},{"id":"3b3935f9-aaa5-4db8-868a-1d09ac94b526","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":60,"width":618,"height":11}},{"id":"922f1bbc-a012-4a95-a08f-5e98d511a3b5","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":82,"width":771,"height":12}},{"id":"1561e6c0-e6f1-4b39-b17a-fe65b1d7d686","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":98,"width":827,"height":11}},{"id":"a7bd9acc-2d37-4a15-9b7e-f906c3a5ba5b","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":113,"width":830,"height":11}},{"id":"7748bb3d-ab7a-494a-a314-b6b0167d1d3f","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":128,"width":825,"height":11}},{"id":"19cb5e9d-0df9-444d-b7ff-621e82c884aa","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":143,"width":807,"height":11}},{"id":"43b7c115-1470-43af-92fb-f8355aa5cd60","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":158,"width":787,"height":11}},{"id":"dfc8e8fd-e07e-4fc7-9334-f6f240891305","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"d5a161f9-dafd-4386-9cfb-024a6af38c30","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":188,"width":794,"height":12}},{"id":"b28eb506-2c69-4c09-8f21-34c75650ad66","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":204,"width":829,"height":11}},{"id":"525e1779-529c-439a-8aca-e5795ce11a7b","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":218,"width":823,"height":12}},{"id":"7f64bc80-fcdd-45fc-819a-5ff834a84f45","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":234,"width":771,"height":11}},{"id":"13dcc74e-4ca3-4fcc-9638-e5a208898d5c","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":249,"width":473,"height":11}},{"id":"ad32efaa-770a-4500-a3a0-e693efa52b66","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":271,"width":792,"height":12}},{"id":"421c7f75-bd27-4768-ba33-0c1ca4fcb2e5","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":286,"width":807,"height":12}},{"id":"f0ce0307-0727-4305-bdcd-a530ff6176c3","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":302,"width":837,"height":11}},{"id":"6956c6ec-40cb-4ca3-aca4-2f1c0d481450","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":317,"width":759,"height":11}},{"id":"97c2f33f-8f5d-4b29-a749-9182b6c6506e","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":332,"width":685,"height":11}},{"id":"0bf4c587-9084-4b49-8b74-30119f5ef22f","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":332,"width":47,"height":9}},{"id":"2cdcd261-e024-42f9-a3c4-223717a1b3b3","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":332,"width":82,"height":9}},{"id":"3eff2a26-82a8-4af4-aafd-62440a581a26","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":347,"width":395,"height":11}},{"id":"d0662c04-c915-45b5-a07e-9d01b53634e2","block_type":"box","text":"Trustees Elect.","page_number":26,"box":{"x":103,"y":370,"width":103,"height":9}},{"id":"3f82388f-8aa3-4d6a-b56a-633134a3b644","block_type":"box","text":"Jeffrey Jarczyk and Mark D. Stern have been appointed as Trustees of the Trust effective","page_number":26,"box":{"x":213,"y":370,"width":634,"height":11}},{"id":"f6234182-2637-49fa-b4b9-cba85d0640d1","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the","page_number":26,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"ca5bc3e2-4942-4668-9732-211e371625b9","block_type":"box","text":"time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the","page_number":26,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"7aaeab35-2f12-46db-a8ad-5a22469f97f5","block_type":"box","text":"Independent Trustees in the per formance of their duties to the Trust and is expected to serve in that capacity until","page_number":26,"box":{"x":70,"y":415,"width":816,"height":11}},{"id":"c2bcb5e9-4e0f-48ae-89c8-3c7d6d6452d8","block_type":"box","text":"July 1, 2026.","page_number":26,"box":{"x":69,"y":430,"width":92,"height":11}},{"id":"f96554b4-e5be-4195-99df-7640438ed2a5","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":453,"width":751,"height":11}},{"id":"503f48e3-0a8b-4e78-8cc6-b433c7394517","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":468,"width":492,"height":11}},{"id":"c01fb04d-4560-404d-98bd-ddada896cc7a","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":496,"width":409,"height":9}},{"id":"0deb1633-56a7-4c48-9edc-00179882283d","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":513,"width":154,"height":11}},{"id":"1931483b-9068-4727-b0f8-423924322fd9","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":528,"width":781,"height":11}},{"id":"265a92d1-9bb8-485c-a8e1-883fee1d722e","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":543,"width":604,"height":11}},{"id":"744d947d-483b-4825-b71e-a50f5d3a5f00","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":558,"width":623,"height":11}},{"id":"16cec225-4650-4bdf-a7d4-4bd912df499a","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":573,"width":637,"height":11}},{"id":"7d8f7a4b-792f-45e5-a44b-a901592b0210","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":588,"width":631,"height":12}},{"id":"7cd7c9e5-49ed-4912-b97b-5b558a9a5ea2","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":603,"width":626,"height":11}},{"id":"3200d9dd-6b60-4732-bf19-07f0d4b2f20d","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":618,"width":639,"height":11}},{"id":"82a84094-2ed1-424f-b4fe-11bfb191577d","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":634,"width":637,"height":11}},{"id":"48a6fbb1-5b7e-4e59-b322-eb021ca19ca3","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":649,"width":586,"height":11}},{"id":"64ef495d-1ff2-4f15-844f-dfd548e4301d","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":664,"width":640,"height":11}},{"id":"73baca2e-4eee-40c5-a353-884c42e4133f","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":679,"width":389,"height":11}},{"id":"4963f862-b918-419e-9c70-103dd4b24115","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":702,"width":806,"height":11}},{"id":"e0927c2e-3674-48f8-9ad8-044a8971ac16","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":717,"width":604,"height":11}},{"id":"5606fe2b-129c-4160-b3e5-85a4192092af","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":732,"width":632,"height":11}},{"id":"efd1f02c-ff7c-4ea3-b77b-6fa49767a6f1","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":747,"width":562,"height":9}},{"id":"89781a5a-bc41-4048-b7dd-d0272afc6e1e","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":762,"width":616,"height":11}},{"id":"05731bd7-8b2d-40b3-aa44-aec88ee3e19f","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":777,"width":591,"height":12}},{"id":"dd3a0abc-61dd-4d44-b06d-ea83ab6ba108","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":792,"width":641,"height":12}},{"id":"fd8fe50c-a54f-4085-b29a-86aa0f9fc155","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":807,"width":638,"height":12}},{"id":"f1e359b0-1cf2-4825-9366-900a497bf00c","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":823,"width":584,"height":11}},{"id":"fa36db82-7a05-430f-87d2-f9d27dcbb70a","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":838,"width":630,"height":11}},{"id":"fd7fb8db-53f9-40d3-9286-7ad61586e38e","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":853,"width":634,"height":11}},{"id":"c2bba8c0-003b-4e55-9713-9ed6f29c020a","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":868,"width":599,"height":11}},{"id":"80f3b5ad-9500-4f5a-8a9c-773860d67637","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":883,"width":407,"height":11}},{"id":"f46e01bd-3bef-4422-89b6-1c4d9181de7e","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"415bbc2a-d243-4526-b74f-e0c3b876be30","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27cfab70-fd74-4f8a-8876-6ddbce807902","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"67e60423-fd56-4ac8-a796-dd45c0109e6b","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":27,"box":{"x":69,"y":65,"width":837,"height":12}},{"id":"b1afbf15-33f2-436e-bc60-55f97db99f12","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":27,"box":{"x":265,"y":81,"width":638,"height":11}},{"id":"186120e5-8ef3-4e28-9aae-d323e00ec6a6","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":27,"box":{"x":265,"y":96,"width":642,"height":11}},{"id":"8b1a40af-8aca-40e3-8b6f-d53d17673548","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":27,"box":{"x":265,"y":110,"width":601,"height":12}},{"id":"70646346-2184-46ff-aedb-645473a7578d","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":126,"width":595,"height":11}},{"id":"cde44d58-3dc9-445a-bb1d-834763b728a5","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":141,"width":323,"height":11}},{"id":"5451c4b5-8475-4f54-be0f-9c312fbbedc3","block_type":"box","text":"Neil A. Cotty Neil A. 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":"66651ed9-4849-4036-b6dd-db1b3211efe4","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":"aa5d5702-8cfa-4290-ba3b-6804c1b9735a","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":"bac98ae9-98f8-4b52-a12e-58534767806d","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":"f3f52fb8-b449-4010-8648-02527d17ff68","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":27,"box":{"x":265,"y":224,"width":596,"height":11}},{"id":"8d1b891c-6f36-4043-b601-0ca10683c871","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":27,"box":{"x":265,"y":239,"width":616,"height":11}},{"id":"f472b464-e0d7-483a-a1c2-786b6e7f63f8","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":27,"box":{"x":264,"y":254,"width":368,"height":11}},{"id":"29c47c67-8f48-4a15-b5f5-193180cdcdb8","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":277,"width":806,"height":11}},{"id":"a1c2d302-4f79-43f6-8118-0e74daaf061e","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":292,"width":584,"height":11}},{"id":"4a03110a-9a1d-4e91-a0b8-16ae4d16c23a","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":308,"width":622,"height":11}},{"id":"63dee781-a1e9-4d36-bc41-891363e99097","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":322,"width":638,"height":12}},{"id":"c07c687a-fe57-444b-8079-6ca5bc63cb05","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":338,"width":570,"height":11}},{"id":"768087d7-6fdf-4a8b-91c6-9490fd719859","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":353,"width":642,"height":11}},{"id":"2a54b17c-7048-4310-8236-8b2185fc4a6d","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":368,"width":626,"height":11}},{"id":"f94b306e-1f4e-4403-a428-8ffbfe4f731a","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":383,"width":630,"height":11}},{"id":"4b96bd3d-fa5e-4b93-8b2c-9b9b00225770","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":398,"width":602,"height":11}},{"id":"501316bf-8f66-4096-bf3a-42f2fc48e206","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":413,"width":643,"height":11}},{"id":"24bb2d19-dbc3-4075-a770-97fdaab1f51b","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":428,"width":639,"height":11}},{"id":"bc530b35-1126-486f-b2cc-2c240d90e11d","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":443,"width":641,"height":11}},{"id":"fbab0ba9-4637-41c7-9043-a55c8d833b51","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":459,"width":208,"height":10}},{"id":"11b9062c-f90c-4b3c-a2c1-fdf3c03601fe","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":481,"width":769,"height":11}},{"id":"d597ab1a-0b61-4d68-9d38-7d76665bd853","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":496,"width":621,"height":11}},{"id":"ed4be057-a7b8-4806-827a-70dd1079904b","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":511,"width":599,"height":12}},{"id":"e94f2948-1a76-4032-878a-dd3ab7795f77","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":526,"width":641,"height":12}},{"id":"09f31f91-db76-4bcd-acda-2f6a0f7870d3","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":542,"width":602,"height":11}},{"id":"d75fbdb5-bb97-4dae-87d6-9a6e3aacc468","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":557,"width":617,"height":11}},{"id":"9f0b7a24-0a7f-4b59-b02f-368c4c7e9704","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":572,"width":629,"height":11}},{"id":"8be8aedf-749c-44e6-9209-7e33a6173347","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":587,"width":628,"height":11}},{"id":"820c6a31-717e-41a8-952e-b8bbc6b72183","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":602,"width":251,"height":11}},{"id":"a9d06f82-96c7-4a1b-9ea8-a7fc6256594c","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":625,"width":764,"height":11}},{"id":"5851493b-33dd-4d36-8f5a-01b6bc7a4ad4","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":640,"width":642,"height":11}},{"id":"b8415629-f8d3-4274-a426-447bdc065d1b","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":655,"width":593,"height":11}},{"id":"80349ac2-5852-4097-b0ea-b3a7bd6a5bc9","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":670,"width":603,"height":11}},{"id":"da4b9eb9-01af-4d4e-bdf4-fba54be186db","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":685,"width":629,"height":12}},{"id":"9a2da05e-447c-4517-b005-bd2ff8dfbb50","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1e4ddf24-d749-4fd6-b162-f893c3b0095e","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ecf0df9f-43de-41e9-a289-25fbdd6006eb","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"2f8bbd96-fdeb-4d76-bbfe-26c2b5f98ccb","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":"1f933634-0b4a-49d0-8f07-f6a74acaf7ad","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":"77b721d3-cb5d-4f4a-8ed0-bcd37df16af1","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":"5b76fea0-19dd-42ca-aa14-77d388627a5b","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":"6ea8932a-56b1-4cc8-b319-bea6863fae44","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":"3925232d-978c-4e3e-8454-630a54eaabc3","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":"d5525c9c-284d-47ea-ad27-cedba32a42cd","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":"4f7ea84b-f3a9-43a0-8e9a-3a89fce34d1f","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":"06e9927f-a886-40b3-95f4-4c54b89e720c","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":"87601480-f196-4b0a-b969-ccce69f54740","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":"36ca0d65-e6d9-4015-9c86-b9e5e5db2510","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":"b4d5906c-3035-4d95-8db6-48e01c5e9ed4","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":"a810645f-bcb3-496d-b5fe-76978523dc8e","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":"75f39275-4062-4433-ad80-034bf7b98c3c","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":"766642b1-40fd-43e0-b4ed-a42355d62463","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":"41a24182-d70c-404c-a77d-942725ce51ec","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":"23ee90ea-49fb-441c-90ad-8115bb4a4d35","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":"ccca9c15-1045-4076-996c-8a9517a8528d","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":"f740e853-6359-4beb-a545-d2fd7b3cd15b","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":"a9dc8803-086b-440d-adb8-3c62ae40ef61","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":"c5c7c08f-23f3-44d8-84e8-09d8bcfd4040","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":"fdebaf57-1ee1-48e3-9149-62c9c633e509","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":"1f3df930-e6ea-4bf2-9911-df74b949179b","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":"a79da83d-919f-4483-aa56-b3c6d3866a27","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":"4f1bab47-ae36-4c7a-b2a2-fa88a86d3d98","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":"66e5dc66-3e36-436e-a63f-f482d84e779a","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":"e40308c1-7a97-4e08-ace9-686105a696d3","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":"ba4920e2-15d1-4aec-b219-df6948e8884b","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":"21a0a935-7e52-4778-a208-dfb92791de9d","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"19032c8b-66f6-4730-8b53-01e3ca58ea73","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"891d4a47-5243-465f-a55d-051a7eff7f04","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"a0b1a685-7d69-4b72-9f49-7c11777c3739","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"1bd613a2-0b20-489a-a24a-1baeabadd065","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"11c38894-8189-4ed7-afa1-b9df51a9a4f1","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":28,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"e65ff5b0-d4b9-4704-9caa-3bf1865b9b0e","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":28,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"1f8e9b91-21b7-4adf-865b-56d10f77d015","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"a80460d8-f139-4e17-9c03-c38d88ca968c","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":28,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"e461edff-079a-4209-849e-cca863a4c808","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":28,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"2c847078-95a5-45eb-8950-771de83c0db5","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":28,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"5862286d-8938-4a92-811d-3a5356a8e50c","block_type":"box","text":"shor t non-U.S. equity investments, and was an owner and General Par tner of Neon Liber ty","page_number":28,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"f315dca9-dc2d-4dbf-8e9c-dbcb4847b827","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/shor t equities in","page_number":28,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"9bca4e8d-5b69-4e0f-89f5-e2db1b9c2407","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":28,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"803c411c-8e13-4af2-bcd1-1df0fe66468a","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":28,"box":{"x":265,"y":723,"width":614,"height":11}},{"id":"f76c23b2-77ee-4fd7-890b-6a348dc6234c","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":28,"box":{"x":264,"y":738,"width":641,"height":11}},{"id":"99d571b5-5e80-40df-99da-9bfa87361719","block_type":"box","text":"applicable Commission rules.","page_number":28,"box":{"x":265,"y":753,"width":208,"height":11}},{"id":"de28a4d5-360a-415f-a375-9ece618d97ae","block_type":"box","text":"Trustees Elect","page_number":28,"box":{"x":70,"y":776,"width":101,"height":9}},{"id":"0347ce92-2e2b-4506-a486-237335f090c4","block_type":"box","text":"Jeffrey Jarczyk Mr. Jarczyk is a CPA and has more than 30 years of experience in the financial services","page_number":28,"box":{"x":69,"y":791,"width":818,"height":11}},{"id":"8f4f28e7-0dae-4a24-8dc5-b4a78af35df6","block_type":"box","text":"industry, including over 19 years at Fidelity Investments, where he served, at different","page_number":28,"box":{"x":265,"y":806,"width":614,"height":12}},{"id":"f8e0b8f2-db02-4efc-9a8d-3b94970231ac","block_type":"box","text":"times, as the Chief Auditor and the Chief Accounting Officer of Fidelity Investments’","page_number":28,"box":{"x":264,"y":821,"width":594,"height":12}},{"id":"3f4900dd-146b-4337-9feb-9ceec04a9b4d","block_type":"box","text":"parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a par tner at","page_number":28,"box":{"x":265,"y":837,"width":586,"height":11}},{"id":"22e46859-834a-4d4d-9729-fd8c48060772","block_type":"box","text":"Deloitte and Ar thur Andersen for approximately 17 years. These positions have allowed","page_number":28,"box":{"x":265,"y":852,"width":620,"height":11}},{"id":"60f062fc-70be-46ef-a327-e3ad763091f9","block_type":"box","text":"him to work extensively with audit and risk committees and company executives helping to","page_number":28,"box":{"x":265,"y":867,"width":643,"height":11}},{"id":"cfcc6bf7-2cb3-4942-ae11-815b6eadc7b2","block_type":"box","text":"identify, manage and mitigate risks for financial services companies.","page_number":28,"box":{"x":265,"y":882,"width":488,"height":11}},{"id":"c2855890-adb1-4ac6-9443-6ca6686a6327","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bcaceea8-e3ed-4ebf-bd12-b08ec05e11be","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c57baa7d-e11b-4eb4-b959-3852cbd121af","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"00b89c85-a05f-42c4-9fa8-6d9f9b12a8ca","block_type":"box","text":"Marc D. Stern Mr. Stern has more than 30 years of experience in investing and asset management.","page_number":29,"box":{"x":70,"y":65,"width":800,"height":12}},{"id":"0ab5c341-93cd-404a-9361-7a86e5719439","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":29,"box":{"x":265,"y":81,"width":638,"height":11}},{"id":"ef65a509-b2af-4399-b769-eb1b9a366771","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":29,"box":{"x":265,"y":96,"width":608,"height":11}},{"id":"d350455d-4f18-4692-860b-4c40b5487d76","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":29,"box":{"x":264,"y":111,"width":645,"height":10}},{"id":"440851f9-f99c-48af-bffa-edc18567b2d3","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":29,"box":{"x":264,"y":126,"width":639,"height":9}},{"id":"3257016e-1f1a-45ad-8550-437c5061eb98","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":29,"box":{"x":264,"y":141,"width":573,"height":11}},{"id":"02ff1215-d1b4-4d32-b99a-b794b32467a5","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":29,"box":{"x":265,"y":156,"width":625,"height":11}},{"id":"e9f56ddb-bbd9-4be4-9526-6b7c3b5805ce","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. 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As of December 31, 2025, none of the","page_number":35,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"d9d6bb64-3b30-4011-846c-76baed83db34","block_type":"box","text":"Independent Trustees of the Trust or their immediate family members owned beneficially or of record any securities of","page_number":35,"box":{"x":70,"y":75,"width":840,"height":11}},{"id":"1a3ef91b-0567-464f-b66b-cae95f053b0f","block_type":"box","text":"the Fund’s investment adviser, sub-adviser, principal underwriter, or any person directly or indirectly controlling,","page_number":35,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"596687c0-5479-4b70-803c-2c9f34102fcd","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":35,"box":{"x":69,"y":105,"width":412,"height":11}},{"id":"90b144a9-166b-47e6-a4ef-3158d3b105b4","block_type":"box","text":"Compensation of Trustees","page_number":35,"box":{"x":69,"y":135,"width":190,"height":11}},{"id":"9fa5ff0d-9c20-49e3-b1a9-438b26b439eb","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":35,"box":{"x":102,"y":157,"width":791,"height":12}},{"id":"807dc2b4-e54d-4c35-bf10-ea9532ac6c16","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":35,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"8f01c246-49c8-4d4d-b25a-273e471151b1","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":35,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"9b959bb9-cbe3-47b8-98c7-f5e29987131f","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":35,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"06310299-69e1-4d4e-a945-e43d4034882a","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":35,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"c3830fcd-691e-4fc3-842a-272fc72eae1c","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":35,"box":{"x":68,"y":234,"width":786,"height":11}},{"id":"54634afb-d61c-4a49-9d17-4da453ccbbc1","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":35,"box":{"x":69,"y":249,"width":769,"height":11}},{"id":"29f44790-b251-4cd5-a13f-26f1a32242ee","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":35,"box":{"x":69,"y":264,"width":778,"height":11}},{"id":"75118454-16fb-4a54-bcf8-0ba1d19593b9","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":35,"box":{"x":69,"y":278,"width":689,"height":12}},{"id":"600dd430-a600-459a-91f5-c72301cd8de8","block_type":"box","text":"Each Trustee Elect currently serves as a consultant to the Independent Trustees in the per formance of the","page_number":35,"box":{"x":102,"y":302,"width":761,"height":11}},{"id":"b0359d95-9e32-41e7-b1e4-26187f397df5","block_type":"box","text":"Independent Trustees’ duties to the Trust and is paid compensation at the same rate as the compensation paid to","page_number":35,"box":{"x":70,"y":317,"width":816,"height":11}},{"id":"83cec9a6-b7ba-4e0b-8686-08f571b1e957","block_type":"box","text":"any Independent Trustees who are not the Chair of the Board or a Chair of a Committee. This compensation","page_number":35,"box":{"x":69,"y":332,"width":768,"height":11}},{"id":"13e1aa65-8dc0-48f0-9d2d-b334ad24cf37","block_type":"box","text":"arrangement will continue until July 1, 2026, when each Trustee Elect is expected to begin serving as an","page_number":35,"box":{"x":69,"y":347,"width":747,"height":11}},{"id":"56769a85-b23b-44b3-8afb-23df58573d89","block_type":"box","text":"Independent Trustee and will be compensated in a manner similar to other Independent Trustees.","page_number":35,"box":{"x":70,"y":362,"width":695,"height":11}},{"id":"13fd68eb-5f35-4d51-bea2-a385d5111d41","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Fund, for the","page_number":35,"box":{"x":101,"y":385,"width":776,"height":11}},{"id":"b42347a3-e7a2-4b8a-bf54-316c2f3f900d","block_type":"box","text":"fiscal year ended December 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds","page_number":35,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"f5f8e270-ecef-4cdf-930f-93d3d8f90910","block_type":"box","text":"for the calendar year ended December 31, 2025.","page_number":35,"box":{"x":68,"y":415,"width":350,"height":11}},{"id":"776e2593-9c34-4e7c-8d29-55239829437a","block_type":"box","text":"Name","page_number":35,"box":{"x":69,"y":474,"width":32,"height":7}},{"id":"3e825a49-81d2-4b9f-aafd-0f417193cb57","block_type":"box","text":"Compensation","page_number":35,"box":{"x":516,"y":464,"width":83,"height":8}},{"id":"205c9b38-918b-4393-8202-6c3cb17a43b8","block_type":"box","text":"from the Fund","page_number":35,"box":{"x":517,"y":474,"width":81,"height":7}},{"id":"ae74c377-63e2-4842-81ec-898eacfab5d8","block_type":"box","text":"Estimated Annual","page_number":35,"box":{"x":630,"y":453,"width":101,"height":8}},{"id":"481229dd-fe77-4734-bf4e-e822defbd95c","block_type":"box","text":"Benefits upon","page_number":35,"box":{"x":641,"y":463,"width":79,"height":9}},{"id":"d3be0017-5e31-44c5-94ed-30f0611fca43","block_type":"box","text":"Retirement","page_number":35,"box":{"x":648,"y":474,"width":65,"height":7}},{"id":"c92413c5-9a7f-4fd9-9cc0-ab96bfb7b639","block_type":"box","text":"Aggregate Compensation","page_number":35,"box":{"x":761,"y":443,"width":148,"height":9}},{"id":"8e0420c5-97cd-4248-9244-7b36b51e5c4b","block_type":"box","text":"from the Fund and","page_number":35,"box":{"x":782,"y":453,"width":106,"height":8}},{"id":"22270d74-e923-41b5-93ac-4a62d7c4fe0c","block_type":"box","text":"Other BlackRock","page_number":35,"box":{"x":785,"y":464,"width":102,"height":7}},{"id":"85d234fc-7c41-4902-a618-ca09655ce8b9","block_type":"box","text":"Advised Funds","page_number":35,"box":{"x":791,"y":474,"width":84,"height":7}},{"id":"04837f6b-47d5-4afd-8a16-c71a12e02dfe","block_type":"box","text":"1","page_number":35,"box":{"x":876,"y":474,"width":3,"height":3}},{"id":"67deec2d-6b05-4730-9be2-26de1abc2f88","block_type":"box","text":"Independent Trustees","page_number":35,"box":{"x":70,"y":491,"width":154,"height":11}},{"id":"8b2c7378-75b1-4f25-adc1-621e0fea9443","block_type":"box","text":"Christopher J. Ailman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 989 None $445,000","page_number":35,"box":{"x":79,"y":506,"width":792,"height":11}},{"id":"76cb91dc-8663-4954-93e1-116c65a486f7","block_type":"box","text":"Susan J. Car ter","page_number":35,"box":{"x":79,"y":522,"width":110,"height":8}},{"id":"2d421c13-6b4c-4390-a3bf-09b2fe46b212","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 989","page_number":35,"box":{"x":198,"y":521,"width":386,"height":10}},{"id":"aeca98df-2489-4341-be46-5c8d38fe2e0b","block_type":"box","text":"None $445,000","page_number":35,"box":{"x":663,"y":521,"width":208,"height":11}},{"id":"fd8c9489-8925-4408-8071-0a76c728eaa5","block_type":"box","text":"Collette Chilton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 989","page_number":35,"box":{"x":79,"y":536,"width":505,"height":10}},{"id":"a1992a50-72a8-41a8-b7e3-2d5ab43ea949","block_type":"box","text":"None $445,000","page_number":35,"box":{"x":663,"y":536,"width":208,"height":11}},{"id":"0643ef0d-69b2-4344-8520-870c80e45b5f","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,013","page_number":35,"box":{"x":79,"y":551,"width":505,"height":12}},{"id":"1c4a4ce3-3c4e-4d68-8b9e-af34e9568271","block_type":"box","text":"None $467,500","page_number":35,"box":{"x":663,"y":551,"width":208,"height":11}},{"id":"e3199033-7e17-4da2-ad35-9203e4e862ea","block_type":"box","text":"Henry R. Keizer","page_number":35,"box":{"x":79,"y":567,"width":109,"height":11}},{"id":"72a9ebf4-c2ba-463d-8ec0-eb6b3b88bdc0","block_type":"box","text":"2","page_number":35,"box":{"x":189,"y":567,"width":4,"height":5}},{"id":"800e79d8-39bf-4e44-b010-feff36b3cb73","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,036","page_number":35,"box":{"x":198,"y":566,"width":386,"height":11}},{"id":"564329a6-275a-423e-9afd-8d824ccd9992","block_type":"box","text":"None $490,000","page_number":35,"box":{"x":663,"y":566,"width":208,"height":11}},{"id":"6f1f83d0-3945-484a-aaf6-f09142fea97d","block_type":"box","text":"Cynthia A. Montgomery","page_number":35,"box":{"x":79,"y":582,"width":164,"height":11}},{"id":"b7182e1d-63c6-4ea3-8482-73de761ac7d1","block_type":"box","text":"3","page_number":35,"box":{"x":244,"y":582,"width":4,"height":5}},{"id":"5a8fe839-f7ea-4946-a240-e53bcd5b1568","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,036","page_number":35,"box":{"x":255,"y":581,"width":329,"height":11}},{"id":"cde40f2b-b395-4739-a37a-cd40e0b5105a","block_type":"box","text":"None $490,000","page_number":35,"box":{"x":663,"y":581,"width":208,"height":11}},{"id":"508f1286-b414-466b-85ed-a45368911c77","block_type":"box","text":"Donald C. Opatrny","page_number":35,"box":{"x":79,"y":597,"width":129,"height":11}},{"id":"156991d3-ec8a-4329-b393-e6f7d206d67c","block_type":"box","text":"4","page_number":35,"box":{"x":208,"y":598,"width":4,"height":4}},{"id":"851167f2-b5e8-4d74-970d-b9e189eaf119","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,036","page_number":35,"box":{"x":214,"y":596,"width":370,"height":12}},{"id":"7659bcc4-984d-4f30-86a3-187a27151f1c","block_type":"box","text":"None $490,000","page_number":35,"box":{"x":663,"y":596,"width":208,"height":12}},{"id":"7acd51bf-3443-42ac-bff5-605817c3aade","block_type":"box","text":"Lori Richards","page_number":35,"box":{"x":79,"y":612,"width":91,"height":9}},{"id":"906ff61c-9abb-429d-97ec-8f3b6d0040f9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 989","page_number":35,"box":{"x":174,"y":612,"width":410,"height":10}},{"id":"4cb5d5ba-a71f-4167-b51c-5e9ab8f16a35","block_type":"box","text":"None $445,000","page_number":35,"box":{"x":663,"y":612,"width":208,"height":11}},{"id":"3a1f704a-c93f-4fe5-86af-3848397cd5ab","block_type":"box","text":"Mark Stalnecker","page_number":35,"box":{"x":79,"y":627,"width":115,"height":9}},{"id":"330b9c0b-1720-45a8-8a15-f1248dcfe1eb","block_type":"box","text":"5","page_number":35,"box":{"x":195,"y":628,"width":4,"height":4}},{"id":"70241898-b2ad-470c-a35a-b3cbd49bc792","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,144","page_number":35,"box":{"x":206,"y":627,"width":378,"height":11}},{"id":"15fc77f5-6979-420f-a5b5-bcb2a825e769","block_type":"box","text":"None $595,000","page_number":35,"box":{"x":663,"y":627,"width":208,"height":11}},{"id":"65e210ec-94df-42a8-966d-2ad638120b55","block_type":"box","text":"Kenneth L. Urish","page_number":35,"box":{"x":79,"y":643,"width":117,"height":8}},{"id":"4be18209-1190-484f-8eee-022ed25dd4b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 989","page_number":35,"box":{"x":206,"y":642,"width":378,"height":10}},{"id":"723ea2d0-0a33-47d5-8d88-8185d52b1ce5","block_type":"box","text":"None $445,000","page_number":35,"box":{"x":663,"y":642,"width":208,"height":11}},{"id":"d93cb9d3-fcc6-4846-b890-ac517ebeccaa","block_type":"box","text":"Claire A. Walton","page_number":35,"box":{"x":79,"y":658,"width":111,"height":9}},{"id":"35aeb3b0-2970-423a-9f2a-46cd9647b8e7","block_type":"box","text":"6","page_number":35,"box":{"x":191,"y":658,"width":5,"height":4}},{"id":"fa67351b-1dfd-4dec-858b-f2836562c0b1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,036","page_number":35,"box":{"x":198,"y":657,"width":386,"height":11}},{"id":"12aba28d-cd45-4220-976e-6f5fa122eb95","block_type":"box","text":"None $490,000","page_number":35,"box":{"x":663,"y":657,"width":208,"height":11}},{"id":"f5457fbe-e0a6-40d6-9bfe-4ef1bcce6fc4","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":673,"width":138,"height":9}},{"id":"5f5f7fdb-7fc2-4a8d-b429-d9959e8f17c5","block_type":"box","text":"Rober t Fairbairn . . .","page_number":35,"box":{"x":79,"y":688,"width":137,"height":9}},{"id":"1ec831d1-57a3-4375-b8fc-4549c0c99d9a","block_type":"box","text":".................................","page_number":35,"box":{"x":223,"y":695,"width":262,"height":2}},{"id":"10d720d8-4e11-4ff9-847a-25dc925b4fa1","block_type":"box","text":"None None None","page_number":35,"box":{"x":549,"y":688,"width":322,"height":9}},{"id":"001e6b6c-563d-424f-ab87-6a85012d7857","block_type":"box","text":"John M. Perlowski . .","page_number":35,"box":{"x":78,"y":703,"width":146,"height":9}},{"id":"c1e3026f-099d-4773-83ea-7e85f3907945","block_type":"box","text":"................................","page_number":35,"box":{"x":231,"y":710,"width":254,"height":2}},{"id":"8fa93a33-03cf-40ac-9a7c-f3fe34de4f85","block_type":"box","text":"None None None","page_number":35,"box":{"x":549,"y":703,"width":322,"height":9}},{"id":"0da59171-844f-445c-ad14-4583b84c4b2f","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":728,"width":3,"height":3}},{"id":"1eb8dca8-0578-48d7-93e3-87287106562a","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":35,"box":{"x":94,"y":727,"width":786,"height":9}},{"id":"425e5670-e855-4532-982f-91e150d5d186","block_type":"box","text":"page I-14.","page_number":35,"box":{"x":94,"y":738,"width":55,"height":8}},{"id":"5af4b835-3a28-4eed-8bb3-0899e208bbd2","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":750,"width":3,"height":4}},{"id":"3f5adfd1-c389-449d-bfc9-c41b19eccd8c","block_type":"box","text":"Chair of the Audit Committee.","page_number":35,"box":{"x":93,"y":750,"width":168,"height":7}},{"id":"bc66194f-39e4-4564-a699-db3aa2357a79","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":763,"width":3,"height":3}},{"id":"8f621797-87aa-4b82-97e0-69da62266fb2","block_type":"box","text":"Chair of the Governance Committee.","page_number":35,"box":{"x":93,"y":763,"width":206,"height":7}},{"id":"69f71a90-85b5-4754-b08e-59b6f605cdb6","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":775,"width":4,"height":4}},{"id":"603f3b5a-e6eb-4149-9268-e2591a2d9e9f","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":35,"box":{"x":93,"y":775,"width":269,"height":9}},{"id":"c17407b1-dce8-4b7e-bb11-29a074f4bd8b","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":788,"width":3,"height":4}},{"id":"c3a10db7-99c0-4c1e-8ce4-e9848677736a","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":788,"width":352,"height":9}},{"id":"16a0bce8-8881-49f3-bec3-e773043016c7","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":801,"width":3,"height":3}},{"id":"bfdac48a-1f60-4132-bb89-795eb79505fc","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":800,"width":205,"height":9}},{"id":"e93360fa-543c-499c-a9c9-deb47f222227","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":829,"width":432,"height":11}},{"id":"48c73d34-2f2e-4c98-98f0-23d38b2ce968","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":859,"width":180,"height":11}},{"id":"f1448447-eb51-4069-9c00-736a7404cd0a","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with BlackRock pursuant to which","page_number":35,"box":{"x":101,"y":882,"width":791,"height":11}},{"id":"7de6439e-4fa8-46f2-8639-911280e3cbad","block_type":"box","text":"BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":35,"box":{"x":70,"y":897,"width":689,"height":11}},{"id":"9dacb47b-679e-4dad-b755-ecac16cac4ae","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"57c9bf81-70d6-49bc-aa37-6fa1538b23a7","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28d23574-aeac-4886-bfb1-c4adf46c1284","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":36,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"1e41ce2e-79dd-486d-9d91-fb73424f4269","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":36,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"34591f97-efbd-444d-906d-27a8ff5e4a0b","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":36,"box":{"x":68,"y":75,"width":726,"height":11}},{"id":"81f0bf7a-ceed-4e82-bed8-7e1eaa610e4c","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":36,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"90a6b632-4db9-4ad6-83d8-ac50f693716f","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":36,"box":{"x":70,"y":105,"width":780,"height":11}},{"id":"78ef6117-8201-44b2-b876-3ffe3a55a2a3","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":36,"box":{"x":69,"y":120,"width":835,"height":12}},{"id":"152837ab-d15d-4450-9533-30b46c203ad1","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":36,"box":{"x":69,"y":135,"width":774,"height":12}},{"id":"d9bd19ea-6dbf-451a-bbd8-52c5563aef22","block_type":"box","text":"securities of the Fund.","page_number":36,"box":{"x":69,"y":150,"width":158,"height":9}},{"id":"df2ee181-1304-477e-80e3-cd8fb6c02493","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":36,"box":{"x":102,"y":173,"width":778,"height":11}},{"id":"21b2e33d-30fb-4149-bf33-3ae7186e3f5c","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":36,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"1b54cd1e-496f-4e09-b185-194667a0a241","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined in the Fund’s","page_number":36,"box":{"x":70,"y":203,"width":734,"height":11}},{"id":"0ea6f7fd-4203-4417-ab8f-c98de0e73966","block_type":"box","text":"Prospectuses)) as a percentage of average daily net assets to 0.36% for Investor A Shares, 0.11% for Institutional","page_number":36,"box":{"x":69,"y":218,"width":815,"height":12}},{"id":"624edb7b-9e3c-41a6-a7b0-6e2bbc4a1b06","block_type":"box","text":"Shares and 0.06% for Class K Shares through June 30, 2027. The contractual agreements may be terminated upon","page_number":36,"box":{"x":69,"y":234,"width":827,"height":11}},{"id":"62b0334f-6cd9-48cd-bafc-ca4319ed1796","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees of the Trust or by a vote of a majority of the outstanding","page_number":36,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"7e137c5b-90c1-45e8-8902-a47cb4a53e83","block_type":"box","text":"voting securities of the Fund.","page_number":36,"box":{"x":68,"y":264,"width":206,"height":11}},{"id":"373b119f-9b2c-4acb-80ea-2ba4a662aef5","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":36,"box":{"x":102,"y":286,"width":784,"height":12}},{"id":"03ae194c-d3ca-45b3-bc7c-07d524d547f0","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":36,"box":{"x":70,"y":302,"width":838,"height":11}},{"id":"25f928ca-a992-4056-a887-d02889106547","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":36,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"4ffbf99a-403a-4423-a688-77d56d68588b","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":36,"box":{"x":70,"y":332,"width":779,"height":11}},{"id":"45931218-d7e1-488a-b3ef-9f73c17cd57d","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":36,"box":{"x":70,"y":347,"width":827,"height":11}},{"id":"63edf7fb-60d5-4fcd-92c6-61d142a5f314","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":36,"box":{"x":69,"y":362,"width":486,"height":11}},{"id":"27496385-d553-45e0-a81b-00214d530722","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BFA, pursuant to which BlackRock pays BFA for","page_number":36,"box":{"x":102,"y":385,"width":757,"height":11}},{"id":"719f2755-eb67-46d2-9182-e7306bdc9b07","block_type":"box","text":"providing services to BlackRock with respect to that por tion of the Fund for which it acts as sub-adviser a monthly fee","page_number":36,"box":{"x":70,"y":400,"width":837,"height":11}},{"id":"5c76b3e2-1f48-4395-886c-13a029b53fa1","block_type":"box","text":"at an annual rate equal to a percentage of the management fee 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2025.","page_number":36,"box":{"x":70,"y":539,"width":278,"height":11}},{"id":"a8f9fc5b-c4af-4de2-9778-a8fb6c819b7a","block_type":"box","text":"..........................","page_number":36,"box":{"x":354,"y":547,"width":206,"height":1}},{"id":"a76829cb-46c1-4267-a4ca-bb58498476b7","block_type":"box","text":"$81,788 $ 9,389 $ 44,583","page_number":36,"box":{"x":599,"y":538,"width":296,"height":12}},{"id":"8e67093c-c5c5-40a3-92ef-0591213a341e","block_type":"box","text":"Fiscal Year Ended December 31, 2024.","page_number":36,"box":{"x":70,"y":554,"width":278,"height":11}},{"id":"512bf2c0-9c69-4f5f-aade-050ac3a26811","block_type":"box","text":"..........................","page_number":36,"box":{"x":354,"y":562,"width":206,"height":1}},{"id":"9d25871a-4cf9-4496-ae04-371dfbd2665f","block_type":"box","text":"$31,926 $21,917 $ 66,172","page_number":36,"box":{"x":599,"y":554,"width":296,"height":11}},{"id":"7ae597c4-822e-4eea-9967-8fdd22629a6b","block_type":"box","text":"Fiscal Year Ended December 31, 2023.","page_number":36,"box":{"x":70,"y":569,"width":278,"height":11}},{"id":"4d0ae1db-057c-49bb-80de-0563367a2699","block_type":"box","text":"..........................","page_number":36,"box":{"x":354,"y":577,"width":206,"height":1}},{"id":"b57e3428-a7b7-47fe-b3aa-06186ef6b6df","block_type":"box","text":"$17,612 $17,612 $187,761","page_number":36,"box":{"x":599,"y":569,"width":296,"height":11}},{"id":"2efb9b65-cf6f-46be-b43d-f8134c52e848","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":36,"box":{"x":69,"y":601,"width":335,"height":11}},{"id":"72327719-d6eb-49f1-981a-9da146c9d33f","block_type":"box","text":"James Mauro, Jonathan Graves, CFA and Marcus Tom are the por tfolio managers and are jointly and primarily","page_number":36,"box":{"x":101,"y":623,"width":781,"height":12}},{"id":"77529bf1-eb9a-4b56-9aa5-a2904e64d3b7","block_type":"box","text":"responsible for the day-to-day management of the 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$0","page_number":36,"box":{"x":331,"y":814,"width":543,"height":8}},{"id":"f9424c47-30e7-4e69-b345-0d26764ec08c","block_type":"box","text":"James Mauro 135 45 4 0 0 0","page_number":36,"box":{"x":73,"y":827,"width":798,"height":7}},{"id":"a5acbbb8-ac40-4229-8254-c1a665c830cc","block_type":"box","text":"$861.92 Billion $50.53 Billion $3.32 Billion $0 $0 $0","page_number":36,"box":{"x":331,"y":839,"width":543,"height":8}},{"id":"b9ff9d3e-1412-426e-b996-2fa2fac2e9a4","block_type":"box","text":"Marcus Tom 15 11 5 0 0 0","page_number":36,"box":{"x":74,"y":852,"width":797,"height":7}},{"id":"b4cb7ef0-d39e-49ff-8790-ad772b5d6ff8","block_type":"box","text":"$86.10 Billion $50.58 Billion $1.79 Billion $0 $0 $0","page_number":36,"box":{"x":335,"y":864,"width":539,"height":9}},{"id":"bf3dbd40-4e3f-4713-8901-be2498450228","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a1cae72f-2604-4e33-ad76-04d4a8d202d0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d715a48-6ce4-40f5-91d8-57eacf87f07e","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":45,"width":304,"height":11}},{"id":"6f581b44-e64a-451f-81d9-078e3128cf96","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":37,"box":{"x":101,"y":67,"width":700,"height":12}},{"id":"80291019-557e-4e8e-bb53-8260d7aab97e","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":90,"width":774,"height":11}},{"id":"7fb2c59d-3cde-4155-9824-9a5bd05be67e","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":105,"width":837,"height":11}},{"id":"fd30109f-7eb4-4f6e-befb-26fb9d340b22","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":120,"width":823,"height":11}},{"id":"a9f2714e-4ed8-4230-91df-6736f8bbacc0","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":135,"width":799,"height":11}},{"id":"fcc9d034-b6db-4597-9ae0-4b35ae2d12f3","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":150,"width":670,"height":12}},{"id":"cee26912-6106-4da8-b551-b76d2dfe23a4","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":173,"width":148,"height":11}},{"id":"52d95402-b5da-44bc-9bdb-f7482ee7c97d","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":173,"width":640,"height":11}},{"id":"f482e646-3dc9-4b3a-8222-7aace099b76d","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":188,"width":32,"height":9}},{"id":"591134c2-ae0f-42cd-aa8e-0b6578b66104","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":69,"y":219,"width":277,"height":11}},{"id":"f3ee56b8-7278-42a9-841d-f0fe9888f156","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":241,"width":792,"height":11}},{"id":"8d152b58-d4ed-4a3d-86af-a136fad88582","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":256,"width":800,"height":12}},{"id":"b16a2a8d-67a2-42e4-9a9a-51491e19ce5e","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":271,"width":777,"height":12}},{"id":"207ae706-0173-43c5-b1d5-205e8d3b3be5","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":286,"width":817,"height":11}},{"id":"9dfe7b6f-966d-449a-86ac-12fc905aa790","block_type":"box","text":"por tfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":37,"box":{"x":70,"y":302,"width":830,"height":11}},{"id":"3f058074-1914-45b7-a999-4ed755619dc4","block_type":"box","text":"which the per formance of the Fund or other accounts managed by the por tfolio managers are measured. Among","page_number":37,"box":{"x":68,"y":317,"width":801,"height":11}},{"id":"5af8fbcf-e804-4e3d-83b7-ba5de0aff4bc","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each por tfolio","page_number":37,"box":{"x":69,"y":332,"width":819,"height":11}},{"id":"b1e00133-87fb-4c7d-942a-cd955291ac73","block_type":"box","text":"manager’s compensation based on the per formance of the Fund and other accounts managed by each por tfolio","page_number":37,"box":{"x":69,"y":347,"width":797,"height":11}},{"id":"045b9144-174b-4dc1-ade3-a1bb79bc3dc0","block_type":"box","text":"manager relative to the various benchmarks. Per formance of fixed-income funds is measured on a pre-tax and/or","page_number":37,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"59e34e82-c884-467f-9c4e-48da5122cb1d","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":37,"box":{"x":69,"y":377,"width":798,"height":12}},{"id":"d40a636c-6764-457f-9347-0228af56b27b","block_type":"box","text":"por tfolio managers, such benchmarks for the Fund and other accounts are:","page_number":37,"box":{"x":70,"y":392,"width":534,"height":12}},{"id":"85e2df27-9096-4065-8bdc-73fdf7ff248e","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":37,"box":{"x":69,"y":421,"width":267,"height":8}},{"id":"e633b80e-bdfd-4b3d-94af-d3843831bb61","block_type":"box","text":"James Mauro","page_number":37,"box":{"x":69,"y":437,"width":95,"height":9}},{"id":"479a0bbf-e83d-412d-a863-4de59aff6e22","block_type":"box","text":"Marcus Tom","page_number":37,"box":{"x":70,"y":452,"width":84,"height":9}},{"id":"8995afb5-a64c-4bfd-8a70-85674562fe57","block_type":"box","text":"A combination of market-based indices (","page_number":37,"box":{"x":264,"y":437,"width":286,"height":11}},{"id":"2cb103a3-d9f9-45d3-ac16-1cf39a5b712d","block_type":"box","text":"e.g.","page_number":37,"box":{"x":551,"y":439,"width":25,"height":9}},{"id":"71001eaa-9b52-43bf-93ce-c3ed87453b43","block_type":"box","text":", Bloomberg MBS Index and the Bloomberg","page_number":37,"box":{"x":579,"y":437,"width":306,"height":11}},{"id":"2d746ef1-a3d8-4aec-81a8-f11f72ccc44e","block_type":"box","text":"U.S. TIPS 0-5 Years Index).","page_number":37,"box":{"x":265,"y":452,"width":188,"height":11}},{"id":"a8bf90a7-ee2d-4152-88f0-13f9890c0a5e","block_type":"box","text":"Jonathan Graves, CFA A combination of market-based indices (","page_number":37,"box":{"x":69,"y":475,"width":481,"height":11}},{"id":"3c561568-7ff4-4ba1-a105-fdd55cf4fad0","block_type":"box","text":"e.g.,","page_number":37,"box":{"x":551,"y":476,"width":30,"height":10}},{"id":"c65d0824-3f24-4aa0-85a1-dde939372a04","block_type":"box","text":"Bloomberg U.S. Aggregate Bond Index),","page_number":37,"box":{"x":588,"y":475,"width":279,"height":11}},{"id":"5f8229df-7c7a-4bd1-b0e5-88c25d87a8ff","block_type":"box","text":"cer tain customized indices and cer tain fund industry peer groups.","page_number":37,"box":{"x":264,"y":490,"width":469,"height":11}},{"id":"2afecde7-1658-443f-b2f9-150f82db91bc","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":514,"width":389,"height":11}},{"id":"67480947-6afc-4525-b6cb-23bcf8195f9f","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":514,"width":383,"height":11}},{"id":"33359a9d-9e73-4e6d-a5b9-a6ae9e3093c8","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":529,"width":815,"height":11}},{"id":"1bba0a9c-1d99-433d-af2b-98bd26ee66e3","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":544,"width":522,"height":11}},{"id":"b2fa7ebc-3fe0-4d0e-b09e-8abd57fa46e8","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":567,"width":760,"height":11}},{"id":"e98db080-aaf5-4006-8d05-7746aabc80cb","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":582,"width":795,"height":11}},{"id":"7e8bc43c-bf24-4391-a8c0-b39540a96671","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":597,"width":805,"height":11}},{"id":"2cdb1904-5e82-4285-9feb-ae8f48823449","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":612,"width":822,"height":11}},{"id":"0fdaf756-0c62-42de-adc3-b04bfdbd2056","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":627,"width":839,"height":12}},{"id":"898cb7ec-99d2-4dd9-a4c8-df6a48fba0d5","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":642,"width":802,"height":12}},{"id":"ed07eb17-0aa6-4a2a-b4d2-84a13ba556d5","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":658,"width":820,"height":11}},{"id":"5c24b8f9-078b-42da-a9c0-9d428eefd34a","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":673,"width":801,"height":11}},{"id":"64bd10e9-7bd9-45f2-9c87-fb74989c3210","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":688,"width":831,"height":11}},{"id":"07a8dbff-a25b-459f-baac-2019b6564d0c","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":703,"width":479,"height":11}},{"id":"bc805e0a-b7a2-49e1-86e3-b45474758198","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":37,"box":{"x":102,"y":726,"width":785,"height":11}},{"id":"c8afcdf9-f4a8-4aa3-80d8-50963cdc94f9","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":37,"box":{"x":68,"y":741,"width":836,"height":11}},{"id":"1075e90d-2d56-4eab-b5ad-f618cc618c9b","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":37,"box":{"x":68,"y":756,"width":821,"height":11}},{"id":"2e732968-6d4e-4ba6-ab51-e3340528cbaf","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":37,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"98d57386-cc20-4ff5-86c1-96551f7337ae","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":37,"box":{"x":70,"y":786,"width":835,"height":11}},{"id":"282b97ea-8bd0-48e2-9f87-e1b37cbd3355","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":801,"width":414,"height":11}},{"id":"1742a016-4857-456c-a51b-0a52f1c6bad9","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":824,"width":218,"height":11}},{"id":"896f20fb-c598-4569-8fc9-322b94578532","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":37,"box":{"x":327,"y":824,"width":552,"height":11}},{"id":"54a3ac34-fe6f-4c15-9097-219a0458880f","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":37,"box":{"x":69,"y":839,"width":582,"height":11}},{"id":"8dfe9773-9874-4fb0-a4de-62219008d9d8","block_type":"box","text":"Incentive Savings Plans","page_number":37,"box":{"x":102,"y":862,"width":167,"height":11}},{"id":"5d370a59-6768-4ed9-bb46-ab6308374e55","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":37,"box":{"x":274,"y":862,"width":614,"height":11}},{"id":"d9a18e90-fc26-4a44-872d-2e6ec66afded","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":37,"box":{"x":69,"y":877,"width":831,"height":11}},{"id":"a900f7c8-eba0-4016-9690-66a5d4551ecb","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":37,"box":{"x":70,"y":892,"width":785,"height":11}},{"id":"f611257d-3c9e-4a6d-a720-46f3bd6c9cdc","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":37,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"9af4b1bd-3edb-4978-8aa7-20f8130b862e","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a7a12717-49f5-400c-b5a1-004b3149cbe0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2eb75cc-c02e-445a-81db-445c326d2918","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":45,"width":799,"height":11}},{"id":"c5e17a9c-db96-4b4d-ab04-4ccd01f38a83","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":59,"width":831,"height":12}},{"id":"e8ce5c1b-cef9-4a2c-abd8-455b05f5c972","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":75,"width":798,"height":11}},{"id":"4951d222-7d08-4ee2-b9e0-4f5d3755b441","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":90,"width":809,"height":11}},{"id":"3d7b7d33-986f-4f6b-9967-7a2bf1a16649","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":105,"width":793,"height":11}},{"id":"09d2e781-f38d-4b24-9b9a-35b631d0cbdb","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":120,"width":832,"height":11}},{"id":"7e721e1f-403e-4dec-874e-cc5ec367c1f4","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":135,"width":805,"height":11}},{"id":"2228e44c-474f-45f6-aae3-a1eae23ed768","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":38,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"b6041e14-6c0d-44de-ac8d-44c90b2ec997","block_type":"box","text":"par ticipate in these plans.","page_number":38,"box":{"x":70,"y":166,"width":185,"height":11}},{"id":"cd0c0605-a5a1-4096-ad66-5dcd80ad334a","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":196,"width":268,"height":11}},{"id":"262d90a7-f804-4999-a87b-b42ea7e8f3c9","block_type":"box","text":"As of December 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":38,"box":{"x":101,"y":218,"width":775,"height":12}},{"id":"a149b3ff-b282-4196-96da-2f1a766b8e9b","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":38,"box":{"x":69,"y":234,"width":519,"height":11}},{"id":"34f31eb8-a598-44c8-9ac1-38a759ce26dd","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":272,"width":105,"height":9}},{"id":"62c9ec26-2643-40c6-892f-312b59224fdb","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":759,"y":262,"width":129,"height":9}},{"id":"3188f6df-de96-40f3-a093-aeb72bfd0683","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":736,"y":272,"width":173,"height":9}},{"id":"479aadd1-a37b-4f6a-8e2b-7103936626a6","block_type":"box","text":"James Mauro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":69,"y":290,"width":772,"height":9}},{"id":"6e368fdc-dad7-4649-a682-ad678f312060","block_type":"box","text":"Marcus Tom. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":70,"y":305,"width":771,"height":9}},{"id":"427e985e-f834-47de-8a5a-eaa07ac47d94","block_type":"box","text":"Jonathan Graves, CFA . . . . . . . . . . .","page_number":38,"box":{"x":69,"y":320,"width":245,"height":10}},{"id":"10ddac9e-0cad-45f9-9e45-bbdd6acada50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":320,"y":320,"width":521,"height":9}},{"id":"f1afb6e5-7b34-48d3-ad3f-c1b2930c2571","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":351,"width":403,"height":12}},{"id":"f2543ea0-bd2a-4034-baaf-af6ed9f9cbb0","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":374,"width":727,"height":11}},{"id":"314d449f-96fa-430c-9061-731ba44dcd54","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":389,"width":814,"height":11}},{"id":"a567f21d-ad82-43b5-a0a4-85db06243a06","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":404,"width":837,"height":11}},{"id":"d65a217a-af3b-4078-bb07-703b21c2893d","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":419,"width":810,"height":12}},{"id":"f7e02190-4a41-44f8-8a69-da602042efe2","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":435,"width":782,"height":11}},{"id":"1572bda2-3e7c-4849-8c72-42d3e001d448","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":450,"width":830,"height":11}},{"id":"9c5c2aee-0bb0-4785-b7ad-80899e391049","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":465,"width":828,"height":11}},{"id":"b470859a-c37e-4469-9816-c171b8bec964","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":480,"width":834,"height":11}},{"id":"13dcd360-73fd-418c-91f2-45e1981dfa6d","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":495,"width":777,"height":11}},{"id":"5216e9e6-43f9-40d2-b159-48a7d3a290fd","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":510,"width":821,"height":11}},{"id":"6f67fe93-4aab-4645-86fc-00bcd257f6af","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":38,"box":{"x":69,"y":526,"width":819,"height":10}},{"id":"21b4b717-6f03-451b-814f-d742cf253ddb","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":38,"box":{"x":69,"y":540,"width":832,"height":12}},{"id":"64f2ff23-0a0e-4876-9d14-4337b6f9abe3","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":38,"box":{"x":68,"y":555,"width":804,"height":12}},{"id":"a63f4182-2898-47e8-b9c3-3862eb1c427b","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":38,"box":{"x":69,"y":571,"width":760,"height":11}},{"id":"fc45482e-63a8-4d7b-8d5f-483f0fed124f","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":38,"box":{"x":69,"y":586,"width":834,"height":11}},{"id":"4283733e-c9ae-4e18-9ce2-7df9fcc00c2a","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":38,"box":{"x":69,"y":601,"width":836,"height":11}},{"id":"ef86391b-b62f-4308-b8f1-f51f3c217dea","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":38,"box":{"x":69,"y":616,"width":822,"height":11}},{"id":"0e671da8-8fc8-41d3-87d6-a5ec3dd85920","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":38,"box":{"x":70,"y":631,"width":835,"height":11}},{"id":"7e849232-81f2-4ccc-bcb5-0f4038194a65","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Mauro, Graves and Tom may be","page_number":38,"box":{"x":69,"y":646,"width":837,"height":11}},{"id":"384be145-0318-4a85-9f97-126aa7eac988","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only","page_number":38,"box":{"x":69,"y":661,"width":811,"height":12}},{"id":"64e85486-67d1-4477-aa91-715b11ba5f2f","block_type":"box","text":"accounts, subject to incentive fees. Messrs. Mauro, Graves and Tom may therefore be entitled to receive a por tion of","page_number":38,"box":{"x":69,"y":676,"width":838,"height":12}},{"id":"b8281f53-5757-4a5c-880f-ed44267ff01a","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":38,"box":{"x":69,"y":692,"width":316,"height":11}},{"id":"7e94000f-c98c-4a5e-8a89-e9a485d72e51","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":38,"box":{"x":101,"y":714,"width":788,"height":11}},{"id":"5c2395e1-f7f4-4d03-badf-ba535d20e459","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":38,"box":{"x":70,"y":729,"width":839,"height":11}},{"id":"16dea1ce-5fd3-4bca-aef6-503c477fc792","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":38,"box":{"x":68,"y":744,"width":823,"height":12}},{"id":"bc4007ad-afb3-4990-9a38-6aaa8b3ff195","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":38,"box":{"x":68,"y":760,"width":812,"height":11}},{"id":"a817080d-3ae7-4d7f-95c5-48317d83d6bd","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":38,"box":{"x":69,"y":775,"width":777,"height":11}},{"id":"bcfd17f5-3e2c-4f69-9ef9-ef81dfc1656f","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":38,"box":{"x":70,"y":790,"width":826,"height":11}},{"id":"d44f053f-7558-4091-9ca4-485271baf9b7","block_type":"box","text":"Accounting Services","page_number":38,"box":{"x":68,"y":820,"width":150,"height":11}},{"id":"24b39c0c-7454-48e2-91a1-0e747c477a80","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), serves as the accounting services provider for the Fund.","page_number":38,"box":{"x":102,"y":843,"width":796,"height":11}},{"id":"bb82a4ee-0937-40d9-9c51-a6a55fa3e486","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":38,"box":{"x":69,"y":858,"width":824,"height":11}},{"id":"702bddc3-500f-426d-8950-1db48bca952f","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":38,"box":{"x":69,"y":873,"width":779,"height":11}},{"id":"538eee3f-459d-4993-bef0-bc4f4f7f88ca","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":38,"box":{"x":69,"y":888,"width":796,"height":11}},{"id":"f55aa0b9-4eb1-44c1-80e6-9df774491221","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bc183373-c27f-4bf2-9147-65d1d90347ab","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50b6cb6a-9a7e-48c1-b480-6dfaeb3285b2","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":45,"width":760,"height":11}},{"id":"e676d933-f1b4-4140-a7c2-963267429825","block_type":"box","text":"administration services.","page_number":39,"box":{"x":69,"y":60,"width":170,"height":9}},{"id":"2979d7e2-1154-455b-859b-3e088f34c6f4","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street for accounting services for the periods","page_number":39,"box":{"x":101,"y":82,"width":769,"height":12}},{"id":"8e0760b3-06a4-46dd-b0f5-5c9b2211d1c3","block_type":"box","text":"shown:","page_number":39,"box":{"x":69,"y":98,"width":48,"height":9}},{"id":"169585c3-26d4-4840-9b18-d98ce1e0cf2c","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":838,"y":126,"width":55,"height":7}},{"id":"f9af597e-7dee-4916-b7be-b0cc38db949f","block_type":"box","text":"to State Street","page_number":39,"box":{"x":822,"y":136,"width":87,"height":7}},{"id":"63627eed-6e14-4b9b-bda6-edd908f74d38","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . .","page_number":39,"box":{"x":70,"y":154,"width":289,"height":10}},{"id":"1714b788-25c3-4c36-b331-d10ac190e417","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":39,"box":{"x":365,"y":153,"width":527,"height":11}},{"id":"2dcc25e1-2093-466e-a461-57d0586fe59d","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . .","page_number":39,"box":{"x":70,"y":169,"width":289,"height":10}},{"id":"345e8044-013d-4dbc-ade3-90578b0b83cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":39,"box":{"x":365,"y":168,"width":527,"height":11}},{"id":"b6dc6167-e597-4621-b7d6-99aa8e9a0c21","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . .","page_number":39,"box":{"x":70,"y":184,"width":289,"height":10}},{"id":"98b29755-0e42-40e2-9c5f-a5f539d7435c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,034","page_number":39,"box":{"x":365,"y":183,"width":527,"height":11}},{"id":"6e9bc91f-4fc4-4274-aa42-a717b723990a","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":215,"width":72,"height":9}},{"id":"dd6fdff2-93b2-41be-a35b-a3bd836af663","block_type":"box","text":"State Street (the “Custodian”), which has its principal place of business at One Congress Street, Suite 1,","page_number":39,"box":{"x":102,"y":238,"width":751,"height":11}},{"id":"b4aeea70-0e9b-4bbc-87f6-3c078671ca3c","block_type":"box","text":"Boston, Massachusetts 02114-2016, serves as the custodian for the Fund. The Custodian, among other","page_number":39,"box":{"x":70,"y":253,"width":749,"height":11}},{"id":"582fbe25-aac5-4c1c-be26-ee1175c4f6b3","block_type":"box","text":"responsibilities, maintains a custody account or accounts in the name of the Fund, receives and delivers all assets","page_number":39,"box":{"x":69,"y":268,"width":820,"height":11}},{"id":"cbbdda7f-0c78-4222-af41-c0184c1a7b5b","block_type":"box","text":"for the Fund upon purchase and upon sale or maturity, and collects and receives all income and other payments and","page_number":39,"box":{"x":68,"y":283,"width":830,"height":12}},{"id":"3387017f-7e84-499c-b2e1-58d4e8d01c45","block_type":"box","text":"distributions on account of the assets of the Fund.","page_number":39,"box":{"x":69,"y":298,"width":359,"height":9}},{"id":"5b58bbc3-0225-4c8d-9b0b-68c58c2c3393","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":39,"box":{"x":68,"y":329,"width":432,"height":11}},{"id":"88b8ae75-c9cf-49d0-830a-3c76d72ae435","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal place of business at 118","page_number":39,"box":{"x":102,"y":351,"width":765,"height":12}},{"id":"3e2e4d62-eccb-4a1e-a109-4b15623b5bc8","block_type":"box","text":"Flanders Road, Westborough, MA 01581, serves as the transfer agent and dividend disbursing agent for the Fund.","page_number":39,"box":{"x":70,"y":366,"width":815,"height":12}},{"id":"df529d4b-c5e0-4ba5-9bdc-8f6aabfaac8a","block_type":"box","text":"Pursuant to a shareholders’ administrative services agreement, BlackRock provides cer tain shareholder liaison","page_number":39,"box":{"x":102,"y":389,"width":793,"height":11}},{"id":"c2d923c7-bca6-401a-b05c-5e6ac4b9dc41","block_type":"box","text":"services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund, reimburses","page_number":39,"box":{"x":69,"y":404,"width":769,"height":11}},{"id":"ba51d82c-1f13-4204-8afc-9716b9f390ea","block_type":"box","text":"BlackRock for its costs in maintaining the service center, which costs include, among other things, employee","page_number":39,"box":{"x":70,"y":419,"width":774,"height":12}},{"id":"e904dbdf-893b-4136-a9a6-5fef541d2bd0","block_type":"box","text":"salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":39,"box":{"x":69,"y":435,"width":458,"height":11}},{"id":"842ca022-b858-459d-a42b-cd5cd35952a6","block_type":"box","text":"For the periods shown below, the Trust, on behalf of the Fund, reimbursed BlackRock for shareholder liaison","page_number":39,"box":{"x":102,"y":457,"width":769,"height":11}},{"id":"63f064b2-2e40-4590-8fa1-30c0f7b6cbac","block_type":"box","text":"services pursuant to such agreement in the amount set for th below:","page_number":39,"box":{"x":69,"y":472,"width":486,"height":12}},{"id":"b2b4c5ca-9973-4c64-9aef-019692ebb8c0","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":732,"y":501,"width":56,"height":7}},{"id":"671e73e7-474e-4c63-88aa-366ab289a40e","block_type":"box","text":"to BlackRock","page_number":39,"box":{"x":720,"y":511,"width":80,"height":7}},{"id":"35f93327-a376-42d9-9349-cc1d0cd6f21a","block_type":"box","text":"Fees Waived","page_number":39,"box":{"x":833,"y":501,"width":72,"height":7}},{"id":"b3305d6d-fb34-458c-a668-5fe2b9f74417","block_type":"box","text":"by BlackRock","page_number":39,"box":{"x":830,"y":511,"width":80,"height":9}},{"id":"f37bddc0-d671-4c07-b74f-7bc8ebeb2cff","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . .","page_number":39,"box":{"x":70,"y":529,"width":294,"height":10}},{"id":"57f6794b-eea6-4542-95f1-d224cee087c5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,196 $1,652","page_number":39,"box":{"x":370,"y":528,"width":525,"height":11}},{"id":"ebf42cb5-876c-4b3c-962a-3187c2e01f54","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . .","page_number":39,"box":{"x":70,"y":544,"width":294,"height":10}},{"id":"a56722ff-d7c1-4894-bce2-63a2f73be41f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,999 $3,511","page_number":39,"box":{"x":370,"y":543,"width":525,"height":11}},{"id":"844b969e-26f6-4218-a614-7ad2906e707c","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . .","page_number":39,"box":{"x":70,"y":559,"width":294,"height":10}},{"id":"860b861a-0474-45fe-be6c-8c8380117a1b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,521 $3,519","page_number":39,"box":{"x":370,"y":558,"width":525,"height":11}},{"id":"df1382bf-1b64-4903-967c-af924d979a5f","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":590,"width":129,"height":11}},{"id":"7732aa02-67c5-4822-900a-9429e715a4c1","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":613,"width":757,"height":11}},{"id":"d96dfe92-3b9b-476e-9d71-119d6803061d","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":627,"width":817,"height":12}},{"id":"6d1ab229-b4fb-4ee0-986a-7869d355d808","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":643,"width":743,"height":11}},{"id":"10b23716-8497-4d45-bcbb-882fab8bbedb","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":658,"width":825,"height":11}},{"id":"f7c361e5-26f0-438a-9413-85d5bfa4349e","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":673,"width":818,"height":12}},{"id":"ee61f739-3837-4920-9736-9057fba650bb","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":688,"width":761,"height":12}},{"id":"2e98bfd3-fe58-4aff-b24e-83d40221e850","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":703,"width":768,"height":12}},{"id":"f7c4c0a8-766c-4e18-969e-2d4ab6efa0d0","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":719,"width":825,"height":11}},{"id":"71edc8ef-30c3-478d-83ce-13b3525c8f2e","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":39,"box":{"x":69,"y":734,"width":805,"height":11}},{"id":"6ca9e8ae-b983-48c3-a24a-010295a01394","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":39,"box":{"x":69,"y":749,"width":838,"height":11}},{"id":"60a6b0f7-202f-4abe-924c-8be074bf0547","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":39,"box":{"x":68,"y":764,"width":801,"height":11}},{"id":"f640c6f0-243e-4589-900e-bda757be0384","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":39,"box":{"x":69,"y":779,"width":833,"height":11}},{"id":"e64697d8-a8ba-4510-931c-c9c0e6ae59a6","block_type":"box","text":"charged interest at a variable rate.","page_number":39,"box":{"x":69,"y":794,"width":245,"height":12}},{"id":"a506052e-3267-4b30-932f-026dbaefaf88","block_type":"box","text":"V. Information on Distribution Related Expenses","page_number":39,"box":{"x":68,"y":825,"width":349,"height":11}},{"id":"cb300b2d-12a0-4068-9d5f-3f89c535bd8f","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor. BRIL is a registered","page_number":39,"box":{"x":102,"y":847,"width":802,"height":11}},{"id":"78996faa-d342-4fee-ad7f-e8e6f6e4e820","block_type":"box","text":"broker-dealer located at 50 Hudson Yards, New York, New York 10001.","page_number":39,"box":{"x":69,"y":862,"width":502,"height":11}},{"id":"f5fd5746-3252-48ed-8495-1449ffa6fe89","block_type":"box","text":"The Trust has entered into a distribution agreement with BRIL in connection with the continuous offering of","page_number":39,"box":{"x":101,"y":885,"width":762,"height":11}},{"id":"527368f6-acb5-456a-9e9d-294b117d46c0","block_type":"box","text":"shares of the Fund.","page_number":39,"box":{"x":69,"y":900,"width":137,"height":9}},{"id":"921f2c89-1bf9-4415-8fd2-cc718a648895","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"557c8022-2efc-4792-8bf5-c0c15c4dfda6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f6f2394-de48-42df-b51b-9ea981570527","block_type":"box","text":"The table below provides information for the fiscal year ended December 31, 2025 about the 12b-1 fees the","page_number":40,"box":{"x":101,"y":45,"width":774,"height":11}},{"id":"666ac07d-e9d2-4bc3-9e09-41e3456c50dd","block_type":"box","text":"Fund paid to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for","page_number":40,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"574f5bf1-729f-4e1d-987c-1fa9531173fd","block_type":"box","text":"providing shareholder servicing activities for Investor A Shares.","page_number":40,"box":{"x":70,"y":75,"width":447,"height":11}},{"id":"7cd33890-549b-4c4e-a61d-eb003776d5ee","block_type":"box","text":"Class Name","page_number":40,"box":{"x":69,"y":113,"width":68,"height":7}},{"id":"ed5938dc-7955-4747-a77b-864fb1ab269f","block_type":"box","text":"Fees Paid","page_number":40,"box":{"x":850,"y":103,"width":56,"height":7}},{"id":"3659f601-16da-4e1c-a490-7a61b3bc5e3f","block_type":"box","text":"to BRIL","page_number":40,"box":{"x":856,"y":113,"width":43,"height":7}},{"id":"cf9ef40f-5087-4b5e-b4b5-73f92af09806","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":70,"y":131,"width":124,"height":9}},{"id":"954df238-f756-4187-a2f2-a8f37b64ff88","block_type":"box","text":"............................................................................","page_number":40,"box":{"x":202,"y":138,"width":613,"height":2}},{"id":"88ed3385-c909-46c4-a8d9-6ce15ea1243e","block_type":"box","text":"$13,131","page_number":40,"box":{"x":847,"y":130,"width":62,"height":11}},{"id":"22cce370-7609-4150-8e68-a6519764d8db","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":162,"width":318,"height":12}},{"id":"b280dc70-a483-4ee0-925a-b8a049086044","block_type":"box","text":"The offering price for a share of the Fund is computed by dividing the value of the share class’ net assets by the","page_number":40,"box":{"x":101,"y":185,"width":802,"height":11}},{"id":"bce87be4-02be-416a-9d9a-ce40d7880aed","block_type":"box","text":"number of shares of that class outstanding for the Fund.","page_number":40,"box":{"x":69,"y":200,"width":402,"height":12}},{"id":"6d61c476-7879-4004-9ba9-eaf7316f9f86","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Pricing","page_number":40,"box":{"x":102,"y":223,"width":793,"height":11}},{"id":"75b51076-4dd3-41db-85b5-87e3caaa001b","block_type":"box","text":"of Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":238,"width":223,"height":9}},{"id":"368a335c-32fb-48e7-8399-3ed44031f20a","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":268,"width":302,"height":11}},{"id":"1f04a452-5a6e-42eb-9140-86708bd89882","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":291,"width":609,"height":11}},{"id":"8f0ec263-906c-4779-ad82-4877457d43e6","block_type":"box","text":"Brokerage Commissions","page_number":40,"box":{"x":69,"y":321,"width":176,"height":11}},{"id":"4f6b2f36-5471-449d-83b5-deea974f31b1","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":40,"box":{"x":102,"y":344,"width":794,"height":11}},{"id":"13c80481-63a6-459d-9c52-0eea819b3666","block_type":"box","text":"for th in the following table:","page_number":40,"box":{"x":68,"y":359,"width":191,"height":11}},{"id":"36beea24-778b-4783-b43b-45dfeda15731","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":648,"y":387,"width":125,"height":9}},{"id":"b825530d-0f32-4cf3-9707-f12e80557b43","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":658,"y":397,"width":105,"height":7}},{"id":"5f76b31c-19d2-4545-967e-7cb9acd42255","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":803,"y":387,"width":106,"height":7}},{"id":"6b5256dc-097f-4f17-821a-3ddd8ba0ba33","block_type":"box","text":"to Affiliates","page_number":40,"box":{"x":822,"y":397,"width":68,"height":7}},{"id":"7ab196f0-82e2-4075-bee5-c30b972a9d36","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":40,"box":{"x":70,"y":415,"width":273,"height":11}},{"id":"84ae20f5-1dd9-4c10-8a7a-53a4a191e854","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":40,"box":{"x":346,"y":414,"width":519,"height":11}},{"id":"8285bd84-a899-41a1-9dfa-aad7915bfde0","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":40,"box":{"x":70,"y":430,"width":274,"height":11}},{"id":"4ce9b23e-cd73-4580-9fa6-4b822a5a2ab7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":40,"box":{"x":346,"y":429,"width":519,"height":11}},{"id":"d35512ed-1a29-458c-b827-87426811a186","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":40,"box":{"x":70,"y":445,"width":273,"height":11}},{"id":"005a6b4f-d074-41ed-9672-664ebad7804c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":40,"box":{"x":346,"y":445,"width":519,"height":10}},{"id":"d26bc5f7-dbc3-43d6-99b5-4edd04a53fe2","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":469,"width":770,"height":11}},{"id":"1415ba23-d5e2-4106-b95a-bcd551ec9e97","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":40,"box":{"x":69,"y":484,"width":814,"height":12}},{"id":"1c975e15-8cac-4a17-a1aa-f8a11d09aca3","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":40,"box":{"x":68,"y":499,"width":784,"height":12}},{"id":"7fab3e33-3ff1-4738-a4e1-56dcb279f4de","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":40,"box":{"x":70,"y":515,"width":839,"height":11}},{"id":"435b778d-d47d-4aaa-a476-4a2a3e6162e3","block_type":"box","text":"business with such brokers.","page_number":40,"box":{"x":69,"y":530,"width":198,"height":9}},{"id":"e87a83a8-58a4-4ae0-beba-c7990aad685c","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":357,"y":558,"width":141,"height":7}},{"id":"d4b1eec4-38e3-42a6-a06c-946e39b00eed","block_type":"box","text":"Paid to Brokers for","page_number":40,"box":{"x":374,"y":568,"width":109,"height":7}},{"id":"65e48ca0-d5a1-4fd1-bf2d-8756f5bcccc6","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":40,"box":{"x":304,"y":578,"width":249,"height":9}},{"id":"50fb374d-338e-42c7-bbbb-0aaf747b67dd","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":593,"y":568,"width":124,"height":9}},{"id":"a668f38b-ed1b-497e-a124-3d01dbdbf603","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":592,"y":578,"width":126,"height":7}},{"id":"c412e75f-66ce-42ca-8d0e-4a2696606431","block_type":"box","text":"$0 $0","page_number":40,"box":{"x":419,"y":595,"width":245,"height":11}},{"id":"0f70e2a2-2bb2-464a-b4c4-4f4ef7cde1dc","block_type":"box","text":"The December 31, 2025, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":40,"box":{"x":101,"y":620,"width":795,"height":11}},{"id":"1d019f6e-6fe6-458b-842c-d4cfa9b9aeeb","block_type":"box","text":"under the Investment Company Act) or their parents as of December 31, 2025 whose shares were purchased during","page_number":40,"box":{"x":69,"y":635,"width":831,"height":11}},{"id":"caa97dcd-410e-4474-97c1-6eef34e796c1","block_type":"box","text":"the fiscal year ended December 31, 2025.","page_number":40,"box":{"x":68,"y":650,"width":303,"height":11}},{"id":"0a43bbc5-4fce-4430-bc04-d77a69957f7d","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":68,"y":680,"width":135,"height":11}},{"id":"02d30f3b-1ec7-405a-840b-2df810a40336","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":40,"box":{"x":101,"y":703,"width":807,"height":11}},{"id":"6e5ffdaa-ed73-4edc-b57e-b59a05281351","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":40,"box":{"x":69,"y":718,"width":817,"height":11}},{"id":"d3eac18b-0f80-4e73-bdbc-844adfeac79b","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":40,"box":{"x":69,"y":733,"width":813,"height":11}},{"id":"7a2547bc-015e-4ffc-81a9-11a534f08806","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities lending agent for the Fund, subject to","page_number":40,"box":{"x":70,"y":748,"width":832,"height":12}},{"id":"a7b8df8a-576e-4890-aafb-fc555f598bec","block_type":"box","text":"the overall supervision of BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”). BTC","page_number":40,"box":{"x":68,"y":763,"width":814,"height":12}},{"id":"3c641374-67c4-420a-a758-058483464379","block_type":"box","text":"administers the lending program in accordance with guidelines approved by the Board.","page_number":40,"box":{"x":69,"y":779,"width":614,"height":11}},{"id":"59c211f3-4d7e-46e3-8950-9d5e9c251e15","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BTC as","page_number":40,"box":{"x":101,"y":801,"width":735,"height":11}},{"id":"5036ac46-9d00-43f4-aca4-aeabbff5e093","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":40,"box":{"x":69,"y":816,"width":834,"height":12}},{"id":"99dd24d6-807a-49b2-905c-55d4568af7aa","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":40,"box":{"x":70,"y":831,"width":822,"height":11}},{"id":"1a33e185-a8fa-490b-acee-1df4218789ae","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BTC bears all","page_number":40,"box":{"x":69,"y":846,"width":788,"height":12}},{"id":"ac029a27-ee41-4e73-91d6-8bed55695273","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":40,"box":{"x":69,"y":862,"width":783,"height":11}},{"id":"c9b109d3-128e-4893-bb92-c4f07a888ab3","block_type":"box","text":"investment of cash collateral received for securities on loan in money market funds advised by BFA or its affiliates,","page_number":40,"box":{"x":70,"y":877,"width":817,"height":11}},{"id":"900cfda5-2ae1-485e-b492-2931992e87f3","block_type":"box","text":"and such fees will not be subject to any waivers (the “collateral investment fees”); however, BTC has agreed to","page_number":40,"box":{"x":69,"y":892,"width":791,"height":11}},{"id":"1dc7b6fa-5517-43bc-b538-4e9ed146fcb3","block_type":"box","text":"reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees","page_number":40,"box":{"x":69,"y":907,"width":825,"height":11}},{"id":"0ff362a4-94f6-4481-896f-5925976e911f","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"fd76ae42-fab4-48bf-be45-cf2c70d480b6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b150eb1e-70e2-42a6-87b4-aee09435ecd2","block_type":"box","text":"the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load,","page_number":41,"box":{"x":68,"y":45,"width":793,"height":11}},{"id":"7a934ab3-adc1-46df-bfe1-a75df3e623b0","block_type":"box","text":"distribution fee or service fee.","page_number":41,"box":{"x":69,"y":60,"width":213,"height":9}},{"id":"3fb67859-edcd-44ef-9d67-8d901f47467b","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":82,"width":776,"height":12}},{"id":"31f6b62e-01a8-41fb-8f27-321c687d210d","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":98,"width":831,"height":11}},{"id":"889eba02-dbcf-4d59-95b6-f2c5f529cb6f","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":113,"width":812,"height":11}},{"id":"9292f7fc-3c4d-411e-9222-4d20a99bc8c1","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":128,"width":799,"height":11}},{"id":"93576507-e26d-4a6c-92e4-e1b6307ae22b","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":143,"width":835,"height":11}},{"id":"7031e468-92bf-4dcf-bcb0-5d95c80fa3be","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":158,"width":818,"height":11}},{"id":"8d925419-c276-4f06-8286-5bfa07cf1870","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":173,"width":789,"height":11}},{"id":"e12cea44-0d78-4af4-9e4a-e67962c5cdef","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":188,"width":829,"height":12}},{"id":"48848f5d-1829-4f36-adc4-3ccf4f3a12ae","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":203,"width":839,"height":12}},{"id":"3470d9f8-b13a-41a4-b47f-1b9de4ce066d","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":218,"width":802,"height":12}},{"id":"68270313-390b-4c25-bcd1-412588254eb8","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":234,"width":830,"height":11}},{"id":"61b86cdd-f43b-4373-89fa-0136086b2a6a","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":249,"width":838,"height":11}},{"id":"09d9f6f4-fa7a-4ced-9707-de705cd537a8","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":264,"width":258,"height":11}},{"id":"666939bd-e0d8-489d-8a05-33a6ae8eee68","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":286,"width":774,"height":12}},{"id":"d0e3b797-87b1-4bc7-8599-c6d90e553e5c","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":302,"width":790,"height":11}},{"id":"c42262d4-aace-4a58-a064-af4f48c08429","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":317,"width":809,"height":11}},{"id":"87042b0c-1641-479f-b3e2-9357b40cf37a","block_type":"box","text":"Trust and BTC.","page_number":41,"box":{"x":68,"y":332,"width":104,"height":9}},{"id":"77ce35f1-2edf-46cc-ab63-2be4a4c48232","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 82% of securities lending income","page_number":41,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"1f5c57cb-3fd9-4abe-8939-957c05bbf6f8","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":41,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"d889c751-e664-4bf9-92d0-36020ce4ade9","block_type":"box","text":"lending income plus collateral investment fees.","page_number":41,"box":{"x":70,"y":385,"width":334,"height":11}},{"id":"fa7882f1-23c4-44b2-96b1-165a801733aa","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":407,"width":753,"height":12}},{"id":"f75e210e-b932-4200-bcaa-16ca24efe0af","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":423,"width":778,"height":11}},{"id":"c62635c3-5140-4f84-b1d5-d69fc1aa5a6b","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":438,"width":817,"height":11}},{"id":"5ae12fea-4f18-48ec-b4d9-ee37408130ac","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":70,"y":453,"width":794,"height":11}},{"id":"6b5ad85a-2216-4b5b-b5b7-99e06feb9bcc","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":41,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"c32268bf-0075-440d-a23c-e8d7df60ee01","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":41,"box":{"x":102,"y":491,"width":683,"height":11}},{"id":"d538f446-a7fd-463a-9f16-857e40502b7b","block_type":"box","text":"The services provided to the Fund by BTC, in the most recent fiscal year ended December 31, 2025, primarily","page_number":41,"box":{"x":101,"y":513,"width":783,"height":11}},{"id":"a3516f43-8c97-437a-b4c2-4ebaaf33a783","block_type":"box","text":"included the following:","page_number":41,"box":{"x":70,"y":528,"width":156,"height":12}},{"id":"d16efaa6-0cb6-4ee0-b285-6d9e0234506d","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":41,"box":{"x":69,"y":549,"width":818,"height":11}},{"id":"bbf9c196-009f-4367-b1cc-2246a71da7de","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":41,"box":{"x":102,"y":564,"width":333,"height":10}},{"id":"2496f54e-bb16-428d-bee6-ca105abce024","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":41,"box":{"x":69,"y":584,"width":538,"height":11}},{"id":"bf8d1609-58d7-46c4-86a4-74be85b0d2f2","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":41,"box":{"x":69,"y":604,"width":330,"height":11}},{"id":"79589021-ca7e-435f-bab1-bf6f481c1a90","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":41,"box":{"x":69,"y":624,"width":834,"height":11}},{"id":"7ad65616-3cdd-462d-a32a-a95ec5e239ba","block_type":"box","text":"of excess collateral, as necessary;","page_number":41,"box":{"x":102,"y":639,"width":246,"height":11}},{"id":"a08969a7-73d8-465a-a975-e29d69ccdc70","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":41,"box":{"x":69,"y":660,"width":562,"height":11}},{"id":"745fbe26-d174-4a51-b397-8e93fb2fc4c5","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":41,"box":{"x":69,"y":680,"width":665,"height":11}},{"id":"7624ce93-14db-40bd-971f-b553dfb44b76","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":41,"box":{"x":69,"y":700,"width":822,"height":11}},{"id":"225caae7-f90b-460d-a073-7867cacef1b6","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":41,"box":{"x":101,"y":715,"width":803,"height":11}},{"id":"f0a524ab-737c-4ea8-b521-5b9d17f9afe9","block_type":"box","text":"of the loaned securities; and","page_number":41,"box":{"x":102,"y":730,"width":203,"height":10}},{"id":"6525b73e-ea70-4f4e-aa7b-52b581d0b253","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":41,"box":{"x":69,"y":750,"width":808,"height":11}},{"id":"73a609da-c183-41c6-ba87-bea335958408","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1fedab42-c356-4721-b8cc-d32e59a474f0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b4b10dd-e096-462f-a2fa-902781c99ab4","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":42,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"df3a79c6-6ca9-4d28-8566-51e61c238d3c","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended December 31, 2025.","page_number":42,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"4573d1f2-a3ff-4d89-a2f3-3aea8b561ea8","block_type":"box","text":"Gross income from securities lending activities","page_number":42,"box":{"x":69,"y":88,"width":343,"height":11}},{"id":"f2039ff3-abec-4c6a-971a-55b64ff64928","block_type":"box","text":"....................................................","page_number":42,"box":{"x":417,"y":95,"width":418,"height":1}},{"id":"77838198-b60a-4a51-a789-650bbe566e01","block_type":"box","text":"$3,528","page_number":42,"box":{"x":856,"y":87,"width":53,"height":11}},{"id":"dcfaa57c-a001-4706-a363-9b20fcbcc3c3","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":42,"box":{"x":70,"y":107,"width":565,"height":11}},{"id":"69e81d6f-b24e-416d-90c8-766f7c3e9b38","block_type":"box","text":"Securities lending income paid to BTC for services as securities lending agent . . . . . 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Financial Statements","page_number":43,"box":{"x":69,"y":340,"width":179,"height":9}},{"id":"f901c0e8-f7cc-47e3-a4ac-7a301bb94f45","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":363,"width":726,"height":11}},{"id":"eb57b6bf-02e4-4cb4-8902-9a2dd5150623","block_type":"box","text":"Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC on Form","page_number":43,"box":{"x":69,"y":378,"width":823,"height":11}},{"id":"894f5d67-9496-4d70-ba42-af0fa81dc4e7","block_type":"box","text":"N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the","page_number":43,"box":{"x":70,"y":393,"width":804,"height":11}},{"id":"6af02731-5600-4382-af84-370a736760fe","block_type":"box","text":"2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have","page_number":43,"box":{"x":69,"y":408,"width":837,"height":11}},{"id":"5a01e22c-0dfb-4e79-bd4a-34f505741bc1","block_type":"box","text":"been audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such","page_number":43,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"f69f15e8-b5bf-49c0-bb1a-539bdfa7fef9","block_type":"box","text":"2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":43,"box":{"x":69,"y":438,"width":833,"height":12}},{"id":"eb9742d5-7de8-4b88-8d36-93ba49ead64f","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":43,"box":{"x":69,"y":453,"width":815,"height":12}},{"id":"252d6645-3672-46e3-b56b-f0af46de27ee","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":43,"box":{"x":69,"y":469,"width":785,"height":11}},{"id":"4473657c-cba1-49aa-98f1-56aa03c627ba","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":43,"box":{"x":69,"y":484,"width":836,"height":11}},{"id":"c110be5d-f6cc-4794-a7a3-f9dc9c08169c","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3a5c3cdf-06f7-45ca-9d42-0715bf951891","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96452f4b-b9f0-4622-a30c-1d27ed5a829f","block_type":"box","text":"PART II","page_number":44,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"8f5ff0cb-966c-4eff-88ae-c17afe80ccee","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":"67c683cb-fd02-47f7-8206-a32f803cd6db","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":"1ead0422-f04b-44ea-a2ba-bbac4ab40f1f","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":"86c86e93-8092-4dc9-822e-40bc9aab13e9","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":"66abaa93-b66b-4fd0-a63a-670bbaeae983","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":"2c661eb6-4faf-449c-9aee-08691d20d001","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":"d9bc5e87-9648-4f1c-bbfa-c64e9c8e696e","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":"efc83d9a-4c2d-4ebf-862b-dc202e26bc92","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":"761c4d90-7280-4474-b827-cc6aa1d92973","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":"935f373e-a6fb-4bbc-a939-62a9014351ac","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":"81e92d3a-2f90-49de-bd2f-2b67e20c7f28","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":"fc10b9f8-198c-4f0c-90e7-a0ebc2861df2","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":"80633a63-950c-4920-9a3b-8bca6df7a6e5","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":"94b72de9-55a5-4939-8d03-d673c45f65ab","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":"2bbf70ac-9181-4349-bf43-983852168274","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":"3c8debb0-a87f-43ef-8758-048e7ad0f709","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":"28c41cb1-467a-4ea0-89bb-55a65d11da09","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":"ebce3bc9-f952-43e4-bd53-498fc8bac63f","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":"b039c59e-2997-4b8f-a43e-b710bba77e64","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":"3ef17f0b-31a3-49d0-9ec6-a0a3b17bbb20","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":"6216078a-71e3-4495-b7ec-72ffd66777f5","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":"de6d1f24-2a7a-496b-bfef-cf62e329fc8f","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":"b4cc8805-75ba-4df9-9776-6c0900f78cd3","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":"1e8dd592-39a3-446e-83a5-5142078841c2","block_type":"box","text":"par ticular Fund.","page_number":44,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"57ef9156-c172-4858-8590-6bf3a9cb133b","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":44,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"d79ca623-d91a-418e-8ab9-808182dca393","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":"f83c851e-4b0c-4e8a-a428-3ce05ea27132","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":"7e42bcee-af3c-4069-b062-92fc65b91097","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":"06161b2d-332b-49d2-bb38-ec79b80c71e8","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":"588848a5-a8d5-436c-82bf-7c034d218aec","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":"98817744-cfa8-4100-943f-2f15664fe5e4","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":"8ceb0093-90e2-4775-ae4d-1b6a7ccecde0","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":"06cff90d-bf96-4f3a-8d1d-f2f350f12d74","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":"f6461dcd-181c-4f53-85c0-8d29e2af3bdc","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":"2274e668-92d8-4cac-84ef-727cfd5eb120","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":"c17658ef-8fa8-4ff7-b873-3eb822c4a0fe","block_type":"box","text":"Asset-Backed Securities.","page_number":44,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"ee2292bf-5c07-44f2-b2cf-cdd676551d69","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":"27274b13-32a1-43e9-b8a9-10f78309c858","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":"0dd50ea8-00ce-4674-8e06-f1dd11a535de","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":"6738957f-d050-4fda-935f-7a4a234ac986","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":"c13efd79-b746-44fd-897e-c0cd21610189","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":"821c8375-42d5-443c-8adb-28fc0f7753ec","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":"3e4fe229-0cc0-4411-9e77-788b10ab25b2","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":"8e51acb6-9842-43ec-84bd-77f7b6eb455a","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":"ebe97fd4-e90b-4c9f-b38d-9a8a20b888b9","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":"b7b486e6-972e-4c51-ae7d-80495d16b70e","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":"08389be2-84a7-4df7-a39d-1b6fecbee1ab","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":"7ef0f31d-912b-46f2-84ae-1daf7a232196","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":"baee59a0-f624-4c60-a396-be5cfaa126af","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":"fd56a509-b7fb-490c-84de-b961f1882b53","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":"aac4b3ea-f29f-4af3-9548-033c768a26b8","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":"896b60e3-4dcb-4eb7-baa0-b69069617456","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":"6dc88c51-8291-4da7-85f9-434564dba7fe","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":"3c25b1a3-d350-4c4a-bf8e-19ae88d058e4","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":"85c32d28-8ea4-44a9-ae9e-5e1ff1e1afa1","block_type":"box","text":"II-1","page_number":44,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"1c2465b0-948d-4929-a8b9-f6965864a7c1","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9476ef8f-371d-4d5e-8230-39a20be17455","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":"983bf56e-40df-4548-b91d-085ece0aa00c","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":"47240d8d-2a84-468a-8404-4031b7dc496b","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":"9ba6c31f-a704-461b-8413-894b2f252e0d","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":"7d569ad8-507d-4ab0-be45-32ba0e028a83","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":45,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"1b82f86d-73fd-4fa4-9f26-e2599e633010","block_type":"box","text":"Asset-Based Securities.","page_number":45,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"2df9dc00-4906-4270-9af1-b7dfbcee17ca","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":"43ceb622-99c8-4e30-bf3d-31ffa6d08fc6","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":"a544c4d7-4f23-4450-a20b-f5c22ac33718","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":"291620a8-b1bb-4645-9a12-5b2947a21d8c","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":"7f459422-c77d-4ae7-ac42-2017a40ff3a7","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":"cd74aa95-06a7-4750-a3fc-116306367b9c","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":"101243f5-4544-4c7b-a0b9-cacf5ef0b3c7","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":"9a9a121d-adc4-4437-8296-3558d62fd17b","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":"f3a2dca8-48be-4378-9ce8-d9ea57b320d5","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":"82ecd5f1-f3db-4858-a3f5-a940da4c83fa","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":"4a915417-e52d-4be8-899c-abc899f41388","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":"73d76736-3c84-4672-8509-f8f9376fd5f4","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":"d635f1be-fb83-4d60-9ce4-ff274d221a07","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":"115c393a-23d0-48fc-af70-4ff119233402","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":"e3952628-0f08-4553-82f1-46b253e86429","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":"031f691f-8a04-4f1a-a283-74d071fb7a85","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":"0237db61-7a94-480c-9644-314c9ab58662","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":"440fdb60-0a71-4346-8de5-2e08442e2485","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":"02c17f06-9688-4a33-a381-becf18e93ec3","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":"91f03a9d-5e7f-460d-85f8-a9336979f307","block_type":"box","text":"appreciation in the underlying asset.","page_number":45,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"e0469a0c-0015-4f56-96c1-ab27542f0e5e","block_type":"box","text":"Precious Metal-Related Securities.","page_number":45,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"3eccd49e-be06-41cb-82bc-cb673a8090d3","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":"017c86f5-9816-42d7-9423-adc8042f53de","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":"92121e08-848d-413d-b89b-1629b09b4658","block_type":"box","text":"e.g.","page_number":45,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"b60da258-3100-42d9-bf48-358ffbe247ec","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":"0208884d-8296-4ec4-84f6-969e09e62191","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":"7e09a065-07e4-4dee-ac42-08957fed7c03","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":"084d5c07-23d0-49c6-aba1-e22b797c193a","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":"fbee9c48-f90f-4e44-9bd7-ef25e73530d0","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":"1044d1b5-9f62-48a7-8818-2ab6d952fd86","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":"f5cca05d-79be-4d50-87c8-72d80dac237d","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":"83a662eb-7d3c-466a-b714-6cfec5e110ce","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":"34a7d390-19f3-4caa-8b97-2b609dfff21a","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":"041b772a-ce8f-4e0c-b74b-2520b0c709fe","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":"ea22c462-4a5e-4310-b09d-e829d6b09fc5","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":"a1145962-9fba-411f-8217-60ec5e4c86db","block_type":"box","text":"South African gold production.","page_number":45,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"80d8f4c9-041c-464c-a5c5-f08e07ca937b","block_type":"box","text":"Borrowing and Leverage.","page_number":45,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"d3838940-5723-4b9c-bc07-4b5abc1953ad","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":"e15b2ac0-a19a-4007-981d-9d7b517030e3","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":"98687bf1-2e70-4bb2-b27c-bffd639cf994","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":"c764cb33-555a-4de4-857d-806abadc31c8","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":"e56ccb7d-4801-47e8-b6f7-aa9db122e654","block_type":"box","text":"other securities transactions.","page_number":45,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"600b0b61-533e-4877-a7bb-812f8c511452","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":"59f02332-4346-4229-afdb-99f59a3b576a","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":"16213705-e220-48ec-8b01-bd8aefeb1585","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":"63655e44-6d6d-47a9-936a-220beedaf044","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":"d0640682-43c1-4448-9517-023dfc813795","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":"b2519d63-fa0a-46bd-9e6d-7ac38d7fb6d1","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":"70522513-1c15-43ff-b12d-d325db7cba71","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":"b692ad4a-40ff-4fe4-8a2d-81fd5c1fe031","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":"b7ba7f9c-f9e8-4d78-876d-69f388d06fd6","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":"2c4f5755-8f30-460a-91ca-a646482c6828","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":"6ce6c2a4-cdb4-4bf2-a789-64db2c034a1d","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":"e9eec3d2-8813-41a0-926d-544428e52796","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":"e50bd88c-05c4-44a1-8a4e-4ac6fe5d56a0","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":"4a5e3ef6-725f-4530-87b0-fb28f1409ac9","block_type":"box","text":"II-2","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b94cfec0-52c4-4e1c-86e8-ff05c5ad0715","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb001d22-08dd-468e-81f1-387f999c6394","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":"c752ab69-bdca-4409-a5cb-38805328c766","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":"9cbc393a-b6ed-4f12-b71b-6e9b67a4da25","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":"441415ad-8979-4a63-a572-e07572905909","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":"54a35edb-ca22-4612-9611-ad05d8981b4f","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":"189f2241-5984-4636-b51c-694da0bedb71","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":"807d111c-a31a-458f-8ad5-988391368cce","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":"4e4c3fc8-d3fe-474e-8091-8eede2b3bd80","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":"460ee9ba-7f9c-4552-8d63-3a898931de01","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":"eaab75b1-47f6-4a10-8427-4775fa557ca2","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":"ef76f129-788f-4e40-a3ff-d1976fb8d947","block_type":"box","text":"Cash Management.","page_number":46,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"572b004f-8cef-49df-9683-dfd5f6d2dd50","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":"2c1a4ea8-acc4-4cc1-a2c6-c7682efe406c","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":"a39d7e16-62dc-468a-930a-2a21db763a3b","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":"17fa92a8-82c2-492e-ba18-89c1d495d623","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":"97af26f8-5cd9-48f0-9aef-96ddfef84bb3","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":"2e96916e-f2cc-43dd-8706-26d5c36f0ef1","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":"acd7eba6-386b-4305-8257-2ebc3e3c8a94","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":"13b0ff41-70e9-4e3a-9400-d36a00716e29","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":"e56b9f46-d5cf-4237-8cb6-5b2b0cda8fb5","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":"693f6348-cb88-4238-a36d-a2a1e6e9c481","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":"bf4052c8-f633-4475-8e3f-e8e8f9e1a0b4","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":"2134d294-27c4-4bac-b032-4f068dcae3ec","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":"ad485444-6c06-4b28-b693-c4f729b06be1","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":"de7e5424-1356-4ad7-8712-c9542789888e","block_type":"box","text":"Collateralized Debt Obligations.","page_number":46,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"ad9dc3b3-1fb9-4ca0-9215-3cf5a0974e47","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":"2ea7fc90-99d9-4cc4-9b20-5260064c6c2c","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":"2e715a6e-4989-4422-98e6-66d29d3ef325","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":"49931941-a9b8-4f1a-a312-5db036bd7185","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":"35885311-aac5-4323-9ab4-b57e2c6e2987","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":"04c363b2-d842-4a73-ab75-b9f11f434774","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":"e5b57ce7-3357-49af-bde8-4dea275c4b38","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":"caa78096-5817-4473-9c96-305d6fbfa525","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":"a1805bf8-80d8-4e63-95bd-c26127fc6c1a","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":"c7ac88ba-f3d7-47c4-b06c-57dcad336e7d","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":"e554afbb-6725-41b5-82b3-fcc4d74d810b","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":"bce8c3b0-55c2-4fec-ba9b-e2413f2a810c","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":"92915d59-f628-4c8d-a17b-8dce72105ad0","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":"d5820a7d-ac18-4a01-b65e-7f05b23103af","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":"e121d2e4-8e3c-4f62-aa20-5826931140c4","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":"d17f5e61-e467-40fa-9000-05a7ff4ef28d","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":"ff4ca80e-0e22-43d2-90cc-29a736f5de03","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":"79224c92-a07b-474d-a6e1-aa9984bc5e68","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":"63ef2416-3b4a-433d-b2f6-71c3e6429f57","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":"7423ab89-ebd4-427b-839a-46f67cb80fc5","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":"b4490693-35ef-46fb-91ab-1c70eaa8d4d9","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":"58d5c4de-f153-408f-844a-3b1ecf9d5022","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":"2e52a2cd-16b8-4697-aba9-8b5bfa32a801","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":"1051138b-0d31-4f70-8d25-b7189ae26464","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":"b1b1369d-b293-41d5-8ff4-3671c674d366","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":"930f3d28-9494-48e8-9bdc-da5039ce241d","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":"7bae796d-c54f-43b1-8003-5c5dee396fbe","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":"6e82e19c-f5b6-4b22-8542-5dc1b2a00f85","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":"73e2cc66-b081-413f-8d50-d364f26d4655","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":"cea5e5df-5b77-4024-9468-ffd4dc8c8ec5","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":"98e76a0d-3593-4acd-aa95-4d759a26a141","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":"602e859b-e794-4e2b-9cfb-62322d5aad9f","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":"23a72021-237d-4c64-b846-4d1c649435d9","block_type":"box","text":"II-3","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5b40a5ff-3caf-4eed-82f8-50d8fb49a793","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31f77ae4-e307-45c9-b17e-bd9af823b347","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":"ea7de5bc-6434-435d-be5c-444249907d9f","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":"25140559-b6dc-4c10-870c-fa276f91fde8","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":"eab176a6-c445-410b-89dc-360f24bdb3b7","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":"4cbe4a73-3099-46a6-afc1-d3f43b450a47","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":"d6b02b6f-7f80-40bb-9c6b-8665e05136b7","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":"5dfb5d15-0100-418e-8601-1845e84b604f","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":47,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"a619669f-6c1a-4abd-b37d-7deecf6a4707","block_type":"box","text":"Commercial Paper.","page_number":47,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"878e28eb-972f-47b1-b77b-10a6d1419250","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":"9e067ca7-34bc-472d-8d29-d28d71aa600c","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":"3036e648-9bd2-4a14-bc89-456c1ba0b35d","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":"680e2bca-9f25-4fd2-b2f8-386b82415c18","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":"ffaa8758-fa6c-417a-96f8-9acf11b5a35c","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":"5eb39e71-02fa-4b0d-bfc8-71375fb75eb6","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":"620091fc-f398-4cb4-84e5-0a5747203d46","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":"025084de-36af-410d-9d0a-acd5fec464e8","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":"37ac1b2b-a19d-4cc7-a587-25678124f5b1","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":"84df50bd-36f1-4bcd-916b-452ff061b78c","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":"37e48868-dd0c-4cca-8ab4-28f075466d45","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":"03f5d3db-a735-4eca-a137-6396daff8f1d","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":"c6878762-389f-494c-8bc6-25b71f5f0dcc","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":"304868a3-da16-46e2-8784-021ab9fb1c22","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":"182fdfb0-42ff-45f4-a3d0-8e1190c4cfba","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":"6006a2de-712f-4aab-8990-d73f09f77ac4","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":47,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"4e5b7a5c-f196-4028-bd96-42520d07869c","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":"d7d8252f-4751-453e-aa04-c5cc9c9d9201","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":"56625479-728e-44cb-bc90-a9e48a987f93","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":"d192f204-5468-4e10-85d3-a5127d1a5d64","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":"01b77a89-2ea2-466a-9d6e-ecab6a4023d1","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":"feaf440c-17c5-4a51-9e3f-a63f6e6c9873","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":"928815f9-e2be-4001-92d6-29e378ee7df8","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":"1942bc79-f23b-462a-8c5b-c92e53cb5ab7","block_type":"box","text":"variable.","page_number":47,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"d2c714d5-7d21-4f37-8f89-406b94864af1","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":"98e4d657-6af3-4312-8c1e-88e117c9692c","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":"e19fee94-d2b3-44f0-b92f-a466246f1e81","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":"14ce9dde-cdc5-4833-8873-60bb1b2d3ea6","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":"0997cda9-0462-468d-8912-074e4e7368f0","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":"e660b86f-e183-4d1b-941d-3b4b1156ce7e","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":"8bb816aa-891e-4881-ab80-a0aec3884293","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":"f19302ad-ee7a-43c5-8027-0476005bc47d","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":"76b0a582-788d-46f4-be3d-4c454cbba7e7","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":"383727a3-29e2-4e97-88e4-8c374940bfb3","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":"659c8fa7-e11c-4274-8f65-0635312c7405","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":"ece9dd2c-1043-43e0-96fe-84ee60e0e4cd","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":"0b92ae38-3292-42fe-950e-c2452beae991","block_type":"box","text":"correlation with stocks and bonds.","page_number":47,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"1c04d0a2-6a6f-4d21-8fdb-0f22bd5317fc","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":47,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"96336f93-0a8f-4813-a612-afcb6f45c249","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":"38fc4af6-43b8-422c-84a3-8c4376863074","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":"4d446e79-0148-42bb-a97b-192eaf4f2602","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":"4299cf12-ac39-42a6-ab2f-d83594ea387e","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":"779aba6e-21b6-457e-a6fc-aa87b5a4bc98","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":"3130030e-009f-4734-8cf5-17848507ec87","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":"8999ec51-3ef9-44c7-beaf-3489e0ee5d7d","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":"49b0a126-1297-4768-9423-803b36d5c7f7","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":"41886fc9-43d2-4732-8eff-cbb9e00710ee","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":"cf93f03c-295c-4c93-9e42-5cedd8c3ad1c","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":"2c461f91-fe84-447a-b372-d11824eb7cf9","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":"d675fc59-abf3-4a33-8e06-8d2c484f24c6","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":"6f76ed64-6c71-4a1a-bdf3-1fb71081e226","block_type":"box","text":"II-4","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2bd75fab-91d2-4f52-ad96-2c13a95b1137","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5ee6d0d-cf6c-4e5f-a3bb-de6e1a6cec54","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":"3f6645e8-f1d6-4625-b379-e59ccdac854e","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":"1aff6238-7cde-4629-8e98-9a6611f0d5d7","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":"0936642f-99d7-4f9c-a8d6-d302952a76d3","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":"ad9e0bd0-2b31-442c-8763-62f5481e8b59","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":"5f438914-215e-45b8-a864-11f908779153","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":"bf35cfe0-4c79-42c7-8181-590b692bac96","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":"8af2b006-f6f1-4313-91a6-9c036205d469","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":"a77100da-573f-4938-ae1e-adff27aa087f","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":"d5e5b975-7597-48aa-9aae-0d260535598c","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":"087bc8e2-443b-419b-a0f8-c67aefd204f8","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":"2bd228d5-be09-431b-ac6f-78b3f731a013","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":"70df9083-5b59-4f4f-a03d-dfbf3e12f4b6","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":"ce188f21-663c-4211-a855-faa94fdce2f4","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":48,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"44962375-d2f0-4e0c-afa1-a5ca64f8ceb4","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":"155f8b3f-b38a-4271-9ae2-3f3f4be1040c","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":"f654b7e4-af57-4cce-9137-876b728322ce","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":"0fff8db1-5048-4b33-85fb-fb3780d84547","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":"1964de78-046d-407b-b9bf-693fa83da17e","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":"94362ce4-f3ae-4f18-9441-ea3debff3516","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":"eb0c370c-f596-429e-9777-8df9aa66dea7","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":"2ee51ca5-c527-40ee-acca-3f0339c309e2","block_type":"box","text":"the Manager believes are relevant.","page_number":48,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"5cabcf31-8995-449d-a11f-d9634596957d","block_type":"box","text":"Limitations on Leverage.","page_number":48,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"787d117b-ccfe-4f56-9cb1-b084130ac02b","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":"e7a490f7-c1b5-4a80-9417-3bfa41f7161b","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":"8a4a5270-c163-41e4-b5b4-7a6ba3e0e9ff","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":"0cc5050e-95f6-4431-9bd8-a88bfa7419fa","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":"1c587e55-10d1-4011-9831-52d1ec1d4705","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":"7f60ede7-eba7-4215-a8af-07f817c074f9","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":"b3305429-04ab-48a8-80c5-b4bf5f4aff0b","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":"ac9c99ba-cd47-4da1-9380-1ca809075425","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":"ce58d212-40f1-412c-b0e1-629b32a1ac95","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":"c464c1db-07ab-4842-a71f-677f8b478f1a","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":"9d23f27f-4ab0-4c64-9092-8a2338aa673d","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":"e88cab39-e8dc-4726-b120-513af28f8f32","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":"7d11bba9-80d3-4ef2-a2a9-d7632da423e6","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":"ee22f91f-3e21-4462-9bd6-83a4d4175173","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":"6aad099f-27ec-4b11-a473-d53bf51e594d","block_type":"box","text":"Counterpar ty Risk.","page_number":48,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"f4e0b815-65fc-4f3e-b8d5-ef9eb8d140cb","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":"168d8411-1122-4961-ab05-fe433fc442bf","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":"03724715-23a3-4242-9c34-4e2a8edfe126","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":"beee8f4f-6d5c-48f6-9ea2-086ddb2e8c9a","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":"52bba23f-22c9-4499-b1e2-0ea3b55e6b2d","block_type":"box","text":"e.g.","page_number":48,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"5cf8a29e-5101-4402-b31a-734c0049f80e","block_type":"box","text":",","page_number":48,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"1d745cb6-80b6-4490-b93b-ba15f86199ba","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":"e8dbf738-cb69-4ed4-884b-9a6f2a74ed9b","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":"25ff04f5-33af-4505-a897-c82b7ec60e25","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":"5fa8fa52-59a6-4171-9c9c-1d428e8849bb","block_type":"box","text":"obligations under the structured note.","page_number":48,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"2b4c35d5-e942-4efd-a85e-83fa13ab45db","block_type":"box","text":"Convertible Securities.","page_number":48,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"9149b589-94d5-496c-96f9-991d15ccb7d6","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":"ec8935ee-ad38-42a1-9480-2045d34c63eb","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":"71bdda19-77dc-4a0e-98f5-51cb0989b28d","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":"fd8fab80-9efb-414e-95ab-c365627f7dcf","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":"47abe9ae-614c-40c0-91c0-bb4326f8e8ad","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":"c64028ee-e595-401b-b3cb-49b590fe255f","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":"56e5f984-594b-4e43-ac56-f34613c27fcf","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":"6f9c8dd9-ada8-4e90-a554-f06bbd1192ac","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":"8b0cc107-5a04-43c2-be6e-08c32be803d4","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":"43eb3581-20a3-447e-b757-1d819bf1fa82","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":"ded6e82f-d9f8-4ac8-b242-4a1faa942edd","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":"babfc238-3e6a-406a-a95c-bf9336cb64bb","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":"7a3bd43b-4fcb-4647-a6d2-4e9f1a1e0fa4","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":"98351665-50af-4f23-9942-fec2574dc0b1","block_type":"box","text":"II-5","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"43065d79-dc68-4abc-a5b2-8e8afebc6435","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9139fb91-a1ed-4846-8be4-c3b3340a4970","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":"6d153a83-a66d-41ae-af97-4bb82e67fe91","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":"14562ab1-9e41-45bf-b2ad-043999fc7a24","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":"1f0878d6-8b98-4223-b20f-f8bb78474359","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":"a44fd3b1-a62d-4cc2-95b1-ea88f574e97f","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":"8c825a8e-d640-47ef-86d7-d3c9a9dbb67f","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":"c48fa9a2-ad5f-4cc8-963f-789dbff652a3","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":"7a517078-183e-4d72-8271-57b5b32f4bfd","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":"f062adcb-14d1-48f9-a70c-681200ec1035","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":"b2142ea4-a514-46e4-b35e-226663177378","block_type":"box","text":"things.","page_number":49,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"35f98375-14f2-42a5-bc24-13484aa1b893","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":"2c9cff0d-2df3-4d04-91ee-8a4659d6876c","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":"89fa5114-133a-40df-a379-0f9fa54a3273","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":"47a6631c-6baa-4e20-b8cf-89eef8cb83a8","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":"fb2b5ef8-a198-47f7-a322-55b1ef3f651f","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":"3fed8614-e6f0-492d-925a-1868b8b5b89f","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":"8aa2744f-d01e-4b13-b0a2-8ad34d7e54f4","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":"12b6ffa3-a6a4-4e54-94de-da72e449720c","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":"05dddd24-2704-42e7-99ce-c6ad1fe4c2d6","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":49,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"f53dfdfe-0f67-4cd3-b2f9-6b3618794213","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":"f403fbb9-e23a-47f7-8b01-6131055b1760","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":"614bf4d1-1743-4307-b331-1e108d8ddb14","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":"35043c38-21de-463b-9672-cf393fddc19a","block_type":"box","text":"i.e.","page_number":49,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"1dfba6cc-e5b5-431c-849f-8448a32ed575","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":"71233193-d3e3-4580-83d8-8452d8c7bacf","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":"f0fc4f9e-642a-4e2f-a26a-c93c3b00b221","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":"c5198499-31e5-4506-9630-87cae01ae280","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":"d42e85f8-6570-49ba-956a-6cf1418e5aa8","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":"46bb1d05-94ae-4742-ae16-b32c87dc9225","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":"0161204e-e0d7-4cf0-ad79-67ce7cafa10d","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":"31e8bcde-420c-4b3d-a8c0-37f630b138f3","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":"f26b990d-c1be-49fb-8c3d-e013e290ddff","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":"98883efb-2ccc-4641-97ea-cbbea3a62f13","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":"0a96559d-41a5-4892-9dc7-040ff78fcc57","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":"dd2cf3f1-408b-45b8-be33-1bbcfa52a7b8","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":"64b7820a-b018-4d8f-ba64-b3fdb14518be","block_type":"box","text":"than the securities’ investment value.","page_number":49,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"3c4581d7-8a23-4c8b-b186-5dc2f2f2b361","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":"e1f84d7a-e7d4-48c7-acf9-34cabd9cd417","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":"d6e4be97-bd27-4574-9d23-a891cc52acab","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":"18096633-e3a4-4638-b117-76e94fb92703","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":"e5e5dd87-78dc-431b-b863-bcc27ab6238d","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":"85a6c0b5-437b-404d-9848-488767921391","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":"3cc53549-866f-451d-a270-4a739ce44652","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":"db18996f-54b3-4025-ac99-7edb3d0bf0b9","block_type":"box","text":"security under cer tain circumstances.","page_number":49,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"3fbda1a1-9e94-4c28-9c18-84e76c32c136","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":"cef30ec7-1ab3-4bfb-9e74-99cb7209c077","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":"1e754eb8-3cee-4383-959f-e6a65f3de811","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":"525b7f93-05c5-4e9f-aa22-284d0e210678","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":"92ff00d1-e6ef-4d82-9fe4-c3dc59327c89","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":"ea8040b4-d759-4f3d-9c10-f112b473633b","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":"86b79c00-c5fc-48d8-8cec-4e9412499e9f","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":"6ab3961b-5bff-4dcf-ab74-7f2d41718fa5","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":"a6c90f58-5ea2-48a0-8fb8-ec59a1ca92b0","block_type":"box","text":"i.e.","page_number":49,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"c53cecc4-2ac5-4d0f-80fd-3a91fe64148c","block_type":"box","text":", fixed-income (“fixed","page_number":49,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"7196c905-7a8f-4bad-9fa3-023736b6e775","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":"5ac76317-8b6a-4af0-8195-dbb5f652c133","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":"4b96f34d-a2bf-4212-8cac-22e45478727e","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":"d44e57c6-477f-4fe9-8b44-912a76d22197","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":"7e478ec9-cee4-46e0-9550-072522cb61af","block_type":"box","text":"II-6","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2af4bdb9-e63e-40d4-bfca-0bc5fac42e1d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1677b735-c269-4416-a5ad-0381e5d328b1","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":"1eecec6e-e850-4aa3-8f3a-4efb597fc04e","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":"febe2631-cea9-4aa6-af6b-e6e988775f51","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":"dcd1ab3f-f791-4f76-81ce-4d1aa2f29650","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":"c1b2986e-5e31-4f90-88de-546bb59be74e","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":"a92a05f1-22c9-4073-ac59-7b560c75b4ef","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":"193cc6c5-69de-479b-9b84-770f6df0201f","block_type":"box","text":"component.","page_number":50,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"e516e509-c6d4-4c70-966c-fa4de547bfce","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":"4cc1cf94-4258-416e-a618-c3ecc6130476","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":"1953f72e-dd19-4341-9676-e5f28e9068ed","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":"856d6fe8-08c4-4fb7-82ff-7adc9b0b4494","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":"3f33e9e8-8ee0-43ca-b3cc-3e17388f907b","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":"df283935-9318-4025-bcb1-026978de9143","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":"4777ab78-7b5b-4512-90da-fd5726c001e4","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":"980c34cf-e9f5-4a54-b982-0c6696bdb6e6","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":"abc39e57-bcda-48bf-9ea1-9936a259cdb3","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":"5b92a332-a9d9-4377-9a32-ec1b188bd1ec","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":"46fa30c2-f7f8-4b37-af94-c9499b149128","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":"83432b26-46f9-4322-8e01-e5bcf0e016af","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":"ceb4fed6-33c4-4156-a725-c2c553f5f7b2","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":"5340663b-dc74-4bc2-9a4d-08a7a18fc488","block_type":"box","text":"favorable market conditions.","page_number":50,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"a86a029c-98ae-40e9-961a-6393f792a3e5","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":"df0caf92-2641-477a-b3b7-34a81319ec00","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":"942819b2-4bff-4343-9990-de5a9d3f275f","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":"b1f72224-07b5-4c31-ad10-5fd95131ab98","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":"333be87b-9cd0-4fcf-baba-472db6311519","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":"f9d23679-e1f7-45b4-80eb-c6a3b9b628aa","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":"29d978d2-e0e5-4ac9-bb42-00d7460ee787","block_type":"box","text":"Corporate Loans.","page_number":50,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"9d0db90d-ff89-4f48-9d82-c0bbaad3bb21","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":"b07865d4-9925-4dfd-81b3-f76d21aebfb7","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":"83e82975-7940-4c83-9dd2-8436dd20167f","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":"506df296-5060-4bf1-84f5-9cfc08d81fa3","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":"43692790-80cb-4421-9218-5d0edc0a8e74","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":"01b71f56-abd7-4499-81b4-7d00d99b09b2","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":"39f3af7d-2704-48b7-868d-ddce7a49dcd5","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":"c4c954ab-206e-4d10-bf50-d75e73f022bf","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":"187b94b3-6768-47e1-bcf1-b1097eb94730","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":"efced269-420f-47f6-85e3-e623b6bb52a6","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":"448bbff0-20a5-4e03-a92c-43c2fb1bfd17","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":"c498f0c6-76a4-46cb-81ea-78dd2d43fde1","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":"165f2bd5-0413-4972-9ed2-6601f3ab14f2","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":"15b070f9-59ff-4c71-931b-49c8b59c7bd6","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":"604f989e-436e-4fe3-9c74-b4a6675aaceb","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":"5e93d50f-76b3-457f-9c55-6e505b545333","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":"202fe761-3d70-4240-b47f-ae78fc1f86e0","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":"40504f9a-6c59-4871-9a1d-f73a8d699c5d","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":"68e9ba57-02d4-4cfd-b8d1-10b77d10ef74","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":"0a4c31cf-d872-4e04-b723-c001a092027e","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":"7fe86e9d-d030-4846-95e0-939af2b68ba8","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":"e9ea154b-e15b-4e3a-acb0-7d725896ceac","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":50,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"55ef7d66-102d-4057-bb97-d0809e72803f","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":"52d68dd6-fd79-405e-b937-7a0f97ea9a32","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":"221e5039-fa41-444c-8aee-fb30da0337f5","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":"11ee5dbe-2ba0-4829-af11-ada2fedfa226","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":"4f623735-2a39-42c7-bd3c-f395a8c1d5ce","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":"387d941e-a089-4ce1-8ddd-bc1590cff283","block_type":"box","text":"of the borrower.","page_number":50,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"8eba35d0-66c0-4c3b-85cb-e3b164f7ed64","block_type":"box","text":"II-7","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"cd553d16-745f-4bfb-87fc-2319fdbb86d2","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59aa1668-a994-4c38-8803-c9222b9e4eef","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":"8b7b7731-4fc5-466c-b622-95fbfef4f5c9","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":"ac475602-a059-418b-bede-cbe7234782c2","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":"e11de945-25d2-4d9d-93ec-a768985ace87","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":"24618ca2-4142-45da-8121-ee941a980f38","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":"9997bfb6-b5ec-4478-9f9d-7a4490340166","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":"4a83edc9-6553-4dfd-b6b2-5b7f5d21fd02","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":"1f17944d-e386-49c3-b2be-70e9d9161fac","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":"9941490e-5e28-4282-a5f6-0b4424c445d2","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":"65d192dc-34cf-431b-b1e6-87871a7b10f6","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":"7e4395f3-9c46-4cfd-aad5-ef3fe80ac579","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":"e1d43f69-783b-4f4d-a80e-6a3a2bd1fd64","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":"f99cb247-26e1-4f66-8d36-a62536c6b221","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":"5b719c8b-cfb8-44e3-a738-508ba4929ea6","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":"d1e57ed0-1fc0-4182-a93c-1bbd7c578804","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":"7867f55c-84e2-400e-be91-9ce5af2ee464","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":"12e6f3ec-5cbf-4856-b197-244fdf403c5a","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":"41b48958-5035-43af-9c34-ac8d65d693f0","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":"4acbdb75-955b-400d-a6c7-0678fa6c0a61","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":"0f783bb3-971c-4c26-923e-b65c5f5e183a","block_type":"box","text":"state law.","page_number":51,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"3f11b1bc-f504-4cae-b4b9-196a3a29e73c","block_type":"box","text":"Direct Lending.","page_number":51,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"30350e56-ac1e-4643-bdaf-027caa6dde2b","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":"3602b4cb-d8af-4f4a-bede-29d797c15173","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":"8d00e610-8164-49db-a478-a35d1fac826e","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":"11eae187-ba4e-421d-b1df-937c997af14c","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":"40bb7a6a-cdef-4ab5-8e45-9b917abcf81c","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":"dfd180b0-7f8f-44fc-972a-70ddce1fe4cf","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":"e2d66927-a7df-4781-bd18-9d0ca4a56d79","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":"a76ed651-1134-4052-93d7-45dd3e31ab6b","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":"5c79a9e3-3a7c-4812-a229-e388c4af82ef","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":"94426510-1078-4afa-a8f7-16ce748e0ef5","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":"933bee77-88c9-4a0f-bbac-c596e602247f","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":"f4022625-b345-4301-a4ef-fc0e035a7715","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":"37378a3c-cea7-412a-8b42-afa6e2105709","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":"978cd587-2d70-4300-8285-af639eb90c3d","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":"35e8a853-b3f9-4b81-89ea-dc02b7f11ba8","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":"a7a58e9a-c956-4d5f-9a4c-c6ebf7230e9c","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":"0fce1835-7416-47a4-9061-1035cee4e488","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":"306acefc-c565-4f71-bc5a-4856c1a56cdd","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":"011e330b-c525-467c-b758-f0089dc02360","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":"c064d71e-b03a-4951-b28f-f31c81a0ee5a","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":"39491d6a-ca9a-45a7-83b9-628686702f9f","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":"54bc64bc-b756-4e7e-90df-dc51ac4e04cb","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":"987466af-b648-4485-aaa3-da76c9620961","block_type":"box","text":"Credit Linked Securities.","page_number":51,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"e6dafec1-0aa9-4bd1-85c5-795e2b3d78d9","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":"67c98e8b-f98c-4829-8972-b5706befd0cf","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":"ae758837-7ac0-451e-876e-3b815e7efb3b","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":"340bb62f-f40e-4b55-b76a-8cb10b3b13da","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":"f1cf3bfe-16fa-491e-b2fd-fff74161131d","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":"07565f4f-b87d-4477-b647-3de11aff8867","block_type":"box","text":"traditional income producing securities are not available.","page_number":51,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"9eb849aa-257d-42bc-b23b-0faeb1b8bca6","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":"c3102cf6-39d0-4e17-869d-3060a5a4f0e3","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":"d826a225-9b00-40b3-abb3-0df716ed6e34","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":"31ee2a81-beb6-49b3-b679-7c174620dd01","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":"15701975-509f-45d1-a881-5f5262f16cf4","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":"b2800861-d3d7-4cb0-83c3-2bca9c3dbda5","block_type":"box","text":"II-8","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e1b4952e-4c97-4266-9d76-bdbc0979dfd4","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa73d2bb-3f23-4dd3-879d-a49d01fd789a","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":"a9dbe9cf-f786-4218-b363-61eaf80bf714","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":"f1ce3dc8-f93a-40e8-bd53-f2f550d13545","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":"6de2c296-9732-4e1b-8028-446b76842c9b","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":"8f2feb96-85ce-4680-a896-2d6761343b2f","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":"e2da8a6c-a71d-4d1e-91f7-3cf7a183a04d","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":"8e72f7cb-af12-4f78-a05c-159ed7d8e319","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":"077de56d-766c-482f-b78e-06ffe16be954","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":"86682e3d-3544-4c4d-9d99-9e5cb28f2d70","block_type":"box","text":"investments.","page_number":52,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"7cf6870c-f003-4acd-aa93-23327de0fa34","block_type":"box","text":"Debt Securities.","page_number":52,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"869997a9-f69a-412c-a911-b086b88fbfaf","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":"158f2b6a-1de2-4768-9bc7-6fbf55d0f631","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":"af275fd4-4f10-4b4d-a0ba-94c587d6ce91","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":"a5629886-87c0-4cc3-b6d9-df07f49f69ae","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":"a530f912-1b38-4cde-8270-183f5cf101f6","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":"a7343241-1cf4-4962-a0bd-4ea9a9de2fb8","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":"ecd880d7-1886-4ef3-b36a-5d8ee73ef1d4","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":"db5c5da6-7ecb-4143-8b51-2b949ebf5256","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":"cb1d56fc-1d0b-4746-8236-9a0247df0eee","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":"ac0d290c-6fbd-41ce-893f-3f53ee58deaa","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":"d10293da-3a15-4c72-a727-ebd5c2785d2c","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":"99a4dd5f-e07a-4ac2-b54a-6fd5ee855707","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":"c5f3dc38-85fd-42b1-92f6-e3d3b9b91356","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":"050a0add-7180-44b7-bd3c-8d88716146ef","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":"137f36b6-96fa-42f9-a98d-f27d456c6c23","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":"42588df9-c4bb-4be0-955c-df6f354dbe0e","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":"7a85bae1-ed5f-4e3b-b952-821ca2ff8469","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":"c3e0d3b5-c2ac-470f-9a9a-12005437e5ab","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":"acce5610-cb9e-4530-b16f-4ac6e0c4933d","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":"12dea693-9017-4767-84e3-19b25b649eb2","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":"1434b7d2-da47-46f4-93b5-4197193d927a","block_type":"box","text":"Floating and Variable Rate Securities","page_number":52,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"3aefeb96-69ab-4880-ba80-955192501d15","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":"571b0aa6-9967-42ae-bed6-5d83d34b2fd4","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":"3242ff8d-8593-426e-9df2-83f8bcfbd423","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":"a2ddc784-b54d-43af-a550-aeae63138112","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":"c44404b9-ab3c-440e-a1af-6de333e66287","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":"d1bd6b4d-e711-474d-a940-c1e4c028edd3","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":"627fa56d-b38c-4e60-95a3-b5a70f906506","block_type":"box","text":"market interest rates.","page_number":52,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"5988d0bb-872c-4aba-847e-efa998c6bff3","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":52,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"5887ba70-055c-4359-8849-8773f0e9ced4","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":"8bb83f1e-d8c4-471e-9b24-811d4296cf66","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":"2bff2374-b5c2-4ff7-95b6-9852423750f6","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":"649165e0-489a-4915-8527-4bb225fdc908","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":"0f213415-e6e6-413c-a144-c5dd03734392","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":"7531e0da-d160-4eb8-9355-a56f3313ff8f","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":"d34f49de-d035-4b5d-807e-b9a122dd93f8","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":"a67bdc06-a7f7-498c-b0a7-ebabe3ddeae5","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":"41de8da1-83c6-465d-8bb7-5e8d30a84a17","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":"b8a8018d-b4cf-4710-8877-f37d82ac4909","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":"554fd6d0-345a-4696-9734-6f30af7c802e","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":"77623ace-74f7-4800-9966-2d83eae8d513","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":"5bde586f-9077-48fc-af65-0ce16ce96d77","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":"361cfd4c-35df-4d2f-bbd8-d87a11600f2e","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":"02eacdc7-dd0b-4d78-9e15-251a81a4df7d","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":"b17215c4-a271-4a8c-a4ac-04e23af67eee","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":"acfde554-5f78-407e-8ec9-2bcbc7ec908e","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":"7feb099a-4ffa-4979-8d30-d2a5be7fb15f","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":"4fb307b0-d632-41f5-8f80-0ff7b8bcf154","block_type":"box","text":"II-9","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5b6f6ca0-69da-48b7-9f89-a4c775a3c770","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8aa90f0-620f-4dca-b825-a949397bdb7d","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":"36b406dd-d0da-4f42-92ee-d883523e6f1a","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":"dd9e1dd1-c4ec-4e2d-ad8b-abf35fe26b9c","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":"38a18361-02f9-4038-8d1d-8610a7f72c8b","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":"412efc32-91d7-4de1-9871-a27d1b821b1e","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":"1c01948e-a04a-4ef6-8ce1-58ba854e0d42","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":"0da914aa-1286-45de-92b2-bafdba26e524","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":"17fdd42e-dcf3-484a-8ba8-a09e1b058231","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":"a7a07a85-abb5-4f22-bb05-b0a7c78fe856","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":"184f78b4-c3f4-4ae3-87b1-ec1687adf371","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":"d049e819-79fa-4f37-97d1-d85c3c479caf","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":"df91c63b-ad03-4e1d-92e7-48d3f713964f","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":"67a0db89-de75-4b45-b718-2f75a22beca7","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":"ac863403-f87b-43f7-9e74-9f7837f964a7","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":"5caffdb6-cadd-45e5-a8df-d8f36896706e","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":"57d77f6f-7f81-4d9a-890e-d97e8b046f67","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":"38d26369-e7f8-463d-a51a-e678dc49a9a4","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":"1cdb34ef-c372-4bb9-a63e-d02e75b3bc32","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":"dbbd0901-6a5d-4660-9251-f49c3481acf1","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":"7f996673-e7eb-4ac7-8bef-ed15c54577dd","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":"ae147966-0f5f-40e9-9a47-8cdeb56335d4","block_type":"box","text":"United States.","page_number":53,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"9c8d83a7-9864-4b80-ba79-9f0870b18065","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":"8a9b12a6-4192-4753-a6ca-31ab4537033a","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":"4a423eb3-ccf3-455b-ab53-4b89fc9de43f","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":53,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"517158ec-0a74-4959-a149-3292a0fa12bd","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":"8f7af452-7e96-4c50-a647-196065d8d35c","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":"ea6d9108-3c5f-4cf3-ac98-d57d0830a5a5","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":"930b33ea-c60e-4602-9e74-72c1cd506b3c","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":"64abd535-fbb4-4b86-a0eb-dc47e633176f","block_type":"box","text":"i.e.","page_number":53,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"4ddc3955-6d05-416a-bded-0088a6d2a083","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":"c2abd553-f1ca-4ea3-b406-a69334627830","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":"4bc82eb0-f445-4e55-9548-63c8bd994e48","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":"3d5f5336-f055-41fc-a05a-2aae56d2b877","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":"ac87fd60-2548-43e9-a674-2cc8c27c0d39","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":"6d97b43d-029a-44cd-822f-14a5a0626123","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":"c572bb5b-29a7-42b9-bb37-18e7f8866a97","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":53,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"c9c38dc2-107e-4584-8e49-da3565a9f83b","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":"03158117-0a8a-4431-8882-7cfd0983a097","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":"a093e108-0da8-445d-a003-ee50dc0465df","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":"3432daf4-89e1-439c-a28b-7925a8c8f8aa","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":"e9a56b41-3efd-4042-a4c5-a638a93ffe27","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":"8e056a1f-c81f-4806-bfef-bb7dd02ea4ff","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":"c5be0bc4-fd4f-42e5-9636-25ce4dda1239","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":"2255fa74-1457-41c7-ba52-fe38cbe9955d","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":"bbe3e30a-4d61-4b12-833f-0906320d8319","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":"66317b93-ec6d-46bb-96ac-d2692f4a38f1","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":"6f7a2fb2-3055-49e5-88c5-53e24a306202","block_type":"box","text":"risk than higher rated securities.","page_number":53,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"f205a049-e738-4500-800c-0060a6063238","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":"3d1e0fa3-d5c9-4945-a5ea-564706c652a6","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"d24ee15b-8146-4cb1-b373-6d6ac4b37d99","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":"2294896b-2382-47fc-bc82-b8711c5b5a89","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":"e62cea9e-339d-4098-bebe-0529952a6e9c","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":"96702d87-2fe5-4518-85a6-c321590a7906","block_type":"box","text":"unavailability of additional financing.","page_number":53,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"4a3e039c-09e4-4ca2-93b8-477a363e4faf","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"9ee0e2f6-4a97-4ba8-8e78-955536ec9444","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":"9f6e9c8c-061d-4795-b028-aeaae10d82ff","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":"902fdd13-8135-46dc-a766-d84f3dba13e6","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":"21162e53-c6c7-4c7c-8408-690643982866","block_type":"box","text":"II-10","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9302ec73-c9df-4729-8cdf-e98370041f34","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d649f768-7078-41ad-a1a8-5db45bbf6180","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":"70e94484-86ca-4383-9c9c-0f4902fddf35","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":"128ab3d9-529c-4da5-ba12-e1473cec73be","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"a0853514-973c-4fbb-9ec0-d49eec0e285b","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":"3818ded4-8820-4011-acc7-409e3d928c85","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":"579a23a3-0672-4b26-a8f4-1392b90d5756","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":"62fa2897-72eb-412e-b724-f06b0982c1b1","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":"8b95ac1d-6503-451b-8f60-cb16f6f2bfc8","block_type":"box","text":"investors in higher rated securities.","page_number":54,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"44e015d3-b028-447f-9cd1-8d010afff74e","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"6d140872-2190-4f9d-9f42-d66720044fe8","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":"94b0d8a3-70b6-4472-ae52-ca44e52890a3","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":"2d3d034e-e6f0-4f63-ba16-dcba683378e7","block_type":"box","text":"lower yields and may lose income.","page_number":54,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"d0ea699b-c13f-4050-9d77-8ebcd0868290","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"5dd81d73-fb85-400e-92a6-c939f6ba0fb3","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":"2ba9c55e-5fa3-4260-aad3-b73b8946a7d4","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":"8b2d53b1-e056-4c00-b0ad-3368d4b1d83d","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"50233c1c-955c-4d76-ab40-406cbe99ad2e","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":"cfbd8a35-c3b2-418b-b979-2a9f270a6cb4","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":"32eb4779-069c-4629-aac5-5cc5e93ddab3","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":"17d6fef7-83f7-472e-9d88-3c0af5aa68ea","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":"8d800c20-0f0d-4a73-a204-f7914a2d5307","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":"107ed017-0224-4148-9549-8c319987c232","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":"fe0521a0-bd99-49d6-a043-e564793b8a2d","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":"2821adf0-b9e0-49fb-a977-f5738f2e5558","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"eaeafb0d-c0d9-46b5-bdb9-82a69b7c4fb8","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":"fafab9bb-dbbb-498c-836e-489ba3ef4551","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":"dc122e46-36dd-459b-b519-52e83e7e8aff","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":"4020163a-c423-4f7d-ba1f-e877e407bcbb","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":"f96a4e17-f129-4803-b2e1-3a5c789c652f","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":"1b35a43c-c350-4172-8526-1288d8d54408","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":"4ee6134e-7d8d-4914-9a1b-3045d4bb9b1d","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":"6a11eb3f-9ec2-435b-ba02-8910a8edef63","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":"37bc5061-dff7-4a6b-b32f-6ba86a71bee8","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":"9c26c19b-f38c-4074-9e75-38da0d9ac250","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":"c7fed0b8-9491-419c-8288-92f7af32cb74","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":"13343a86-9600-489f-ab74-d7e5c3ef4542","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":"840264bc-165e-4bd3-baca-a4f95ecee074","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":"b4201199-a069-4160-b3fa-7dc992cdf650","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":"3d4fa96e-f7d2-4ae4-b0a4-deda484b8134","block_type":"box","text":"role in determining such valuations.","page_number":54,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"8b54a092-f34d-41cd-8b2f-e99cbdad5ad3","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"01675166-fadb-43b3-92b6-fce3b30c0f17","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":"1f33617d-e2c0-4663-a63b-2b78f8a9cf50","block_type":"box","text":"a defaulting issuer.","page_number":54,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"dbe72837-89af-493f-be04-594ccb6aa508","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"0f4bfd10-58cf-446c-958c-11bf011829ef","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":"2e486c46-48b3-4890-b310-437606ace536","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":"f227aa27-dacd-4e48-a607-d4ab4fdcaa2b","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":"8ffa8142-8e5d-4b9e-8c57-2c0f4d287699","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":"d1fac775-a83b-4349-a8b7-71f49c3d1843","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":"e8a5a617-2d13-4801-a8a6-9a7602081c14","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":"26506aa5-f5b7-48f6-8709-567fa769bda6","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":"a21f5156-7707-494f-af7d-a6e149469e56","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":"34bb4f9a-d954-4740-8f4f-372b692a0bc4","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"387d1ee9-3f8d-4a15-91d3-9adb23fefc5d","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":"5473d622-14d2-47e2-8851-aa62612ee12b","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":"241d891f-2f06-4363-9d4e-89a9bb748a8c","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":"dce620e1-ac23-4467-a8c9-9464b0bcd486","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":"7ca603fa-aa0a-4ce3-b8a8-2a8a01cc422f","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":"61698648-7acd-4d85-a962-c85188e57607","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":"7a2f4f4f-9e27-4f65-8036-064196274c62","block_type":"box","text":"higher-rated securities.","page_number":54,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"0e1e6d8d-38a5-413f-926f-761cd58e7714","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":"aaca3653-d444-4b72-b759-f53e5a29d9b4","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":"68294371-993b-4ecb-9692-d8e98928c89f","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":"68ab2415-e645-4ac6-b4ca-2c65eba4eaf4","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":"6dabc207-eef7-4ebd-9fce-765e2032b1cb","block_type":"box","text":"II-11","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d245c94-48e0-438e-8582-3890b92001f6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30858acb-6bfc-4431-a6e4-87c691326b8f","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":"ad2c3a30-ab1f-4a8c-82c1-e54e2b7c8bd9","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":"856ad68e-2494-4764-97fd-a78a92e141ae","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":"1b0d6fed-8d60-4bec-86ed-8db4cebf0615","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":"7ad83788-7080-4858-9f69-8189a19491de","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":"cfcb4184-448f-484d-b4d9-1041852cb833","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":"ebaf3cc4-28a1-4260-b5d5-08b9a12ea185","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":"cb7df4dc-6308-4853-a533-57067b053103","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":"0e95f303-972e-40fb-91e5-9662f8b45a32","block_type":"box","text":"Mezzanine Investments.","page_number":55,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"a2e4c458-4088-4946-958d-b85d880b1b54","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":"fe9fc2fd-e2f3-46da-8ab3-4144f21244e3","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":"bcd2b172-f560-41b9-8d3d-2de6b0a4686c","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":"5462fc8c-45b0-4691-b1b2-930ce87b766a","block_type":"box","text":"e.g.","page_number":55,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"e2229aa0-b979-4b04-8638-aecbec320bef","block_type":"box","text":", with","page_number":55,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"4b7b4fbe-b170-42f0-972f-c9dd36debdd1","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":"7a3a42f4-f92f-4b3a-8f4c-f9fd1aca1e7e","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":"a8e10fa9-d4e6-4fd7-bece-e23c303f0470","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":"c6563943-3a67-4a8f-a5c5-ae613ebb0fa5","block_type":"box","text":"other obligations of the issuer.","page_number":55,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"a5dc597d-7abc-4023-aa6a-fd5657c5b1ac","block_type":"box","text":"Pay-in-kind Bonds.","page_number":55,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"a44520a1-ce72-4ff3-9bd2-aeafbb0f1872","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":"d19d0b0c-94a4-4b9d-9bb5-af504b8d6d7d","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":"1e9132dd-19dd-42eb-af1d-2aaa93fbf845","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":"c1953f7f-1d2e-4a08-9d0b-8cdc2a8a825f","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":"ab8decb0-5c29-49a9-84c6-501453a44686","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":"9a0814ba-cf67-40cf-98d0-30f4d20a0447","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":"c21216e1-9d09-4684-83bc-72bec7fd1dad","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":"7433d84b-cc77-4944-8fd9-f840f44038b6","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":"61f49941-6560-48f4-8beb-7faa70345c11","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":"1744c42f-10c1-47da-bba3-20cf4366e094","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":"e83e0916-4363-4b55-9b68-9103d3020b09","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":55,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"62d2bc0b-6c9b-4859-8602-a30e6bffbf12","block_type":"box","text":"Supranational Entities.","page_number":55,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"f92c8846-fae9-4ecd-b701-5480292ebe8d","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":"f57df22c-f326-41b0-8e23-74cccafb2270","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":"511e15ca-5c57-491e-b0fc-fd10522719bb","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":"2f6f34de-e342-4d03-a0b9-de00381d52c4","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":"3c4cf1ce-34ae-420b-88fc-e0418d7418e6","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":"31bbacbe-62b5-40d0-b675-1785f6647b58","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":"7b2acf15-1bb2-43ec-91d1-0c6e966295d3","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":"973317f8-7a92-466c-8b3b-fcb374f59725","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":"f5391697-03c6-4b63-9726-5a333654f94e","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":55,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"69a51d51-a05e-4522-be61-6d8325001433","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":"77cdb782-f5c3-4e79-a803-9ea7944c177a","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":"76bdaabe-c5c2-42ed-8f10-f4e375ce4f89","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":"eca8fa95-54be-4d0f-921b-eb0e577bf2b3","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":"f0573c26-7116-428f-a1db-a407cb8f150b","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":"eb5739b7-feb7-4185-9c55-97fcbdcdfb15","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":"c282537f-344a-42ad-b407-d4d3274c24b4","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":"19870af7-254c-45d7-98ee-b79b4d55a7c4","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":"026f7f67-1e92-465d-9544-d7e4bfdb75c4","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":"69d5252a-dc74-4953-8a11-8b68f1f2f583","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":"0c233e29-8b7f-403d-9f33-61636a89380f","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":"4c524753-7d4f-4a11-8543-c45761bc5a93","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":"de191d04-b56a-4682-ac94-9a9de680d316","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":"33d071ec-632c-456f-b2d3-ba7e3cdc8949","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":"7bff7dff-2c83-42b9-8802-80172160f20d","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":"08acdf7e-6996-4e9d-a5ff-e7f06bfe3818","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":"6b103af9-2a04-403a-a382-26fbc3eafe79","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":"d227b111-959e-41eb-9a7d-8e08f8f0a520","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":"02fc4595-2ea2-4d38-84b0-34211ffa1f3a","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":"38e4de49-2a5e-498e-9f3b-8667395f5ce1","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":"4990b7cd-3727-479f-ba7e-2b487335d901","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":55,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"02dbabca-bb47-437b-93ab-d738c790e460","block_type":"box","text":"II-12","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8084756e-e242-4745-ab89-e479018b123a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f47329e-8b6a-4a33-9683-87a47193659f","block_type":"box","text":"Derivatives.","page_number":56,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"384da0f2-6cc8-40e4-8bb5-e7395a250744","block_type":"box","text":"General.","page_number":56,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"64c2cafb-5b5b-41dc-ae94-70cc008acf07","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":"86bcf21b-0420-41ca-9e46-12f2751c5b10","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":"5817632c-2f8c-439d-a571-497a39fe090f","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":"e36808e9-ec0a-430d-948d-bdd631c56bec","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":"2b029966-eaf6-4617-96e1-7d52d7b9aae6","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":"eb77a9a5-5b94-43ba-aa0f-8f89974d6c32","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":"1f5123e6-23bf-493c-ae72-26bb8a23ca3a","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":"aa774a2f-b1b8-4976-a7f1-6b9c1ef0b96c","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":"f455f2e3-f695-4f08-b83e-2dbfb9434246","block_type":"box","text":"i.e.","page_number":56,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"08ab72db-415e-4155-8923-8dd65d9e55fc","block_type":"box","text":", the payment","page_number":56,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"b22de8e4-65ab-4dc5-bedc-d3b185e9c8d1","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":"d2b43637-7a3e-4a4f-bc3f-3e76bee93f31","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":"e172d4da-1edf-492d-a2b9-7c63474bcfa0","block_type":"box","text":"Hedging.","page_number":56,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"cb018cd9-d66e-444b-a0e1-81665be46955","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":"be8b4f96-2da0-4bd8-8fbf-80554836191c","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":"e77561fc-95e3-4bf8-8a41-714b088588f2","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":"0e10ff3d-0b5c-4fe2-8781-dca74b626a1e","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":"90aee30d-3380-4310-96ee-3ac720e4bdee","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":"374ac120-a202-4431-b4a2-a0cb6f219e0f","block_type":"box","text":"correlation risk,","page_number":56,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"4bcedcca-e194-418d-ad5d-e468820ec175","block_type":"box","text":"i.e.","page_number":56,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"df9904a9-cf8e-435a-9757-08ba792077e1","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":"c3ac9689-a22d-481e-8b00-16cf061f987e","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":"4254ed95-fc51-4ade-8b04-de481d0095f8","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":"428c1951-b721-45e3-bfdb-6613025b75d7","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":"e76e6eb2-fdba-4113-8db2-0776f3b19828","block_type":"box","text":"Speculation.","page_number":56,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"72a4706b-1429-45e1-a200-7ad4cf4a213a","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":"4ccab805-aff3-48a3-88da-2d18eef980bb","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":"27176a7e-05bd-4cab-8e33-4e5b15ecc35c","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":"8c38a4e7-7663-44bb-b340-67b9af97c762","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":"a24bbb1b-7a8f-4354-b103-d7777deb453a","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":56,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"ac1eeb73-a5ff-4976-9882-af2b5e780f4b","block_type":"box","text":"Regulation of Derivatives.","page_number":56,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"c33d306a-80db-48d2-a85b-821e1a66f062","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":"0d1b2d76-f49f-4c26-a4d2-4e7ddfce8fda","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":"2cfc70a2-14d0-42ae-a1f8-7bdde82ee26c","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":"37f98d9b-9ace-4ccc-b87a-e4d70e514c83","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":"79183307-893b-4e5a-953a-30ea1702273f","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":"8c805208-5744-4002-8e9a-73d220743cbc","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":"b7626dad-2c46-4b4d-bac7-b6da4ebc6e1d","block_type":"box","text":"coverage”).","page_number":56,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"2b2f09cf-d5db-4344-8a64-765e2bf75eeb","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":"a42fa6a8-fcbc-4f93-9e2b-cb1925243ed4","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":"8d452a55-2e0d-450e-afcc-0a24607aabda","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":"b2a9f7b7-ea01-4ef8-905a-923811dea58f","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":"f8d84192-1b2d-4bc6-95e7-692a08e86330","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":"c7803603-8630-4442-b8ef-a227544b55de","block_type":"box","text":"financing transactions (","page_number":56,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"b33c83bc-779b-41c2-bb9a-4f16685dd9f1","block_type":"box","text":"e.g.","page_number":56,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"6d42e1f1-3749-4821-b74a-10f611949d41","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":"eecefe98-c364-45a5-aad4-46ce3b30d9f9","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":"5136fe03-a0f7-43cc-9e03-d02c29dc3036","block_type":"box","text":"securities (","page_number":56,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"0d952068-1b2f-4df2-8b35-7b272f1268d4","block_type":"box","text":"e.g.","page_number":56,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"9ef6a12f-cd52-45b5-8e44-c7e2df3a8c9e","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":"f0490d05-9629-413f-b9b1-438306bea1be","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":"639de21b-db1a-4d77-abce-ccc1ffbdcde8","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":"40ae8890-c916-47b4-9c29-ab3a43fdcb64","block_type":"box","text":"Commitments”).","page_number":56,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"efd4d194-7f04-42b4-8a55-8c9d4508615b","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":"5bde8d29-4e4d-41ff-b199-560b7b8d11ee","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":"0579369a-75aa-48b4-bcf1-4fcc5217b5c2","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":"9569d6a1-b2f4-4f7d-b001-9e9fd5230f97","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":"c4a210a0-c352-497e-baba-f22f2833c7fc","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":"7a3e7147-b41d-4731-b9cd-650471e24068","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":"901695ea-d5da-445d-9179-771d94a38d31","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":"7f7b2350-13f8-4687-aa28-b6671f88c149","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":"d9641ba4-e6bb-4482-a4a5-c85342cb7985","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":"e131c849-5146-45c1-9a51-e58385f7a36d","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":56,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"2dd0f680-77a8-41e8-ab5b-54fd1aa13c7d","block_type":"box","text":"II-13","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"710ae091-6a78-41f0-8837-a49ab46cd8d6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a12bb38-b9ca-47f2-bfe0-6a59e6762586","block_type":"box","text":"Dodd-Frank Regulations.","page_number":57,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"e70ee66a-e8b6-423f-a049-a28325d4bd8c","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":"67b509a8-e94e-4299-8a21-c621c21abb62","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":"a8e713f5-8cce-460c-bfc2-8bb43eba19bc","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":"ef900f72-cdac-4549-b78d-89c7026a225e","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":"5416434c-0f43-41fb-b6df-53d1db449de1","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":"018d98c1-4c28-4ce4-83e0-1da6a93517cf","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":"a1870d84-c74d-4e7d-8663-f6d97f2353ec","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":"7ac12cc1-0cc6-4192-914a-afb058c3562e","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":"7b023b94-12f8-4f38-8a40-d064c1c98452","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":"d4e156dc-8545-4141-b4bd-173d080bacfe","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":"47abae73-4c1e-40ff-abbf-274f80a8a5d4","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":"6c02752e-dd27-4a59-b96c-e04ac005666f","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":"030549d5-04db-4c2d-a03c-49bc7f4aa2c3","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":"82de2606-d562-4dd5-b83b-e4350838d6a0","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":"0e29b22c-fa41-4f74-95bf-6878872d3bdd","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":"1104cf24-93bb-414a-a225-95bf3cd78a7f","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":"6ad742e3-f989-4ab7-aa20-a4d057abb019","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":"2b107ed4-f99c-4fc2-b73f-eb619ce64b3a","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":"f1909765-ecc9-4df1-b35f-2f578dd9460b","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":"4d7ba45f-058a-4b75-ac62-48aba96fafaa","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":"05945ed1-540b-43df-979a-0f7561a6a5d4","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":"34943f40-d0c1-4e08-a826-e09354b80d13","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":"f121b43f-9b09-4c51-bd9f-492d361712b1","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":"97033349-fa9d-418a-b109-a201b76b4b2d","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":57,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"f63eb7ea-95f7-4fce-9eca-2adf20409d64","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":"95807376-af0e-44dc-9f62-fa31748294d5","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":"9ea029c3-265b-4d3d-be49-6991bf532a7a","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":"d9bc5790-b897-47d7-bebe-bbfc14647d2b","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":"0c0b5c51-4252-424f-afeb-51851a438b31","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":"aba029cf-fec0-4407-b197-267e17c6d46b","block_type":"box","text":"member.","page_number":57,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"6d338143-3900-44b1-b134-6e97ed92a244","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":"218215c2-d8f8-48eb-95cd-fcd34239f6b3","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":"e32813a3-ad45-4dba-b710-3e6b9ab7a67b","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":"7e5c067a-5df2-43e5-9307-899eb2023254","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":"5e0f604c-52a5-46c7-95ef-c83979470e12","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":"4294859c-81d6-4923-bfb8-f85f9ba53a58","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":"df7fe985-06ef-4e2a-ac7c-9f405153540f","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":"028097a8-fa5a-436b-92e0-cc593deadea7","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":"45e5fb7a-f7d4-476a-ba89-c4ca5220f6d5","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":"84fc7cc2-3aa3-4a26-a2cb-e10366638abe","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":"9c3f43b1-3445-4e66-a1bf-91e5b89b66cb","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":57,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"4a2743cd-0531-4912-9ae9-3f8f564e5419","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":"1085cf6f-30be-45a2-a6d9-d27d98686443","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":"991ccb8a-d8f0-4b6d-b9c6-dc181eff7311","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":"e97c0aae-12db-44cc-bb83-661dafff97c1","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":"1578b831-2525-4d44-80f4-af46dc302d52","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":"923e0eb4-f82c-4dd5-92f2-f36f6529cc39","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":"c9df6a74-5697-425a-9bdd-b64c856c336b","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":"26ab771d-d0ea-478b-9961-b36b947200cd","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":"b71eda44-5bc1-4ef0-87dc-e025bd161bd9","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":"4d22c922-3d3b-479d-ad40-9181ec9dfdb0","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":"bcdd0f0c-39b6-4af8-a8e7-7091fbbd1546","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":"403d38e6-5e0a-4740-8c79-2fa3f1278467","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":"d66528b1-99bf-4d23-8a04-d753af400b55","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":"7f5da694-2e6d-4325-8ba2-ea4ccd0bf85c","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":"95043519-863b-457e-b25d-0a05b5e6368b","block_type":"box","text":"II-14","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c17aefbe-1fb8-45b6-8233-ea0cd4102937","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1c92c10-ef4e-4ed2-9a97-05fb26d16a12","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":"77d9ffaa-3c6b-4cff-9ec1-276c93eaedf8","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":"02ac38ea-dc13-4824-bcaf-10a423de008e","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":"cfcdff91-3580-47ce-ae9e-fc33de55370f","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":58,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"71c13dd5-89dd-4606-9c8d-6760cf4075f8","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":58,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"5b824cd8-7725-4545-8c9b-9e328a776c12","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":"8cb44051-adef-4d2f-a539-1ed3e6a368d3","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":"d074c2d2-7349-4e8b-822f-adc1b7eb01ad","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":"d56608f3-0101-4eca-92e5-a03f1fd761d4","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":"bee90542-3868-4bc6-9b0e-7ac8372266ba","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":"2b228787-3d12-460b-bf7b-c519f2082571","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":"22fcf86a-3b63-4900-aa32-09e9c6c5b990","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":"2cc851df-79cc-4510-a6ff-a531eaa7f5ab","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":"e1c4ad6a-273e-4f3b-9f95-7bbe054c6ee6","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":"45eb5709-dd7e-4586-8d8d-8ee9649f55cd","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":"3d0b9ab3-be07-4ee1-99e8-1c5c1a059b02","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":"5db400e7-cb6e-455a-aec9-20e4859d75e5","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":"3e51ac61-199f-4adb-965a-cdb908dd1ec9","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":"34388800-f8e6-4c98-bf96-44c27352427b","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":"97029ad7-6074-40a9-8a5a-3edab190cb25","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":"811486b4-0deb-4e82-a4de-74cc34932b7d","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":"f98c60c1-7ed1-40d1-a09b-fb73b3d4b33f","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":"224a21b2-549e-4e3a-8856-cb35bdf78db7","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":"377a0dd9-0073-42ef-9bda-cbb71d7421ee","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":"ffe9d55a-5b99-47b9-86d0-4469dfb5bc3d","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":"381bee3a-6813-4094-85e8-232804c83a47","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":"d228bd64-1cff-4a5a-af18-71058631a92d","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":"f46f19ac-3a46-41ad-83e9-ad7f19701eff","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":"f8bdfdfa-962a-4c03-9a36-a8ce3a37671d","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":"070e45bb-1e39-46e6-af52-afe3158cf580","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":"0bc4a5b2-76b3-4e09-ab48-73df59b6766c","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":"96ae3ee3-4d44-4d7d-be8c-56ae906d14ed","block_type":"box","text":"collateral received under such contracts.","page_number":58,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"709b2b91-3d80-40f9-b55c-8847ed199dc5","block_type":"box","text":"Risk Factors in Derivatives.","page_number":58,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"03bddd60-b394-4d39-8aa5-3a6da910ab98","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":"61bb4874-53ac-4ab3-a04b-ddec4779cc66","block_type":"box","text":"Correlation Risk","page_number":58,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"854e5f49-ebe5-4625-87be-ab98801f010c","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":"a86b1deb-6d90-4715-a131-f70e0eaf2a7d","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":"56ad978e-038b-40f1-ad02-31b28d3116bc","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":"d77c9555-8428-4977-a6ac-d252aee8f057","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":"35702a55-1ed5-4736-a53a-559f8d861a74","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":"30866ac2-a371-4aff-b6e7-1f296c1a69a9","block_type":"box","text":"Counterpar ty Risk","page_number":58,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"64614813-6e13-4ae8-a7dd-5f3f51f59c5a","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":"805be818-3fbd-4ed5-92b7-cd6b45b83c85","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":"c90b8ac5-106f-4866-b8ce-e8e71a877dfa","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":"5e481422-38cf-4bf3-8b76-ab1f4a6c725c","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":"fa8ce2eb-a23e-4d1f-ba16-7aadab14bfc0","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":"159227b9-603b-4c98-90d9-00906eb71735","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":"ff2793d7-61f6-4c77-a36e-fe9a77c82da6","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":"031576e8-beb3-423e-92f2-6cb8c702caeb","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":"5258dce1-fdf5-44f0-8b10-a3dc204ac67f","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":"1533dd87-43ac-467b-80bb-58e19aaf5f77","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":"982a64eb-e670-4ada-940e-c5e76ba571b5","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":"fb5e352a-3108-44d2-8bc7-b3312fe35556","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":"1bea7334-acfa-4574-92d4-19f49081d7e7","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":"f3776e8d-ee9c-4991-8578-81bafa15d072","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":"bf899457-f6ce-4d47-8912-1ad1b3503260","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":"b2d3f4f0-64cc-4d95-8c55-b4c57230d6f6","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":"54040da8-4eae-4cc0-b5cf-92f04533a7e6","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":"ef73d6d3-43de-4061-b150-31ad1c35f157","block_type":"box","text":"II-15","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e87fe2ab-d11f-4d4e-8b10-404a7aeca890","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9025b5a-7ad5-4531-9b6c-b510a9526da1","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":"91fad29a-7246-44f7-badb-5a5c79a5f070","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":"ec862323-8b68-44e2-8873-5a962dd4302a","block_type":"box","text":"by the clearing member.","page_number":59,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"0ad87865-2ef6-4749-bebc-1f4bf45d0b6d","block_type":"box","text":"Credit Risk","page_number":59,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"cbc3b40a-0bbe-44a9-88eb-79fcb6824ea3","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":"67696196-24dc-4350-af81-cae99be898f4","block_type":"box","text":"honor its financial obligations.","page_number":59,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"694b0125-7d3b-4936-aa5f-ce6329f7924b","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"5cb0e90a-2a6c-4330-9e7e-406811c8ad2b","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":"faf493fa-ae2e-4d0a-a9dc-4cff7bf58ac9","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":"2bb09de7-7934-4ac3-80fd-209f12bcc6aa","block_type":"box","text":"Illiquidity Risk","page_number":59,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"4228c103-3d6f-4b25-957e-34825860f6f5","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":"8ba3368b-ac22-4b89-89fe-5ba2b5accffc","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":"50b93c40-58be-4d20-a9ee-1a222d197b93","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":"7b488830-9d5f-4e1c-9392-8dffae552a37","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":"0d9f87b4-9717-4446-bbf4-71058c276b4b","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":"430d46eb-bbf8-4969-8573-b7e4bdb88148","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":"52074c00-098d-4a4d-911e-22688a4822df","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":"888714b3-d403-49a7-8309-e9ff457ef2c0","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":"e97dc090-9652-46ee-95e5-a1f5cb619514","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":"36b0663f-f64d-4cf1-b863-e67754805faf","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":"679867b1-80ec-4c79-ad0e-1ef12d0a5a5f","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":"bd5237a5-c7db-43d1-ab00-f09501460d96","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":"5c9f95ee-d98a-4906-a4b0-a936874950af","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":"18a247ff-cb9d-41d4-a840-921b3f21b041","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":"a50c2cef-c54b-4d32-b687-8aff8d7bd228","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":"8d7e5bed-b5a1-40f1-b389-cc7311f9307f","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":"bbd46b44-dc03-4ddd-aaa2-d5ee9296b0cc","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":"07bd3049-5264-4545-ab51-4f37b5d8cc4f","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":"8c535c42-5ee2-4410-ac8d-41c6cb3de280","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":"fa658ad5-948a-469e-a54e-528e074e1824","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":"7b20eb51-2f20-43df-969e-6d8f2c6af747","block_type":"box","text":"may be disadvantageous to do so.","page_number":59,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"ff4b405f-c22c-434a-8c3a-326407f0a866","block_type":"box","text":"Index Risk","page_number":59,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"b8eedbde-5a70-4a97-8836-dff49cb0da4d","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":"fd4bc703-4699-4514-8649-4c99ffd2dcd2","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":"ce7b3e91-dfd0-49fc-b730-d6b3d63d75a2","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":"ba1663bf-68f8-467a-8b6f-3e49f8a8f754","block_type":"box","text":"Legal Risk","page_number":59,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"b3b9f3d6-a620-4f51-a662-bc1b3f57a635","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":"02f2d2aa-6292-4576-a925-7f68f30f94b6","block_type":"box","text":"or enforceability of a contract.","page_number":59,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"3501f4e4-07eb-437f-9339-4b0e39326287","block_type":"box","text":"Leverage Risk","page_number":59,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"c46da3ae-5e9f-4cb8-8b7f-a4c76f7dc6e0","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":"51f601e5-7d94-4de2-9c2e-f48fd84fd176","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":"62e4c12d-3db4-4dbc-a3aa-aee4091fc7d1","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":"67ec4bbd-7655-4685-a820-60e3da1485c4","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"9a0baa7f-54a9-4b20-9d93-099c6ebc498b","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":"9868efc7-3918-466a-b6ed-13f53daa8866","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":"bda7c63e-f939-4627-950f-efaea412a21a","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":"075add0d-f17a-4b53-ade3-bc878aeff89c","block_type":"box","text":"affected.","page_number":59,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"da21a600-ab47-45d6-9324-45ac957406a0","block_type":"box","text":"Operational Risk","page_number":59,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"9f5d19c1-9b39-4e17-b27d-88c2c65a1115","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":"6815bb02-71a3-4aec-9d57-c32b9188bc52","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":"e1b6c9f6-2468-4d2e-b2a9-0b49e4b81fb5","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"6970edb2-125f-4dbc-b789-70e59904abed","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":"368b49fa-c18f-4655-832a-0a11f2c4cf0b","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":"d88965bb-6f40-4dcf-bc70-0a47fff7db75","block_type":"box","text":"complex instruments or quote prices for them.","page_number":59,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"fd40a0c9-1293-472b-8c7e-cec870851157","block_type":"box","text":"Volatility Risk","page_number":59,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"158ff780-5171-43be-8a6f-87319ca9283a","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":"27d308e5-87b0-4614-ba0b-8e8ad8ec1862","block_type":"box","text":"Types of Derivatives Transactions.","page_number":59,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"69504fb7-be19-4ed2-a2c0-a467886362aa","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":"9a229f63-e527-47a8-8d50-8e66e76d23c9","block_type":"box","text":"including the following:","page_number":59,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"75487766-ca24-4942-8399-d33948ac28e7","block_type":"box","text":"Futures.","page_number":59,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"de1f066d-2524-4e63-bbf3-aef87ae689a6","block_type":"box","text":"II-16","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1da3454-198c-4e01-8263-78e3e885b19c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbd26d7d-bada-493e-959f-8148fa3f1850","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":"3ae1271f-c2c3-4a80-805f-a249041fe5bf","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":"e8bbbf7b-8e40-432a-96f2-a0041bbf0808","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":"6df0df43-642e-4cec-a444-03fc69efe120","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":"f2dd7359-3a4c-411f-ba0a-f29372efe922","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":"c7647a7e-4504-4c86-ad03-e1ead05855b2","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":"70fe52ef-67e2-42c1-8344-123cf034f3ca","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":"74a15d4a-1fec-400b-a397-576b9cd83eee","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":"14281ace-47cb-4e53-b2f7-073624c54e48","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":"a21b8754-62ee-4832-b7d0-536ce91c6697","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":"2dd21dd3-46d0-471a-a7bb-1accfcf18469","block_type":"box","text":"of the futures contract.","page_number":60,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"17087340-fb73-41e3-b892-83c3ddd85706","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":"844061db-4248-412a-9022-b787e2b8a3d0","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":"8bd116f4-b15b-4547-8c4b-de14d9d386d4","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":"606c6213-930c-453d-aa26-f84a9babb800","block_type":"box","text":"relating to the futures position.","page_number":60,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"1702f577-7233-49c6-94a1-bd048d09fd4a","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":"ca41d505-0f8d-4fdd-ba36-1533addcaf30","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":"58a7e79c-2554-4d6e-bfac-9e9a3d498690","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":"346f3335-288c-439c-bc26-8e67fd8196dc","block_type":"box","text":"Regulations” above.","page_number":60,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"7d1de832-8b37-4db0-885d-3b0a7bada3b0","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":"0fa2725d-51c0-4a1f-ba1d-a179af70cf76","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":"b8cf39a2-1336-4003-84e2-4fbb7a5c7102","block_type":"box","text":"(","page_number":60,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"6d92b6dc-ba01-4da7-a388-dc3ce40a420e","block_type":"box","text":"i.e.","page_number":60,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"097b025b-7189-4b2a-91b6-c914bc79bcf9","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":"5527fef3-c874-4a70-b21e-161504a3eaa6","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":"09355f41-6c48-45f1-8790-18b16a9d3213","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":"dca2be1c-a653-43be-a53b-5fd7d0537177","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":"7d5a2f72-642f-4f71-b4fc-d08a4c2ebe99","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":"5bb473b5-ecae-4427-9dee-07c22e2e35e3","block_type":"box","text":"Fund intends to purchase.","page_number":60,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"3f2ef6eb-4cad-4e83-be80-6790e8859fa0","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":"4bf30995-5841-40aa-b8b6-f26144c7189a","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":"2714b2b2-d1fb-4d86-9a20-f5af14adce4f","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":"effcb7aa-c292-4aaf-8ca4-c4dca07ed2f9","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":"d13f3136-7008-42e1-9d4a-109e17c176b3","block_type":"box","text":"illiquidity.","page_number":60,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"56f58627-fa3b-4115-a312-572ca982d916","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":"5d22e9e8-37fb-4428-929d-c4e2ef7848a7","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":"13f65318-f39e-4d60-92b5-0e305899de0a","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":60,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"a81d8fb9-c01a-43b3-8b85-b3ef6a062f7d","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":"0d6eedcd-786b-4dc3-abf8-5d148f031bef","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":"86af242b-f3c8-4315-84e0-86845e29230c","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":"66114153-2136-4148-aa5f-9f9c9c443e03","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":"4b4fc63a-ec48-4a17-a615-3516248a4adb","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":"b5d33b0e-2948-4272-baeb-ac1a729403f2","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":"9bb60601-b8ea-4cf1-bfba-69e3608df9a8","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":"8cecdd5d-a1e5-46bf-9be5-a726c6677520","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":"551724e2-73c2-4008-8a26-98121858c7e7","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":"aaed544a-4233-4504-8695-63b577cba8fa","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":"9641590b-ac83-48f7-a6b6-68fd460743d1","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":"75b21071-ec0b-4c8d-9045-1abf1a66bdd1","block_type":"box","text":"Swap Agreements.","page_number":60,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"00fc34d0-838c-4376-a090-140585057a1d","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":"45e10248-0d9e-46d8-a6e9-f4ba1754eebf","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":"d605aa7d-357f-4293-a4b3-2b193b7baba8","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":"c8240e69-21e2-4b60-a0b0-fdd25cf1e0e5","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":"27108a2f-523d-4584-af07-31d90a4d4e55","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":"2b43baff-d016-4107-b128-f94a91354820","block_type":"box","text":"a “notional amount,”","page_number":60,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"5718d6bc-a7b1-4ba0-be18-57307728593b","block_type":"box","text":"e.g.","page_number":60,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"df41830c-8511-4e99-ba64-fdcf36c3fdef","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":"a4d7eb1e-2555-46c5-a3ce-82ed3a63c49d","block_type":"box","text":"II-17","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"db31560e-83aa-4f4a-8846-2a60409f9c00","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"443e91f4-4947-4aee-90cc-4b7e2ced2691","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":"3dda3ac5-7f85-42e5-a3cb-a14519bea656","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":"6440971f-e801-418e-8130-c27498e7fd43","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":"ac2dcf0d-38f3-4cd6-ba6a-06f798052fbd","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":"64f26071-54ff-4875-b8c0-8e40ee6cf966","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":"10262cd5-4cd1-4680-a982-d96459df7f86","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":"b571e3f2-4341-44ce-b01e-5ea3ac6f063a","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":"a74d70a6-6d50-4873-8cc0-3419fa1bf009","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":"d038890b-c6bc-4717-b154-c24d9e5d6dec","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":61,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"1493068f-5c02-4847-85e5-e8e9edea8263","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":"73cc6f99-b826-48d5-b764-b4b1ad55edba","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":"cb887aaf-339f-46e3-bf4a-cceaf992db0d","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":"55ff16af-af28-4104-82a0-42be7fa3cbdd","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":"054d3051-d9a1-4667-8d07-3c565c085bf7","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":"c78f116e-d5d1-436c-8f90-4cf0a2875e9f","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":"ad3bc5c3-cc42-4428-a027-9ca526c90aa8","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":"20bf8b42-1bd6-437d-93de-86cf085c89e2","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":"21e438d1-10ea-48b1-9051-95713ff90a9c","block_type":"box","text":"index CDS.","page_number":61,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"c87405d5-a54f-4fe5-bd81-a3d52c01ead0","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":"a9d2677e-e15f-4f19-8926-c5867b4339fd","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":"fb64d0b7-b1f6-441f-bfe0-71f298f7c7fa","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":"3543d32b-94d3-4d8f-8e2a-ceafc2f854b9","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":"90073548-08f1-4bac-8390-e521579b5d69","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":"213907a0-1d8d-4b5a-b960-9ee7170d0603","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":"bfbdf187-628a-4e76-b0d0-ba1595964405","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":"002aecca-e16d-4eac-b3b2-40bb82630895","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":"f85e14b9-e41b-4249-8b96-00cec2e86a73","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":"38ca7f88-66d0-40d4-92ee-2f38de90fe4c","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":"cf046870-5ea1-4623-ae97-78bd283a2ccd","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":"498ea187-b110-4194-ae95-d6529ca23b63","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":"37bcffe5-0633-4145-8c7e-a0d27c79ea9c","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":"ce547f4e-7fa0-4075-8354-f855f04b9ad3","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":"44de4ba9-2774-456e-88cf-d4fe1cf6d4d2","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":"a2b919bb-d421-4dd5-8d28-1be1c498c399","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":"ccf7a939-500b-4472-ae8d-dcac8588b147","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":"d53bb9cf-beba-443f-b7f3-5d06d3344e8a","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":"285868c4-081e-4e35-a58e-80d20d7c8c85","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":"36a2c0c6-90f6-45fe-a92f-a5f8e206011d","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":"0f5a1b2c-df73-4863-bf27-a29208620c49","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":"0c20e45b-24ae-416d-ab54-e01e1d5741fa","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":"ba620d01-61be-46b6-9d86-ccaf584fd49e","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":"caa893b7-24c6-4356-8487-bb774986b8f1","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":"adbf9c64-da46-43b0-bfaf-d1747514d29a","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":"a5d2ec22-c6ee-47e7-87a0-52557e1362f5","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":"3f8d2ecb-7524-444b-986d-640739e45203","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":"7dcb0bb9-b0e4-4d92-bfa0-c9a908400795","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":"30d8c6c3-edb4-4c15-b5bb-371c0c6ea6bc","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":"cf9b5d49-6cb1-4ed7-94e1-87650f82fd6d","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":"7adf0be7-b57d-4491-84e8-3f7c641eb3bf","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":"425d9f30-6a28-482f-b74f-5d91c49f1423","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":"98d01b95-5fcb-4bbe-8fe7-2da8965752ae","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":"47b29aba-7d03-4a17-ab68-df03fec72f04","block_type":"box","text":"conditions.","page_number":61,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"79a5fd65-4956-4894-9ef7-5333705aa475","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":"6fee077a-e6bd-4883-82ea-4f66de2ff150","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":"f1d5d76f-f5a5-432b-8ab0-3949aef31909","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":"177199e7-29b0-4f35-9d7c-e5eeee9acc36","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":"d065040b-f42f-4b46-bf78-962067888fb1","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":"cbd40c45-1996-42bb-bd9d-0f4b4abce13a","block_type":"box","text":"II-18","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53ea6c8e-abe9-4f11-b677-c467c5415414","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ad03dba-2bb5-4749-9517-f8d98e0d868a","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":"b41bfa0c-1437-40ba-9981-9ec14ce74c17","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":"cf0687f5-7521-48d6-8695-f68f33275097","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":"e87a0736-6f4e-4c39-891f-09dcf45547c6","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":"795975f2-b22c-49c5-9475-adf799caa0c9","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":"cf9333ae-b633-4e13-a4b2-175c23bbf37e","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":"c799afc2-322d-43ba-8d01-0ea441c708ff","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":"7c349635-37ef-4465-ab02-123a6bf2c8db","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":"d44e9e45-6b84-442c-b617-b1d639eb4468","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":"e218de87-8e0b-492a-9b9f-a126653d08e7","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":"7262cc01-f2b0-4228-9300-59e24d78a6e8","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":"c757ccc5-88c7-44cb-9c0e-3ce77cd9d0de","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":"f6d2e99c-9a85-4fe9-a437-747b3d7e5075","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":"c265e6b5-bdc0-4429-a86e-1b17acfe24ff","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":"b699a672-1b5b-4ba8-b952-9f63159539d4","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":"5eca3804-b568-4382-8726-8f97b1cc7775","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":62,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"fbd17878-e5f8-4a08-8a17-a4a9a169e503","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":"3fa9a8cd-6509-4830-a33c-e3cf1384da0a","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":"663a5891-cbb9-4c41-91e5-7beb89ba9ea9","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":"dfc95323-9680-4f12-baca-a6a061b7db0a","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":"a7200cf6-d337-451b-be9a-143935cd628c","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":"05102fca-972a-4dc1-8441-4fd198d1c75d","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":"5b617b98-e93f-45c4-a256-ec35f87ff699","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":"2d3693e2-f512-4fbe-a467-3ed4567076f8","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":"b4485c68-d8b8-4975-94d8-c1a64d9a1f69","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":"1ddecfdc-56a3-4eee-ab8a-ebc88eea12e6","block_type":"box","text":"cleared interest rate swaps.","page_number":62,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"6fe2d07e-8db1-4a8f-8d3b-47fc7ff765b6","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":"922c6bcc-2d51-4a4b-8804-937ba91cd720","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":"16c187af-106c-43cf-8961-ecfb0c45f22e","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":"d271361b-5709-489a-bc81-8419e5a8dbf4","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":"d1c21751-46ef-4118-95e5-52916bcbc1b3","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":"3032add2-eb48-4a9e-9bde-55dedd61837a","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":"ed9ac814-a4ea-4323-9359-5f333b0f5c1a","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":"e7482063-d210-4ea2-9b33-836214146648","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":"bae29190-e980-4a2b-954b-62ac75a3c567","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":"62cbd62c-6faf-4b33-a6d1-32220af5bf2c","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":"beff0963-fa13-4787-9d0c-cfe395ee5951","block_type":"box","text":"or variable interest rate, index or asset.","page_number":62,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"8647943d-d043-4782-bf90-8d2c91ed2545","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":"d893ef3d-f435-4493-bd71-f57368786c94","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":"544b8c07-09cb-4d08-9fab-e9b49ec9332a","block_type":"box","text":"such interest rate floor.","page_number":62,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"db12f27b-3bda-4672-b120-3fceb350a5c4","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":"907734ca-87e7-43e0-a6e0-83d366377729","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":"59c1725d-16f9-4d3e-af40-e7f4342f6ffd","block_type":"box","text":"such interest rate cap.","page_number":62,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"58d5c882-a5c9-4915-b133-2b121f73d3da","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":"4e00ce23-9f58-4cfa-bc70-f78d3d212dea","block_type":"box","text":"commitments to pay or receive interest,","page_number":62,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"e87826d0-f446-4a63-9d60-a4993c8325ff","block_type":"box","text":"e.g.","page_number":62,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"5bff8d2f-4219-4a2b-872c-575b945d93e8","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":"16031bc2-d276-48c3-a2fb-d99a75d44d27","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":"efcba46c-3ec9-4d2c-b990-794a668b9759","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":"2e328b1d-9c02-480a-9bd6-073ebab010d5","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":"84059b02-3c5c-4f0d-9599-d3bb9f3cd25e","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":"246fc46b-0337-4f30-abfe-938922d79bfb","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":"145ebd7b-412c-4b99-b4c6-ee6603d1adf6","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":"789b00ad-3a55-4ff5-a8a1-298e0ee69d7b","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":"3847665d-2303-4a6a-a1b5-1a56168a82a2","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":"3d8f480d-a559-4ab7-bc9a-54217915ee80","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":"f8afa2df-2c6b-43fb-b830-d0f13f6b43fc","block_type":"box","text":"II-19","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3dd2bd8b-1641-42ed-87dd-2f7225d47eca","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1f6083d-8f36-4f80-80b8-8dc9ed9b45ec","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":"29c17bd7-0c6a-495d-9840-d90008f77a9d","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":"d0770d34-74f1-49cb-adc7-07f9de7485eb","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":"d38cc7a5-97d1-412c-ae9c-25e26d9ade77","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":"89e82f37-b7e8-4417-a4b6-78fd6940cf17","block_type":"box","text":"Total Return Swaps.","page_number":63,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"d55780f7-6c16-4c8d-a9bb-673f91d06b77","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":"e1a2bfd2-a304-498d-b405-2053c79f2e7e","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":"1b9ad7f5-8539-454e-80da-f82156fe5117","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":"56af3050-0412-4280-9b16-7d4956fe9436","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":"752b807d-def0-4481-8e54-ed4deb83b295","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":"2db4a7f5-923c-4362-be4f-65ca1afb965a","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":"9e09a3d6-fed6-4748-9ce9-a4de4476c102","block_type":"box","text":"“contracts for difference.”","page_number":63,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"908a652b-da98-4abd-be94-0a7d17c41d0d","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":"98ba28e3-6125-47ac-99c8-471bc17f274e","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":"e1366256-cdd7-43c1-b00a-4fd61d61f94f","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":"196ce3ba-76cf-4ab7-9b2d-0b149edb7a26","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":"02e48b9e-919b-4abb-a46a-3601533c1f24","block_type":"box","text":"the notional amount of the swap.","page_number":63,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"7c77bb1e-4820-46af-830f-e6af0c932e70","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":"7d9286eb-059c-4fc7-ba59-993e3ddf27a6","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":"a58bb9d2-8fb2-40ae-b35c-2674f9bd7711","block_type":"box","text":"Options.","page_number":63,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"f28fdd85-bdc2-4ab0-bcd9-a85bd1d9e8f8","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":63,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"f8461826-ec04-4a77-9a60-5df152998032","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":"0f41f99d-846f-468f-9b98-6e9fbbfe2370","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":"d9fd127f-61c5-4640-8929-68457c4f44fc","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":"fb6373c7-f2a0-47d6-a7e3-cd03a2734695","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":"40ece357-f000-45bc-a33f-4696dbdeccee","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":"9d413823-d0ff-4256-b516-becdb63100ef","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":"ecaad029-8112-48f4-92b3-bd9025debf57","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":"717e493b-59da-4a69-9c56-514e1a9a24d5","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":"eb85efad-fdfa-4ff3-bc06-30c033600afb","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":"9b50a3e1-4b41-4b82-8e1d-740e4abb3587","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":"c16d2e6a-1dc8-4c28-8848-bc55f966101e","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":"93ab7c21-3f57-4d9d-ae5b-f55f8121decc","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":"40dc34f0-6dab-4e08-b658-9ca9dfb25146","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":"e107aa0f-83d0-4b1d-a865-d568ff3a0689","block_type":"box","text":"OTC markets.","page_number":63,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"81d58f9c-e4f6-475f-848d-90805455642c","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":"17f7562d-9268-4102-b788-4d7071a557f4","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":"6c943695-9876-4c99-947e-0117fafbf127","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":"c36d4f63-5085-4b9f-a555-9eac545babbe","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":"45f0c10e-c1bb-4ede-9dbf-905576de5977","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":"a15413ea-8c05-414e-880f-ce449d6a685c","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":"7bc871a1-f785-434c-81d1-04ed41d5f7b3","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":"38f36595-fbef-4158-8021-547566d3587d","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":"586e3ae9-8ead-4f75-8c67-904cd56e72c6","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":"28a8055b-6ac0-4dd1-8065-32649a02f4fc","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":"c9787a90-e437-48a2-bf45-2226b1ee39c5","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":"41e5ccec-26d0-43cc-a0f9-7cf5168d5a50","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":"879903bf-bbdd-41ca-9582-d586f847cfe6","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":"7b945a1d-f400-492c-961d-7b8dd74104a9","block_type":"box","text":"terms.","page_number":63,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"96ce8a2e-3b5e-4056-974b-2010d9f2e170","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":"c13213fb-8f00-4a4d-8c2c-f4597e96b4b3","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":"53553e19-cc5b-49af-a775-37d00fe18d3f","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":"426f34f7-6653-4410-a178-e36589acc30c","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":"b7d91238-666c-4ac3-a0c4-12bb6d9338a0","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":"0e137ea3-5244-4050-8e5b-35a17181cd6a","block_type":"box","text":"II-20","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"08fec01c-67ba-4dc3-8bc8-ac3ab47923f7","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c016514-06bb-4cfa-ad22-ccdb538de3ce","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":"bfcde944-fef9-4822-be7a-9e1c7b77c453","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":"20f42a42-7310-4603-bab5-d737154e125f","block_type":"box","text":"Call Options.","page_number":64,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"4200ffdc-32d3-4940-b603-9b9b662d1ec0","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":"948be0fe-7424-4e90-a951-16da4a560247","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":"547398ac-4bb7-4fb9-bd58-4e00674a2cb4","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":"93027430-c52d-4b75-90ed-5c5faea67052","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":"b127cdb5-fb0b-4979-b8dd-f3e3b94034d1","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":"cdb6ef72-7704-4600-8806-0fecf31d0700","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":"64aff5dc-904d-48d0-827d-b9cabdcd56c8","block_type":"box","text":"of the option.","page_number":64,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"2a934e25-c580-47cb-ad60-f3cd443b2243","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":"f1df038e-e35e-4635-83ac-fd730b5d842d","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":"43ded11f-fe59-4202-854a-4ab3cfd64bb3","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":"6ea2c697-1685-4a25-9fa8-3998b23478bc","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":"40291076-82e7-425a-b4cd-b35a3138e601","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":"078f75a3-f042-4c39-a308-d954b02d767b","block_type":"box","text":"A Fund may write (","page_number":64,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"af4c6df9-cc33-4be8-a3ee-e0d3c90381b4","block_type":"box","text":"i.e.","page_number":64,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"92eaf9cb-1168-4da1-bb3a-e384dc76a6fc","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":"aadf5c2b-0b38-4ade-a841-cbd0b9e5b453","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":"adf308d4-405c-4059-ace0-073e181990c3","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":"4e5c155c-7371-4b1c-aa93-dd3aab3e4568","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":"13b39750-3c16-4440-ba73-03c35e0b7783","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":"6dc19bc3-33d9-410f-827f-a718d7eae7ce","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":"fd24c2ad-dde3-4f0c-a5dc-6c7d83634d42","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":"144ef963-5084-43d9-9456-1326f32fe68a","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":"b47006c9-7abe-4313-9fba-e5267053b5e4","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":"a0645317-8bf7-4bc2-acf3-26c799d5b781","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":"e808e4fb-2bbe-4829-a955-b30666c6ed28","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":"15701457-6d01-41f6-80c7-4b21263c3533","block_type":"box","text":"A Fund may write","page_number":64,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"5f29951b-ed5b-44fa-b26b-3eb181c6d21e","block_type":"box","text":"(i.e.","page_number":64,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"4acef80d-9630-4646-bfe1-5b159c38f9af","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":"b0d07efe-9a2b-4ff9-88ce-fb8ef87c7a93","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":"6186b2f8-3dfd-411f-87d3-d08b70eaf4d3","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":"042049fd-459f-49ec-a644-82d3ef330313","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":"8254fc8f-0e5c-4737-b030-7b277d1ef1ad","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":"823c6fea-1968-41d4-9992-e63ef576e62d","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":"dddaedf5-d2ba-41ae-ba81-682b9b49518b","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":"748a0ad3-2bed-4c78-9107-4f8294873991","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":"a5d8716a-2182-4080-ac69-0c7516717cf0","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":"737e4361-e253-4dda-81c2-42dbe4fd0c80","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":"f7e3b755-e3e7-49f5-b950-22ef9a6778f2","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":"664c22e0-27ca-4e40-8691-d6e18fc0d68c","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":"a75eb9a9-0636-4f8d-8b4b-4cb95dcd8877","block_type":"box","text":"Put Options.","page_number":64,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"ae8de1ab-f547-45d2-a910-ebf1fa93c8a7","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":"358f3b0b-ccda-4c22-9efb-1978167b0f2d","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":"f31b9e8b-ff22-40e2-8030-74cdbcf4d9c1","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":"acb67f0e-d6f4-431c-99da-a4056302655d","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":"fc021c69-2b90-4798-85ed-38c3545955c1","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":"dae5d4ed-5586-40aa-856e-4e87f24c0fd7","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":"46bd7efd-ba2c-4bf7-a64c-55efd332d489","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":"78e141b8-d716-4a8a-b4b9-9ce67bde2410","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":"1fc70193-6aaa-4312-b117-e7bd4a9e2ac1","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":"db3cf7c3-54f6-4dbd-b477-7607ac3a8082","block_type":"box","text":"purchase uncovered put options.","page_number":64,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"93072bc3-1fd0-4434-a69f-ba0c83256ceb","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"0b17f2e6-97a2-4273-b083-57e49ad36f47","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"09881f38-d258-49fe-837a-dae90e4b2424","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":"5bd40c0a-6b60-499f-9574-1dc22b60e650","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":"650fe99d-0c8b-4713-84b8-18c3520f267f","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"89f10e32-8414-47a2-96d2-9837acf1558d","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"96f63f1e-2416-4824-969d-51a048753896","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":"43635ed9-ec9b-4556-8cbb-425bb758e31f","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":"33950b7e-a762-41c4-82b5-19d67065c829","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":"66bfa3e3-2dc3-486a-8409-7211d416fc46","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":"6cf6c76f-e8f3-4819-b5c3-e6640fba5531","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":"4360f8b2-9adb-4917-9e88-4775accb81d1","block_type":"box","text":"II-21","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d10192a1-7869-46ec-8b96-2a528c7efb94","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2367d40c-5f60-4dfb-bad9-6bf1f6503920","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":"8fb8d2e5-32b5-4103-8995-27c76e6570d0","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":"33e768c1-538e-4dcf-923c-fbd3c7d7e2eb","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":"8b2de2c0-f1c5-4279-943c-68695dd8260b","block_type":"box","text":"the exercise price.","page_number":65,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"58192b69-25a0-4364-a360-d8d41c6a2639","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":"c68840fb-9db7-48f3-8cab-e3632ae9f2f4","block_type":"box","text":"The following information relates","page_number":65,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"1d5ad316-633c-493b-a549-89c18844689f","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":"f7e0e615-4577-4ea1-a881-eb63690e8bd4","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":"1152de4e-eebd-40a5-a85b-848c7100d9af","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":"31f58a54-cd17-4979-a004-8515b2823ba8","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":"186c4746-6edb-474e-93e6-98ff29b84968","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":"68255825-7fd0-4f56-ab80-10dc9e148329","block_type":"box","text":"market in order to maintain its “cover.”","page_number":65,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"edb276f1-7ea1-464b-a641-78a5a6d01327","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":"ec0abb56-32b5-45f8-ad3d-7e7ce32fd00c","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":"284bc6d4-fcf8-4534-a4bf-a83330378a19","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":"ddd5098c-14de-48be-963a-ce0a0c7a8eca","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":"cd51534a-71e5-4d6e-b5d5-e3c7ba03a66e","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":"d7909b29-e834-4ad2-bd11-6a01493ca349","block_type":"box","text":"and incur transaction costs.","page_number":65,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"fed7125f-76ff-4785-80e4-5e541b4973eb","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":65,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"c6f17dbe-8b3c-46e2-9e6a-acb5a46b365a","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":"37f63b22-ba2c-447b-b99a-19a0c6876169","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":"70f1846d-9130-4047-b1d3-e9ba94255a8a","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":"be1aabd3-8558-4900-83d5-33a62c3978d0","block_type":"box","text":"i.e.","page_number":65,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"dbe494ce-5d17-44d3-8e66-8a7eb0b42095","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":65,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"4b5c53f4-03f7-4dcd-a4c3-5e3c13960d76","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":"842a989e-8507-418f-97dc-7b48e3b16bfa","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":"77bf367c-bcd6-4d89-90ad-1047861e5fae","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":"f2ce375a-173d-4207-979b-473ba09834bb","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":"4cc5b94d-9782-4c20-93f2-a2f0d87adef3","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":"e8ee903b-05f7-4392-9881-b07de2ea6950","block_type":"box","text":"required, to be cleared.","page_number":65,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"a37591cc-ff4a-40f7-9702-6be26a191c4f","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":"754efd20-b6d0-4a00-ba6f-e95d17d009fc","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":"04dabb25-98f8-48f0-86db-1a54ca48dc9a","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":"4720f369-c790-4f6a-9b9b-f9ca0e335c2d","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":"e24def2b-56ea-4906-a77a-c3f502d5f195","block_type":"box","text":"Derivatives” above.","page_number":65,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"33396f06-d665-434d-aa44-d57927d308f3","block_type":"box","text":"FLEX Options.","page_number":65,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"c4fd416c-33af-4683-923c-2cc80f8a989b","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":"22f96044-d572-43cc-92ed-c9533e0f2c4e","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":"0df18632-cb03-46b8-92a0-d304a9109072","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":"03840470-f43f-464b-b366-40183ac64771","block_type":"box","text":"exercise prices, exercise styles (","page_number":65,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"0e67905a-5d8f-4902-8d51-a8e8de849288","block_type":"box","text":"i.e.","page_number":65,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"5520e95c-2793-4adb-8a27-b79a85d9daa3","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":"bfdbcd45-b2a2-4b1a-a948-f1e9ad8f1867","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":"238bf6aa-069f-47fe-a471-fe150b1a1c6a","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":"076123dc-9d5e-4d33-88dc-d189e370f875","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":"5fa01cbe-2b95-4867-8a3a-28004e58a10f","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":"33ff66f0-740a-4388-949b-87301ebe46ca","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":"79532a53-2a0e-4314-bf69-cf13a9b98e23","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":"4e6f94fa-14d4-47aa-80aa-56ce2f4e51f4","block_type":"box","text":"FLEX Option’s expiration date.","page_number":65,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"1fa9f753-13cd-47e5-99bb-f123fde28527","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":"e8daf2a6-de92-4e42-ba91-a4d7e934a846","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":"8e7ce706-39ff-44e1-8a80-e43272bf66a6","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":"342989a5-f8dc-4992-8ff6-c9b765d5f5eb","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":"3e88c5ac-582b-4802-8a3a-7913d5311fbe","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":"309d482e-5530-42ad-a811-6d0d9f527ba7","block_type":"box","text":"FLEX Options contracts.","page_number":65,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"5cc2787b-760f-464c-aaa7-aa0931a263df","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":"c5dcc863-d894-4acc-8bb7-20bafb536e2c","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":"f00f8131-1eb1-46a5-bfd0-4a2a8524da3d","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":"dfc525cd-c0e4-4210-97dc-434dd7c655d7","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":"a4cdc921-3d66-4843-82a5-2bd7929094ad","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":"ecf942c7-72ed-4f58-b77b-5ddd2f967664","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":"a476a58d-117d-48a7-9042-01e54b82270e","block_type":"box","text":"II-22","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0321d93c-682b-440b-b3fe-c2b99dd54066","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1826d65-cdbd-4833-9da6-ca83e31504cb","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":"9a2e064e-c26c-44b6-a701-22ab0484510f","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":"19fd1240-5955-40e6-858b-61d8dfe335ce","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":"4c656e50-767a-466f-a1a7-1d5f058607d5","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":"092149c9-327e-4cc3-97a6-cee73d6c44ac","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":"702fbc98-e7a7-4fd9-9bac-884dd2b5f638","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":66,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"2aeb9815-1c84-4ad8-be7e-ebfe0008a06e","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":"e093479b-9088-4e95-bab5-9fa9b1334a04","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":"6a9cbd0e-dc73-4d14-9772-a670fb014953","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":"464c2693-d1e0-4c78-97e3-3aa27f77260f","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":"ac70cadd-0343-4664-b1c7-2d5afaaa0953","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":"2bdd4649-9645-4f72-ba99-a516a35c51c0","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":"126fa674-98bb-407b-9541-eac251504a1f","block_type":"box","text":"expire unexercised have no value.","page_number":66,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"4a47b7de-e634-4dde-b492-9087aa3a88fc","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":"c97dd81e-7ed0-4c64-9a17-6e345e43e9ec","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":"dffb6f56-3faf-443b-bcd1-d91aa2719c21","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":"8b65df99-d8b8-4c7b-a2b5-ab5516d7f0dd","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":"fc94f3d6-5d9e-4e36-8eb9-20667f461072","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":"615a00c6-b5d6-4808-84fe-2de48a8cb01a","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":"d1cb6535-47f6-43c6-82b8-3807e729ed1b","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":"0a36dcc7-1d56-4ce6-9345-68c1a9d13aa9","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":"a8b5a0d7-ffc9-44f3-bc20-88f6fe374cab","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":"c7eff977-4987-4046-a818-f580ebef7720","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":"8f925e9b-97c4-4fd4-83f0-d181717bab67","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":"f16ffa82-2614-41d8-b13c-365c9af5f085","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":"1d5bebb0-d75e-4e3a-9101-3b8cbdbab18d","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":"f3ef81a6-45ef-46e7-bc0a-5d14034a2ca2","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":"c9283cd7-dd2b-44c6-bc5f-6fac3c90a408","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":"a5663c61-a314-41b6-984d-43b7aa596cd7","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":"39490330-11d8-4dbd-a05f-3acdbf455241","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":66,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"c36de690-b2fc-4e33-880d-94f712eb4c47","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":"3d330eab-e40a-449c-bdfe-a3dee56af0b6","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":"aa9917a9-74c2-4e4a-9ac5-b105b5c69a6f","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":"9db34446-3eeb-4f21-ab52-193c090b845c","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":"0d090900-0b07-442d-b873-5a93d2385dd9","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":"a5fddebc-5612-4787-a2dc-7e776c6cafbf","block_type":"box","text":"Foreign Exchange Transactions.","page_number":66,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"d43a196d-0222-4b71-986c-842fd714a333","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":"bd39adaf-9691-43d9-b28c-49a3669b7631","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":"7061cc2f-c038-44ba-9a40-9089a799426f","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":"a4fbdd19-7019-4649-be2a-e0bbc9fe7ac1","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":"22ffd519-d79d-4e76-86db-d6bafd00a143","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":"d1793534-2aea-495b-8915-4740f71c4088","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":"1e3e1c9f-6162-480a-bdfc-ca85c060667b","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":"5db0beca-64ac-41a8-b2c7-fcd4e6ef4861","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":"7f5c0bf1-6bfd-4307-b64e-2002859de372","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":"777ad307-66c1-4a20-8f43-eddd65977044","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":"c7f62181-0bba-43a8-86a5-bb35242d1061","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":"79b62102-d510-4dc2-a99d-91cae4c23c3c","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":"03401875-2a98-496a-b0fa-f2bb043001b5","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":"bb61fcc2-9ef0-4c61-b894-45c2467a29fe","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":"5708a290-adad-435c-a4b0-b44a2b41ef6b","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":"fa4798ee-59f2-41f2-9609-1d9b6e9f7819","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":"274391ca-85d8-41e3-88c2-f9fddc66c04a","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":"10385d47-a376-43f4-bc51-19926f7acaa0","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":"f91db960-1693-49ad-9588-ba1a419f4934","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":"36a232be-211d-4de5-8239-17c5c87cfda9","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":"a537adb1-81c2-4f96-a835-adccfa4835e2","block_type":"box","text":"II-23","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"378a15cc-e523-4eb1-8118-e6dca6bf67c9","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f3c89c1-9687-4b0c-a900-394edc1670b8","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":"768c33aa-0fbb-46c5-b4f7-16bed34c0458","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":"21ae71c3-04f9-47f5-8bd6-0b6f4c2f7fb2","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":"29c94c33-8100-41fc-b992-d386e00758f0","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":"a9c56b08-4ac4-49ac-a17b-e8f0e0a880a4","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":"ebaf523b-c7f6-44b4-9af9-50f4c530cd66","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":"509ba141-1a19-4c8a-86bd-2a6fe6a4f864","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":"4b429ea3-b846-4f4f-a26e-10cab38ff940","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":"b179eb8b-7728-403a-9070-4f18a23f162b","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":"035fc64d-7153-420f-bea2-1e2237e8de18","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":"12826323-69ee-4602-9564-9e035e068eb3","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":"8bebda7e-32f6-4607-adb5-3b6144d9d2bb","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":"8d52d2a8-1b26-4037-941d-4fb6ef2d9229","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":"d98ba26d-93af-41e1-9eb0-f66f579d018c","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":"d48f3b41-9ddf-48a2-8401-300f6e0a5ad5","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":"a384486e-ac10-4828-912b-1cf13f5fafe0","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":"ca3a3b69-9186-41f8-a2e5-3d471176658f","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":"c9f0d999-ddbe-443a-89d7-6306d7adab82","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":"7028dede-7f30-485c-a01d-41a61ea43c72","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":"138f7bb2-dac2-4e62-aa5f-fcd1922bd5d2","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":"833f570d-8c86-4a85-a1de-97a5e7c57aac","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":"468ebc9b-8593-4cfd-a3f2-d5d46073f24a","block_type":"box","text":"involved.","page_number":67,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"64f3884c-59f5-4fd7-8769-b87dbfde495e","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":"2d97abdd-f64b-4b7b-8079-a734b59821ef","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":"d4a2db3c-64b9-4b75-a22f-9103ade2d2a7","block_type":"box","text":"denominated in such currency.","page_number":67,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"e8e60987-704d-4b1c-8373-e63ad17d1998","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":67,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"53437fdc-4d4f-43cd-867c-43988dc68acb","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":"24e5c787-426f-4073-a6b3-ea4874f20808","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":"4818466f-b704-4781-a03e-95b516ae5752","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":"76bc1cab-fcf3-449b-8a5d-b08fb3699ac4","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":"9f3c34ce-aaf8-4d48-8e63-8ee394fc800b","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":"6847a8a4-2de2-4298-beab-44d1c4d01803","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":"59af8420-3846-46b1-9393-d97af72f2b84","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":"3761239c-9650-4e1b-bcf6-1833aaee5c3d","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":"86e3f3d2-ba2f-409d-a34c-007dadd4caaa","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":"1ad13287-88e6-4a69-a8ba-0c82fe5b9437","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":"41468888-33c3-46c7-8670-4ecd779cd11e","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":"b5d37002-7c49-428e-af10-32914cede350","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":"9f21d867-a5bf-471e-b643-e506c39257fa","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":"27255870-e1c5-4544-9d31-26dca6640253","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":"e98bfaf6-dc7f-4eff-a0c0-bb3eaf5c4c59","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":"df5d9144-b84e-41c0-ab8c-60ad5db54957","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":"c26c000c-f0cb-4309-8857-22726c20bf4a","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":"592a3ba6-76fa-40a9-8b6f-1a7d50ca7f26","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":"33b7b43d-e241-4f43-9183-dfa1c04153f9","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":"e97be04b-0d1d-4e6d-a96d-894ca82efcfe","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":"9e8c1de7-790c-4e29-869d-486a903684aa","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":"2bba0fb3-2cec-4ef1-a2dd-eb24afac1564","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":"237c69ab-be1a-4b8e-802e-38ef4bb7ee25","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":"8d92d079-293d-4097-9009-261df813be80","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":"dcb8d729-a6aa-4650-8ec8-9862405e33f6","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":"70100806-535a-495e-8d6a-8d0525a9970c","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":"a97052a3-ab82-44bf-b018-76b80b049bcb","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":"d4f9ea2a-962c-483a-94a0-c2ee574c2a78","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":"13be882a-eafa-48cb-9255-feeb80655d1f","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":"b516f40e-5791-4080-9974-949f485ec212","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":"89493e05-b4a2-4fdd-b655-d6d02570fa50","block_type":"box","text":"II-24","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"855060bf-08a2-47cb-aeca-66ef8e94a49d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52f0dd1e-c750-46b7-9f85-6a189ab85b22","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":"e12065ed-47c0-4e04-93de-8ef75944cdad","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":"14e1a434-601e-45dd-9e60-62e57807d22a","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":"fd0364b3-41d5-4a48-aac7-f5b346fcbfa7","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":"5880ce16-2f33-450d-8e77-bca7528cf80c","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":"3aa09235-f514-4b28-993a-b14b74a2cb5c","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":"40d851fd-3caf-499a-9542-c1a35e8a6eea","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":"e703fb60-431e-4d37-9ed6-90a77a20cb0c","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":"75f2162d-6810-4f5a-8949-d759ecccc7b0","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":"942dc900-9e40-4240-af93-a22d4d0b8f4b","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":"3f960bc1-ce42-4f57-92ee-79c224760055","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":"3f8592f6-5f87-4a7d-8802-2d6a3c343f89","block_type":"box","text":"traded.","page_number":68,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"be9e8a13-fd82-4c3b-9f02-3ff93f380369","block_type":"box","text":"Currency Futures.","page_number":68,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"4347541f-9bd7-49a0-b163-166e65d37547","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":"7afe35fa-e664-48f4-9f9c-32ab7fe4081e","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":"3f894725-5e25-4eac-9b72-ad6b3b5a038b","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":"d01af04e-7f46-4195-a529-84b194b8009b","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":"adcb3c48-49bc-4bdc-aae7-9cf0cb5e33eb","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":68,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"17ea1561-0d2c-4980-ad76-d37fadcb4031","block_type":"box","text":"Currency Options.","page_number":68,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"a404401a-68ec-41d4-8832-d3c58f78e333","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":"2222447a-88e4-4b53-b49e-7be41f6afa47","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":"e983162b-573c-4558-87a4-b72b652de153","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":"5b91481a-9d6f-49d1-ad44-a8264ba86059","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":"fa1efa46-d228-446f-8901-b43805731fd3","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":"3b122d0d-1ff2-43e4-99c2-edefa1f9e6b7","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":"c64d37fb-e2bf-40f9-bed0-49ac455e7cea","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":"cc5779e4-88da-4f79-b57d-3ad56bcb56b9","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":"ae955496-b068-4f33-962a-b12b604621ce","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":"54ca1d2b-f9c2-4fe3-85f1-86cd402b1692","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":"b23f8ab1-f205-494e-88d7-971ee56477d8","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":"a6070f98-75ab-44aa-9740-083ec6ca9635","block_type":"box","text":"Currency Swaps.","page_number":68,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"52d2fbb1-8cc9-4514-b88e-1bf5e5be6a1f","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":"3a467540-977f-41fc-a679-5842fc42810c","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":"2ecd32da-8c0f-4059-88d8-9f7b918e5ef6","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":"25ee33ff-b2b3-49da-a1f9-5997276f7dcc","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":"ba5aa644-0fae-4e59-b8e8-0d54aac2bce8","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":"cce7d37a-d67c-489e-8edd-f379407223c6","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":"d873633c-474e-41d9-9f2a-f7753e785848","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":"b2e3ef34-f417-4ae6-af41-35fdf0496d84","block_type":"box","text":"Distressed Securities.","page_number":68,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"9417ad34-ee2f-48b2-a13e-854565475f56","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":"079029e9-8b0a-4358-aa66-bede4b05d2f6","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":"f0ebcced-93c0-492e-b6ec-e0e67c05c451","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":"341e1317-30dc-4667-b630-dbe345a891cf","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":"18408796-4035-4bfb-8805-7665c2435004","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":"51ee2aec-ce2c-44eb-bb8e-841ef9f4b2b2","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":"7c804a82-46f2-4ab8-aeb2-87818e997744","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":"986e74b1-1133-4086-87d7-7a34c40de889","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":"2801858b-7b88-426f-9513-308f1f329969","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":"a267e2b8-f127-4513-94cc-1c35a085ee9f","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":"7a9d4a53-6d11-4c4f-9940-f8ac7e6a4b18","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":"88f1bcdb-b348-42ae-8597-1a8538823c3b","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":"4f9d6a34-ff39-4e65-a185-7ade44b4c7b9","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":"bcd1d006-2ca8-4339-93e4-cb2909b1843b","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":"cc4549a4-3d01-4e71-b4cd-72576230461f","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":"d813b0e7-dca1-47f1-b41c-ec601584e6f7","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":"5b9c8546-bd9f-4109-bc0d-52bc8535f4e5","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":"ae03d78c-7c33-4334-ad14-c1efe4548783","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":"f8d8b74b-2868-438f-a42e-70b4aef7699d","block_type":"box","text":"satisfied (","page_number":68,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"63616334-2aeb-4b57-944f-b754725ed551","block_type":"box","text":"e.g.","page_number":68,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"acae00ed-6233-4620-9d8b-58179f470266","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":"7300055a-a34d-4876-98cb-4f2bde118f07","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":"6551857a-e458-48a5-90e8-bee98fdbc4f2","block_type":"box","text":"II-25","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f71b992d-3c9c-4f71-b31a-5173d2dc5000","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96bed61e-6bf0-4ffc-b3ce-49c104710da2","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":"aef6cf43-8e8c-45b8-8f30-04dcb44adb79","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":"06780263-c278-45bb-95e5-f10bb20f3eee","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":"ac8d0b85-83b5-4829-b1b9-524a2dca9d9d","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":"e528b1e7-78b9-4635-bdd8-b8ab5907dcab","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":"df281c9e-0e7f-426d-8c06-47b35489f664","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":"13c70571-3b3d-4811-bf18-4957b62d30a8","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":"3bc13817-f4a6-4364-bc3e-5f2cabb675e0","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":"217f9e19-59d1-477d-ac17-7995410e1806","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":"3bc354d1-db12-4489-aa3b-348723d8fda7","block_type":"box","text":"affairs.","page_number":69,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"02cf53e7-71f3-4b63-b166-f6bd9c5b0303","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":69,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"b6793d64-ed9f-4c4a-9736-9a7ed8a21688","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":"8b0ff157-37b8-4fd8-b193-8c1faec81950","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":"5b422a81-67b0-4abf-a3eb-c68f5ecb5648","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":"5db954a7-d40b-4129-9dba-881b7c48a9fc","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":"c6fff341-7852-4a73-aebc-f340ac3bfe4c","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":"70bbe1a9-850a-4766-b25e-f07ae386a7c4","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":"c1319d08-dddf-4403-9ffa-55951b55c8cb","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":"bde5f26a-91ac-4649-a94f-71f6ba5b32a5","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":"780e3781-950f-4049-80e3-6296eeadde2d","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":"c06346e9-1d5b-48bd-bd3c-9d554afbfaba","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":"bdaa48e7-e067-4b1a-b095-964393fe77f8","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":"06698cb8-55fa-459d-b9eb-5830e1174aaa","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":"e5b32ce0-43c7-4eee-8290-72a75252f59a","block_type":"box","text":"Equity Securities.","page_number":69,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"4a8c87b0-6b95-43a4-9996-deebccfcb010","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":"7571068f-c8d2-402a-92ae-d9affe375e4c","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":"4b68ba9d-7c23-4d5c-896d-bd73c30f2e35","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":"9ca06ae2-7aaa-4862-a340-e036fc92da0f","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":"06394182-6252-4bea-bfac-6380eb3b607e","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":"d82e5f90-1a08-4eec-991f-c8e65d6a36c1","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":"8da54d07-1b17-49a6-86b7-e35e64ffaf47","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":"af3ac1ca-8541-448e-a6e2-dc2f9bed03b6","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":"c4de3be6-df37-4216-9667-04aa2b50cb2a","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":"1f3225c9-f909-4218-9107-a76b3f58676c","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":"334f9f48-6486-4706-94bd-ad5b38b262eb","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":"766ec10c-9f94-4ad5-b174-bb8ed18a9612","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":69,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"6d40b8ff-1953-4333-b43a-3c3f9b59908c","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":"eddb124e-b442-4e09-818f-9edbeac33261","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":"0fc797de-e1b0-4644-93f8-31bf73494f4d","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":"e72e0354-324e-4e3a-9518-1544c5cfb2cd","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":"a0aa1f47-522b-4f5c-9b6e-4523fe1e7e2b","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":"8abd9b71-2c9e-4a46-a0b7-40d7715be69d","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":"05ce9ab5-d6e2-46eb-9b1e-b284b2c476b0","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":"2041c3d3-827b-47e5-be8c-6673589aea9a","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":"465b785f-dfda-4c11-aafb-10345bc7065f","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":"4b9be27e-e71d-404d-a18d-d6a6c3f6d11a","block_type":"box","text":"initial public offering.","page_number":69,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"75706b5f-7293-4a74-83b1-82c4b443b5d5","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":"7429e536-39b0-4d00-b8a6-0a7b15e19748","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":"e78aefe2-87a0-4039-b2c2-c9671089ffe0","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":"f32c46d6-3843-4849-ad58-c666294dc880","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":"0b86a58d-0f4d-494e-896f-908cf09bdd38","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":"df30e75f-6cf9-4c44-a29e-a848d2331f0b","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":"9cbcb6ff-ad58-469b-89cf-0a7b6495fded","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":"bf74227a-1e1d-4b55-8a0b-2bbf8199e4dc","block_type":"box","text":"more established companies.","page_number":69,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"73dfc7e8-d9cb-4b6b-b5ba-cae57d1cf7ee","block_type":"box","text":"II-26","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6dd505b0-e280-4791-9568-10a9f71d4279","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f137d3f-ac76-4b75-abe5-0712b548be66","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":"0f6feeb3-2068-46ca-b831-158e66dcafd0","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":"bd86f68e-ea94-46e0-b24c-f6450d863ada","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":"2d766f9d-7dcb-4695-959f-c1315a7fbf05","block_type":"box","text":"below.","page_number":70,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"85389228-b50f-47a4-afbe-7d4268b17097","block_type":"box","text":"Real Estate-Related Securities.","page_number":70,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"b1e4eb71-7b0f-4b92-953e-af36f233e9f8","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":"bcea1e16-90c3-4eed-90a6-57e7f887f69a","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":"d49b36d9-e08e-43cd-a805-c44da1a46c25","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":"75feada3-8ea6-4729-8a3e-d89168c76c60","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":"6a2f67b5-c85e-4241-a5f7-87dab7e5bdbe","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":"1971dde4-3e39-4987-8013-5891734c27a8","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":"005d7045-42b6-4248-a530-43b2bfa20c9a","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":"2ce70d5b-ac60-4013-a291-340217febcaa","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":"08946816-3000-4aaf-919b-b53b6cf0fe38","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":"9b6da90c-2abd-4d70-a874-3607e6f2f3ce","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":"44d4aa74-7d16-4153-b408-3983243ecf5a","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":"6d678b15-bcb9-4f1e-a9d5-2cfc281c0bbc","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":"d19ed534-9028-414d-9cf5-299f8878664a","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":"5c88aa4b-a05f-49ba-bf0e-deeff4982952","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":"30f92936-565c-4e75-956e-7ba8f1f585c2","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":"6cd98f96-7559-40a2-8ffb-7ad734e7d3fb","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":"ecb74812-5031-4c25-945a-f96a949ff859","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":"400200d4-ed75-4400-b7a0-a8ec1fa37499","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":"4430fc9e-a1db-4577-881d-53960b56d79d","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":"d9177663-5c62-4d81-95d2-7e7c26fdd5de","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":70,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"72a648e8-d8b3-496e-be36-34a08e3a5fa1","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":70,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"d8a6262c-22b5-43dc-948c-389f730fd673","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":"5d527ecd-eee4-4162-9c03-4eed48d8878b","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":"ec191d1d-1925-496a-b3f6-de57eedc13f2","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":"4d489a93-d4f5-4ffb-9842-ed15200f1a97","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":"c8eac4f1-66dd-429f-ac92-ea4f005f2020","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":"97c357fb-6abb-4128-9dd3-c0d04d02e7a8","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":"ca740bab-9356-4f0c-9b9b-496d69c80ff1","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":"98d87118-a814-437b-9ddc-ca61e6ad9e8a","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":"c6fb2abc-ccac-4fa1-922a-bd6f1d2ec038","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":"9b2ebd2f-ed31-45e2-b9e7-2d4b1190238c","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":"9d2604cd-6d3b-49ec-9d41-d30140d3b9a5","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":"bd9eef0a-db75-4065-90b3-54a1a0c5dfe4","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":"4c7f7764-78c3-4566-8601-006bc53333b2","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":"a6845542-4d53-4049-b9dd-3be7fd300ec5","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":"4fec5d00-92d1-49c7-8ea7-43bad5d1c898","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":70,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"03f413f3-3634-4430-8469-6272129588a5","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":"1986040c-f0a2-4990-a52f-76ae108ca863","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":"60468f6a-c09d-441a-b7c5-5c7d8b4bcdb0","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":"1130a1e6-8d32-4c7c-91ea-db02ef812b90","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":"faec7a2a-e90f-4acb-8a1d-82275913098f","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":"e89675bb-0c42-4275-bc4c-d5fdd9855ac8","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":"a5dc4793-4918-410c-9778-57ae950d1152","block_type":"box","text":"cycles.","page_number":70,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"6067a0f3-ca12-4e1b-9d8a-2cf0f828f5a3","block_type":"box","text":"Tracking Stocks","page_number":70,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"43b990aa-69ef-422e-91ed-4a49c8bd8b3b","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":"f5adfc28-115a-4ee7-a686-13a16ffc4f8b","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":"bfc9aab7-ff35-468a-80dd-1fdbe435a023","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":"51047493-90c5-4d19-98ee-24c39701f83d","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":"eee277a7-1e8a-469f-aacd-f9739880fbea","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":"2440d8f9-03d1-46fc-9a30-a6ecb623d175","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":70,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"b2147f6a-c40a-46dc-a6c1-74d739d02f37","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":"d6dbf051-50e4-40cf-a4b8-af9601a80082","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":"17857bd1-4da5-4324-9862-0629774ecd33","block_type":"box","text":"II-27","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fec76467-f0bc-485a-ab26-fab8271e2bfd","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5106563-d652-4549-a138-a504512a5266","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":"7a9f15e7-b8d8-4840-a273-4cdba2d6d6da","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":"e411d638-c952-41fd-b666-88df9019ed46","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":"d5dbc3c5-13f1-400e-a9d0-0ffe0eb4347f","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":"939c9892-306b-4295-8310-de1508acbe9a","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":"9f27bdc9-453e-4cdd-b8c6-4bd1a028fd55","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":"6037790c-e784-480a-aa0c-d734c38c9b14","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":"f0094164-8841-4d4d-b152-4b807aa3d0ec","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":"ab4a8ef5-fab7-418e-84f5-34da3acfdd80","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":"365048f4-037e-42f2-be1c-9194821b34ae","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":"25dfe6b0-8e76-438b-b18f-d30bf26ec50c","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":"c3485727-f7ff-4ac3-ad19-5912052780ce","block_type":"box","text":"ETN.","page_number":71,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"576aa167-dbd3-44c7-953a-1a6c93e430ee","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":"3ac6d92a-dccc-4882-a35e-f8cae10e0873","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":"df7a1822-e198-43a5-9f25-f4180fd7ec3b","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":"238d429c-a3e8-4b8e-9455-bc7ba5eab2e5","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":"d6f07c35-6e6f-4541-a34f-c9b7c30ee56d","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":"af2799de-8508-475e-9cb0-ff76a38ed635","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":"d63f72c1-c086-4822-8d90-60d7f11eb423","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":"33aaf7b9-408e-4c66-8b5d-cb8c42a663c1","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":"07439171-d3d2-4366-8400-e8ea23fe494b","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":"861e0166-38e5-4f79-9222-02036039a642","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":"5bcc7a1c-2a5b-47f8-9980-6d79d286a5db","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":"b54500c1-de1c-47cd-b8ca-acf3dfa5dfdb","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":71,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"370995e9-8683-45b1-ba03-7baf4df43528","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":"81ba6dbb-535d-4cae-9665-c7696e7efb43","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":"95e9df0a-7661-41df-8c32-cbf594e51624","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":"4c503738-ba20-481a-9e2a-e17a912bfb50","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":"7c877d75-2578-4ad1-a943-3176718e317b","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":"ca042e94-6a1b-4d47-bb3d-6646c28b5813","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":"73ee1473-bcd5-46d6-9047-a09044aca847","block_type":"box","text":"Foreign Investments.","page_number":71,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"019878ba-81cb-4f0a-876a-5e9e77dc589c","block_type":"box","text":"Foreign Investment Risks.","page_number":71,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"f61dad98-3cb0-4344-b28a-2cdadc536148","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":"aad777d6-6cb1-475d-acc0-d786380681ea","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":"4de91db7-2315-4e0b-9dc9-37f346a4794d","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":"90dd6d52-dcde-4d5b-b01d-c72f55bcfbdb","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":"14b4fc7e-8aba-427e-bc4f-2303d0e8a391","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":"cdc243c9-1319-40f4-831c-be64362586f6","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":"315fc68b-b829-4224-b070-60b0156e85a3","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":"3ee22436-aa63-43f5-8e3d-60ca7f56db69","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":"5a53c3f7-e5d4-40c0-a7d2-5435b0c3ea29","block_type":"box","text":"benchmark index.","page_number":71,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"804a8a17-bb40-4873-8bad-53d49c30520e","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":"4c93e7ac-a392-4bba-ad7e-eb99af4b9923","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":"9e20fd52-7411-4523-aa53-dae295accfe5","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":"27ef2d08-cc5f-4780-b95a-7b2e1e7603d5","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":"c415c4e7-efb4-4405-a872-cf9fb6c3101f","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":"51d28707-ae49-4ced-894f-abca65079ccf","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":"0883d44c-747a-4a40-b8cb-4aa2ba0821b8","block_type":"box","text":"securities and zero-coupon securities.","page_number":71,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"8857d949-5e28-40bd-8963-6eadd8e2aed0","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":"56955a07-1450-4ba4-8956-fd1322f1607e","block_type":"box","text":"taxes.","page_number":71,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"79dda8c1-d953-46d0-b1cc-f040dbba6624","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":"33af0344-e315-433d-8cf8-cc9dd6e7318b","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":"581da630-0f57-4027-bb0e-fea8e037bc5b","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":"fd64f94d-d5e4-4457-8fd0-d1fe4e8dad1b","block_type":"box","text":"II-28","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a612922-b2b9-4f6f-b70b-9ca50666414b","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8c1e6a8-1304-42a0-b85a-474e4cceca07","block_type":"box","text":"underlying security (","page_number":72,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"e50325aa-b8fd-4f36-b73c-fa34ba507588","block_type":"box","text":"i.e.","page_number":72,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"17ed7d3c-c3be-4758-a0fc-a56720275d48","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":"53612d26-07cd-4331-89bb-bb99e6ebe66a","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":"f92e8b78-02c3-4bdd-9fda-6267074d847c","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":"cf40261f-b8cf-4879-aa8a-31d39ac73d90","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":"31129399-ea9a-429f-96b0-4eabf5cb0c69","block_type":"box","text":"Foreign Market Risk.","page_number":72,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"01e44f45-71bc-4215-8988-d00df21a7ed2","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":"97e5fc56-cfaa-4688-a361-07601ae9d029","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":"ba4c8a04-35de-4e05-9a8a-79918597ae6c","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":"7126acd7-9200-4ecc-b627-778bb39c3323","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":"f4a8c779-fbad-46db-994c-6f9f6c575522","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":"3093c871-71ba-433a-bd43-48c50e39dad8","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":"d29d7b21-6755-4b12-bff1-31c8b6855426","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":"6c66d84d-cb56-4843-94c3-407dd78f4fc0","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":"60e591ef-85f2-403c-94d9-da59f5cd78ae","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":"fde0e885-001c-4262-8ae3-4b0861adc3cf","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":"f64d94e7-09d1-454b-878a-8ea635ef129b","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":"dd066fe8-01db-436a-9531-b771b057919c","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":"1f299847-afe2-4ef5-972f-3aa07476cc73","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":"1f202e41-dbd5-4812-8275-b0e2a30ef50e","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":"08ab0a1d-d0bb-4b24-8e17-353f659e1b23","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":"60b0a58c-01d1-4d66-b89d-e9e346856e74","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":"899d3eee-673a-43a1-b020-fe55cdd6a707","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":"161336c7-afe4-4590-9ec5-3a0cb97daa04","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":"415a4b0f-e4f9-4a4d-84c5-74eb9e4976a5","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":"49a9865f-78f6-4ab5-b8cf-f1d171409ca1","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":"37b37bbf-e140-4ea9-afa4-8b736bf4c72a","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":"d4f69996-8c95-49f2-9be3-e384916aede1","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":"1fb13e68-d801-424e-b3d9-00e7bc2dd5a0","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":"a4e0acf3-3de2-4033-b840-175f700e2f39","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":"44d3dc32-881b-44b7-aa35-f895a363ebb9","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":"3fa9bf5a-90b6-48eb-a3b9-a5c6d5813d0f","block_type":"box","text":"Fund’s operations.","page_number":72,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"d01cd9c9-a4a0-4541-b9e7-817d038bd749","block_type":"box","text":"Foreign Economy Risk.","page_number":72,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"bc935947-5fbc-4ede-a9f8-c865f5f42ffd","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":"67cec20b-a317-4c83-b498-55ccc3cadb0e","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":"fea212e7-f0d3-4298-bc9d-edb99a02dc24","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":"7b0d280f-dfb3-42b9-a8bb-ac963394ee79","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":"45ead144-b4c5-4d35-84e2-5c3bd8251d91","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":"86500216-8868-49a7-9bf6-d1c36364fb2a","block_type":"box","text":"measures.","page_number":72,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"cd00e71e-fed5-4c46-82f7-0a68ea892aaa","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":72,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"6b2e4960-8680-4a43-8db4-12e0d2cf99c3","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":"ae7a9a89-0925-4069-8c6a-e0bf59cf2fb7","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":"b87682b2-10b5-4264-aee4-23da8ff95712","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":"053a2947-a75e-4e2b-825c-93a0c6df0e14","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":"83be4206-2389-4974-9a54-f0488c2d5e40","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":"3539f3b3-629d-423f-9496-9857e28da827","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":"a993e5ec-746d-4207-81b7-b0523d6b2846","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":"1a516b8f-e238-48f8-8010-f6bd2f50c00a","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":"1490e891-5b3c-45c4-82ea-85612a06b03f","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":"a635b7d3-7cc6-4d8a-87a6-6acd865b96ea","block_type":"box","text":"United States or abroad.","page_number":72,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"35c854c5-bb2b-432d-b88e-e2fbbb45b3bc","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":72,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"9f62e8f2-e53a-4c30-9c82-f9f62eaddf65","block_type":"box","text":"Many foreign governments supervise and","page_number":72,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"3ef33e46-7ad7-42c2-a270-a8af275ac4a5","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":"4551e254-fb83-44dc-ac98-f71033dbd988","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":"c8c3aab5-7f9c-4dd4-8142-04197f031457","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":"3bc8b40d-1036-4aeb-a262-91e680611d71","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":"0df1cd93-4ede-4b99-b44a-b4312adde6df","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":"f6fc6fe0-50c7-47c9-aac4-9bbf9b39210c","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":"52f04edf-3dae-4548-a820-0771eeab6607","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":"6188d428-7368-4de7-9cc3-0e33b6dfc9db","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":"da8cc2a4-a8bd-4e62-b187-a33f1987f88f","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":"65cb25df-4e69-4e5b-964d-99f78aabded2","block_type":"box","text":"II-29","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0ed27de-c7e8-48c8-a6ed-00fe574aba3d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d97b769c-d135-42e3-9e67-17697e5f421d","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":"50445a1a-2537-4dd9-b2b3-09edcb9f8e5e","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":"55d35452-4093-4b81-bcaa-1be69f8af001","block_type":"box","text":"investments.","page_number":73,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"2e4eccfe-bf94-4956-9f12-181efa276961","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":"e8f65ee6-5d38-4000-a0ec-00ec1f5253f9","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":"8f5d3d74-9c7b-48c6-a576-ff95c8e98573","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":"2e2d3e4a-a527-4051-86a5-9ae44065a53a","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":"b300fe60-12d4-4bbb-8963-b32a9fb5003b","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":"3e7d3ce3-9ad8-4845-a032-20751f9117c2","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":"7139214c-0ed6-40b0-854f-c81f86d9f480","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":"f9b3aeaf-c993-4852-abbd-b06b7183a281","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":"4ef3ff90-b4d4-47bf-b10f-3b3a1aec6061","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":"f08f0ed0-b75c-4dd5-a49b-4bb58114a4fd","block_type":"box","text":"States.","page_number":73,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"ae606c45-7bb2-4de5-ad0a-afed4cd57e68","block_type":"box","text":"Publicly Available Information.","page_number":73,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"3426b8b1-e087-4c20-a17e-32d75b6028d3","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":"bc322bfb-a018-43e4-9488-16471a6fb195","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":"c7d9042a-92ff-4733-acfd-6427801dda85","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":"5d7ece6e-1f3f-4ff2-8011-b81f142417eb","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":"d5dbc9b3-60c2-4a57-bd04-600919ec4a1f","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":"28f15145-46e0-4c07-97bb-e5833b594646","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":"f1508091-8e8f-4379-bd4a-290d8bb482d4","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":"1a1d9d6f-2aed-4b56-9551-5c8e954c43e0","block_type":"box","text":"United States.","page_number":73,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"ba686cfd-138f-4b18-acb9-ae3ff75a0c10","block_type":"box","text":"Settlement Risk.","page_number":73,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"223f9cd1-8a95-4e5a-b42c-f873629d62da","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":"2af80936-d71c-4c9f-98c9-f1441977a954","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":"931c5ef9-71b1-4bf9-978a-f89c716e1d2a","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":"1b9ecafa-640b-4ca8-bc77-1a93e530de8a","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":"4b816961-3eed-4e6c-a081-4730e714a9a9","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":"14d0ba9d-729b-4c90-b29d-801aa8157d50","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":"c63acc9b-75bc-472c-8e35-6dee6abecd01","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":"af82c1fb-70b1-4913-ab1c-367a8ecf5a20","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":"23184d86-6af5-400e-96c0-ff1f95d938c3","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":"c0b65488-0e6e-47e4-9ef3-c1d91fddc0c7","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":"bb44df97-b4e7-4002-868a-df2d4b89a931","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":"04023cd8-85bc-422d-8be5-5cd1cd53707e","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":"5ff0d464-4206-4f72-9aa3-788b8d05d6fd","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":"eff6a0c6-4258-4111-beac-bc0e71b51e28","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":"0bf11847-2375-4823-a2de-1de18e8ad285","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":"2bc96126-64fb-46c9-a767-a7962199dafe","block_type":"box","text":"Sovereign Debt.","page_number":73,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"03f9cbec-7d58-4f99-83da-957d99bee2ed","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":"6759e4a9-d5e8-4390-8337-73cab34ec9e0","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":"4f3bcfc8-c764-4745-9afc-0a43daf56918","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":"a16f29d0-07bc-4d09-a5cf-9738594ebcbd","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":"e216808b-2d84-42f2-933e-43bf9bfa8999","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":"d4a63b55-b241-4396-8049-6d38fbd342f6","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":"487df4b8-29a0-4b19-a348-ec9d322d6410","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":"9a2ba795-cd38-428d-bb77-ed5a29e9dca6","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":"35ffb07f-e0ac-40ef-9b56-0415ed56403f","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":"c6e95c95-44e7-4392-ad91-cee7e2a1a8ee","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":"77065e0e-15f2-44ff-b8ca-38f7754431f2","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":"7c8be085-76dc-49fc-bde7-5dfe4920ca66","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":"a3f50590-0bbc-4aff-9fcb-d8c64bb3ba3e","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":"f870b664-a42d-43bf-aa50-f1491e0bbd24","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":"4f019d63-b7e9-483e-bb5a-2220b45713ec","block_type":"box","text":"debt.","page_number":73,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"67659210-f21d-4499-b348-b9a2ef377231","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":"01282cbd-a04e-4ffc-8dea-435740569ab3","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":"14bfd186-d427-4d05-a2e9-01d68d57866a","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":73,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"523e9ee1-3871-4254-afc0-db76faa6604f","block_type":"box","text":"II-30","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52cfa494-33d8-4995-998e-6ee5ae0036ba","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c1c4fa7-ead8-482a-aedd-b4fa3b582fe3","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":74,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"6e1383f8-f0b1-4f01-acdd-751edb47b8fa","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":"c9397496-c4fc-437e-966b-cd4503d428d4","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":"cc282060-fade-46a3-9540-491138c2a204","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":"bc50ffeb-e1f9-49dc-8d40-a5d14e765862","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":"55b1de98-e96a-481b-913c-ad7116ba346f","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":"04c49c8f-07ec-406f-98d3-582f7f1e93e0","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":"3df61a86-fa26-4eb1-b5ad-2e5234b85cc4","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":"e21df4a0-e980-4972-8a79-dd398c4b0971","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":"cafda482-6c56-416d-b4be-578fe74ca7f5","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":"b408da95-5d90-4a45-b90d-e85e7d18ede6","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":"339ae935-89e0-4678-acfc-89e821f16691","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":"93673e6a-473d-442e-85a3-68119c3dfb10","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":"73d43fa7-9960-49af-8ee5-581df29571cc","block_type":"box","text":"in the Fund’s net asset value.","page_number":74,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"2c14844d-a146-45ae-a62e-a0c29272729c","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":74,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"de356e24-0ff9-4e05-8190-8ff9e9270bd9","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":"097a157c-c3c2-47e0-9ac7-9b16dc814753","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":"8210f93b-097e-4667-8043-40f50c7d9e50","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":"39f77140-f747-420c-a4e9-0df9b7533b81","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":"f637c760-f26b-415b-ad4a-a9dc90468137","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":"020f3f4e-dd77-41d2-8a38-b766ce7eb84a","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":"8823144e-bc5b-4104-a082-a6869a0ff144","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":"cdc6d188-b937-402a-805a-1f4caf56e2cf","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":"1f5f0146-1a72-4368-882f-5b2c14b9a09c","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":"c9b1fa56-997c-4bf1-a258-85eb55e988c3","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":"dd7aa02e-8d79-4c46-b90b-961ff0150833","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":"97d873b8-8c95-4e1e-b856-e151859fdef4","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":"d38c8849-514c-4612-878c-56989f87edf3","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":"0cbe82b4-12b7-4db9-bc39-13e1cbbba33a","block_type":"box","text":"Fund may invest.","page_number":74,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"0ed9151d-a7ac-4365-8010-cfbac244739e","block_type":"box","text":"Funding Agreements.","page_number":74,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"753cd4f5-c975-4701-85e0-0787fa936869","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":"d8a30e37-787a-47f4-a646-9e8f7ab9a521","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":"501e7267-c5a3-43cb-832a-ef9b094332c2","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":"3dd8d30a-a3f4-4ab6-baf5-af381062ae2c","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":"953ea860-eb29-4a5d-824a-af7fa7dfc03b","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":"5eea51f7-7339-4575-a621-9da649a40fff","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":"0a818ce2-42ea-4b96-ac61-3d4c66f201d3","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":"c166f571-78e7-45c5-a142-14f0aeaef375","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":"f230b973-bd5c-4bd3-b7db-263a2154b7cc","block_type":"box","text":"Guarantees.","page_number":74,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"969dfa2d-6aae-448b-9c66-00072ffee903","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":"01cb3ae5-6d7f-464b-8205-5ae9fef472a2","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":"d8cc78ae-1970-4176-ab78-bac2f3f3d044","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":"7994387c-03cc-4d49-a9af-9e122ecc8c28","block_type":"box","text":"Illiquid Investments.","page_number":74,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"cf49f115-b3ce-4664-a7f7-9a3fa22a3cde","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":"e567a659-5728-4144-9740-f1a597820363","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":"d78564ce-c486-40c8-932b-55b4a1449cd1","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":"367578ef-4e9e-4d0a-9191-2b058d82f453","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":"c7164a8b-b5ca-4f3b-a89c-7cdd575ddcd8","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":"37f00854-4606-46e7-9fe1-4a2836208599","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":"a4e7c485-da1a-4578-838d-65571b66cb04","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":"3c9dc676-891c-4261-82ba-4788e19fd3c7","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":"299eb680-0e87-4a6d-9edd-d5a912f8eb61","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":"9b3837a3-1ab7-4edb-b609-21011849a128","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":"0787e0ae-5c00-49df-8c25-ac67327ca368","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":"5df9482c-62e4-44de-ad40-808ad1dfeb04","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":"aac17074-1d4e-48fb-9259-62d9f763f719","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":"cb327a4c-c564-4c3f-b44d-e0a98494bbab","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":"fa81f50b-8816-46c3-a986-6ff36b0da484","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":"f053a58b-8fa9-4e03-8370-6b586befab7a","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":"7c59a470-60dc-4113-a3e1-3c154d482d8c","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":"cb86c80e-6e42-4c18-ba74-da8e72533e56","block_type":"box","text":"II-31","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70d1e58f-fd82-4b1a-8b20-703cf7c1acd3","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f6e91e2-710e-410f-9254-9ce77e11dfe2","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":"b970a7cf-94c8-463f-8e14-643f1e24be1a","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":"9b149e27-af8c-4930-b2a5-55ff71c80ad8","block_type":"box","text":"Index Funds.","page_number":75,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"f5363260-d14b-4ba8-8d0e-6699afd71ad2","block_type":"box","text":"Cash Flows; Expenses.","page_number":75,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"af9749ae-4ac3-4d3b-ae2b-0e55e1aa599c","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":"edf56dcf-a131-4951-ba19-f073817ec45c","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":"806fe077-683b-4350-98b0-8a78725c8a7b","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":"73529f7e-b459-41bb-9b29-706e607a9eaa","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":"d12916d0-a055-427b-8f9b-94d206f4ad1a","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":"6ad4efa8-0bda-4054-95c7-d334ffa95be4","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":"19d3864e-e8e0-4a43-8930-6d6145e0a808","block_type":"box","text":"(","page_number":75,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"f7f2b62f-a990-4644-ad16-c85d0a35f720","block_type":"box","text":"e.g.","page_number":75,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"ada4f172-39e7-4e95-9893-6414b53fbd8c","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":"ad65081f-488c-47c4-a2e4-dd30ac43d792","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":"0d668e08-7cb8-461d-9371-fa452f6a453c","block_type":"box","text":"par ticular security as an investment.","page_number":75,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"db269941-f95e-4d9b-a59d-c2218c0ca86a","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"5d43295a-f03b-466d-93f1-8d793d8c171e","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":"e75db763-6968-4eb9-af35-e30ea94c2be8","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":"605acc74-8785-4153-b5bd-500b1be6965c","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":"77b0ec2e-dda1-4b19-a363-6ab7e4ec570d","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":"b54655a7-68c6-4b56-83eb-463f3bedc711","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":"9c6d5adc-e96b-4f35-89bb-8d5cef4fe1fd","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":"fe961d48-a401-47cc-95ab-605350835160","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":"0b5b7c87-0bef-4daf-9a78-e37619e91815","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":"56b9e1ae-1855-4a5d-bb87-6e6fda21955f","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":"a6346514-5639-4d75-899c-74f41e80cce1","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":"cae2c24f-ac4a-49fd-919c-81aa80e1cc93","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":"340163d0-4eec-4c48-8e39-51408dcf192c","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":"65e90ddf-73e7-4147-9b6a-89a2646db5b9","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":"827ac54c-3178-4794-84e7-6898410a559a","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":"13f60783-da4e-4907-aa8c-7ecebc836b93","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":"1cb517b8-a250-45ac-b292-f406f77532b2","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":"496b1f15-b6aa-49a3-860c-6a6e6424b793","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":"bbf03de9-2b14-4349-a2a7-25cbcc71d8c9","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":"958d51f6-a3e4-4657-a3c5-5b6ad58c3804","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":"03689d12-7e2a-4e3b-8368-e1714878ebcc","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":"13e58543-a590-48f7-bc73-1dd7ea6d2a27","block_type":"box","text":"ICE BofA Indexes.","page_number":77,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"92b774cb-9866-41e2-9a5b-932cac505e73","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":"6d97c288-e019-4b6f-8a6b-a68fda7aed92","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":"4d5ffa23-dba4-4745-aabf-f6aada07fcb1","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":"6a586204-2dd3-4167-a6ae-5e3f04dae645","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":"cbcd5657-34b6-44ba-9851-e9412a47200b","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":"139e1840-0c9e-4778-8d8a-79a8ab55f37b","block_type":"box","text":"completeness, or otherwise.","page_number":77,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"d05ae9dc-897b-4fb4-87f0-42f490108b0c","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":"40cf193c-5618-4412-8a34-3bb02238de8f","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":"7854526e-f82e-4356-9daa-5aabf8e038ab","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":"8313ab2f-1b8a-4b02-97ee-c3e218f2f5ac","block_type":"box","text":"Indexed and Inverse Securities.","page_number":77,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"4dcabb0c-c512-4055-b90b-045c7ced9f66","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":"7a6f3d7c-3cf3-4841-a485-a45fc91d9365","block_type":"box","text":"par ticular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":77,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"515478ff-b0f7-4222-bbe1-3fbabf853afc","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of cer tain securities also may be based on the","page_number":77,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"721172b0-33ec-47f6-8492-c5681905a1ae","block_type":"box","text":"value of the index. 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":"6ca95cac-8188-4c30-8fd3-4ce6e2437351","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":"3d0ef272-798f-44bb-9b1b-54bae12de3e8","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":"e7db0308-a773-418b-affe-9b515277f7a5","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":"3ab1b8c4-8132-4da1-af96-c543f92d39c1","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":"c74d2e5d-bb9b-48b1-8b75-e7860f829d61","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":"cb26b14d-1cac-410e-a912-39ef38af0227","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":"cf4939bb-f80b-4af0-a479-ebf46edd64c9","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":"c6ae6d8f-308f-4259-aca5-0144d4db369a","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":"7a7b2e55-c7db-4efd-93c0-ee85e67cdef9","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":"25cd8c19-8e62-469d-a69f-9f9aaffecd97","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":"d327c26f-3733-4e5c-a9bf-1d962f857ec1","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":"50103a2d-e264-4fd1-a0da-3273e057c756","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":"fd145171-9883-4acc-aa45-b18e6af04ff6","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":"22e2f4a4-efbb-4235-8652-ac1b07187fb3","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":"0c90c438-1d38-4778-b04a-1a2571a000f4","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":"2554646c-02c7-4017-a49f-fa14c71b172f","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":"11a941e8-19d6-4903-8e6c-f9e26e9324c4","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":"0f88598d-a361-4cdd-bfd3-808870e545a4","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":"0472ea7a-4686-42e2-825f-dfa1f92b6faf","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":"db8639fd-b586-49a6-91eb-4298b0d8198e","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":"aa51cb85-8481-453a-985c-40ecd5fa9dc8","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":"3c3b2b80-7b3b-4252-a3d5-04e19e2a2d0f","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":"f4342406-b57a-4d0d-86e5-58148344104c","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":"193da820-d054-4ba7-b1a3-ea752af9ef95","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":"c1350655-7c60-49fa-89af-bd13acbcf91d","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":"e6ff415f-e292-491b-b157-6e3284d3c855","block_type":"box","text":"Inflation Risk.","page_number":77,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"aca5fd18-838d-47ce-a7ec-c12f714160ec","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":"4fbaa60e-21b5-41e7-95ac-3ff910fad84f","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":"fac7d66c-c874-4091-b762-f5b63a74a484","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":"9c636764-68ff-4640-93fe-873aac91cbd0","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":"cc3c2f4f-cf54-415e-b97f-f4bbc1291acd","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":"f66ce718-83d4-4e24-9b75-39ddeafd5ca9","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":77,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"83ab9dbd-76ab-4d27-9710-756c3f47b28f","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":"b7072767-a78e-464d-83b4-23c52b010102","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":"3304dd41-4e28-4155-8ef3-154a7052bd54","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":"640b3c71-c9dc-4c5c-bf61-81eaf08e49db","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":"8b44ecfd-83e6-4939-b50a-e0acddc03467","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":"de47b506-b194-4ecf-9880-7f7764697272","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":"6a784934-1ea5-4ca3-b661-656dc4ee3463","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":"46e49285-8b5e-4f83-a190-67efe664bd99","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":"732e0c10-9c70-4e31-b776-f3b47faa487a","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":"83f10ed4-418a-495c-a7df-f77be78af61a","block_type":"box","text":"II-34","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6ec5109-64a5-4460-a694-09335f8c2ec8","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02268bc6-5556-4256-ac34-328be413b5f3","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":"b3cd7fd7-8009-4962-a064-e11af52fb61e","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":"956c329d-d550-40d1-a2bb-521fea8f05a6","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":"bbf6a331-2eac-4d6d-9f6c-3d65197c42eb","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":"2f71807e-5cb2-4082-9ced-80a2a1899e5d","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":"06952101-3ce9-43b0-8f3d-69f3b191dd73","block_type":"box","text":"be available for very limited periods.","page_number":78,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"0b9bcb52-bc60-4893-810e-7125bfcad468","block_type":"box","text":"Investment in Emerging Markets.","page_number":78,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"5925e148-b3d7-49f3-a16b-8e4535662fc2","block_type":"box","text":"General.","page_number":78,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"c2c69f66-7123-45e8-ab00-b7ae3c0126c6","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":"86a3d6ac-9139-4be5-b5d6-6d34121ccb85","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":"d37925e1-d6f6-4c3c-b743-97854f35da1c","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":"3ce7d9d3-11a8-4cd6-8c81-a122698923ba","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":"84047b98-f49a-4d97-91b0-15edb4b6010a","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":"487856a3-abc2-49a4-89bf-d0f82fd978f6","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":"72aa6a30-ceed-4f8d-b4c3-35342bc7768c","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":"2b1a58f4-9553-44e0-8060-4b5d4312cc2e","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":"36e65c13-7abe-444e-a278-52dc18c6e8e5","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":"7c08dd2c-3952-4a50-bff7-bad37cb01759","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":"144750c0-ac4e-4737-8752-818eb7877903","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":"5c338eac-ebde-4717-a18a-5ef7b88043f3","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":"cc6da8ff-5d1b-4f39-842f-0e47730abcf7","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":"bb52e53f-85db-4692-a077-4e466a6a3f83","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":"75cb3170-d80a-4c99-ad72-acaca0936a98","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":"c100c340-6705-4388-89be-8d999945e384","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":"84189bc1-a659-461e-9521-5e343b022344","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":"3197d8e1-8669-4842-9873-e3d66d1ef750","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":"82abaa3b-5696-4004-9823-0f7541b20f19","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":"d9b53f1d-009c-4e8f-901f-03fac841f32f","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":"8fa78a64-b287-429a-8970-5659250329c9","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":"9fecb2f0-ed9f-4531-94eb-72e719d4405f","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":"fb587d1e-e1c8-4cd3-8b38-c76d1a93a8db","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":"6c2dea27-48f9-45e8-88de-b728b94cef80","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":"54095793-50f4-4c9e-bdb8-5413a342b034","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":"94056a78-2fac-4b71-b8aa-2dad15a75e45","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":"ec906a10-0920-489f-8170-1a53a568a7dd","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":"75641cfc-4936-46de-9e56-cb40414a6501","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":"ce6bd43b-8c46-40d2-a701-e0d4bd9a88ff","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":"68eb39d0-5667-44a4-814e-f075d5964f9a","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":"8052b409-e78d-457a-a051-95c75176b644","block_type":"box","text":"volatile than investments in more established markets.","page_number":78,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"ab8dc03a-3081-44fd-ba28-89d68d78f00c","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":"8b5c70df-0303-49c8-8995-d6c23a4c2320","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":"50f85eed-e440-40a3-9440-5fcd309c318b","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":"356c047c-95c2-4ec0-9634-7d1772b75d82","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":"2171b3f9-77cc-439b-839a-82a1984caa44","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":"0bcbb129-51b9-4978-81a8-92ee0f48cb4b","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":"15dbb682-2033-4867-8694-76b0d84349e8","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":"216d5796-5a34-40d5-ade0-19c4539dbd77","block_type":"box","text":"acquisition or disposal of securities.","page_number":78,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"780069af-104e-41ee-b2ab-c204289d01b9","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":"f89f4b4d-1f07-43d0-8efb-5ca7216ba98d","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":"b71ee8c5-77b4-4c04-8649-c94debfb8fd1","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":"a279b9e3-f496-4e98-a62a-b217ec6fb97e","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":"dd6df0f4-5547-4f62-a39f-72e53b928e6d","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":"6f272779-dcae-41dd-9d2b-1cba721112df","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":"6fab0e66-c530-4724-8e32-d7e551f5a6d3","block_type":"box","text":"II-35","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9896bc4f-bbad-4700-b553-1c37e9808b94","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"960492b6-3399-426c-b752-1ff300ffe3e2","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":"4f0a8139-3751-4f1e-98c1-04a83483b42f","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":"7dd8f5ac-164e-4981-8eaf-c98fb9fb24ca","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":"c54c3c08-1264-41a5-8bf3-2c52df6f660b","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":"8ee3c402-9ca6-4014-81f3-84fc0e94e89f","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":"6b00ac5e-f0bd-473a-a3e1-67e5e89469c4","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":"1fbc98a9-5c6d-4f62-a76d-a757e234ca9e","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":"a884fb89-37ef-40dd-8ec2-2ce6561017f6","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"33a2aabd-4a25-4992-b109-8bfad28dd3b4","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":"1bda1f30-4436-42ef-8d23-8b6e97c0ee71","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":"28b90bc9-f95b-4ad3-b48e-a3a46a0b790e","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":"72595bb9-8a6a-4a87-852e-ef3a39fb0939","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":"7a99a630-cf77-451a-968b-94ef35813e3e","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":"b14500d6-06d2-42ea-972a-b5100b409021","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":"9d4d7993-2668-4d52-894d-7d8329d2348c","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":"b4ff39ad-f104-4cc3-9a14-87c21cef9448","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":"d94a2fdf-4900-44e5-bee1-5adf60e23cc8","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":"2e65cff0-b541-4fb8-bce5-be5322ca9bb2","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":"ba8b865f-8606-4669-98ca-d56342e025a5","block_type":"box","text":"per formance of the Fund.","page_number":79,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"809a7cff-bf2b-4a3a-8eee-b02e4ec6e057","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":"0add2d26-9435-482a-805c-26f4a6ea83a9","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":"bc33782e-3056-4215-8104-0ea8557e55cf","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":"f557f25f-1838-4450-baf9-21fc3dd190ed","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":"d9d12891-d2b3-4de4-8e28-5f369ec819b8","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":"fa16a16e-eb21-47f5-ba19-f77946e781a3","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":"6ca9c7b0-85c5-4570-a644-5a57b1296832","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":"c5ff9e47-1492-4b09-8c22-5fe4e58f96b7","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":"58cf918d-d127-4c01-ad1b-c44ffc8e84dc","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":"68928ee1-053c-4ef6-bb00-8c6eb7ca005b","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":"0618560c-c877-406a-90af-61abd3cbd16f","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":"6b285113-2506-4373-a9d4-6dfcdad55ce0","block_type":"box","text":"affected by a variety of factors.","page_number":79,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"83fac326-a945-4f53-9874-a1b5d5bedbc5","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":"2453c28f-2703-4904-bd86-ca8091d38911","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":"b3a6ae09-39f2-4721-9b0e-0b0805f53acd","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":"bac39bcc-2505-4223-b864-d3d4d7661b62","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":"ec994f5f-5a47-4c54-af15-224869e60c6d","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":"dfb3d986-5603-4189-9c2f-ed2884405394","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":"1c708d5d-aac0-41bf-b7c9-8de4a23b071d","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":"b3cf934e-6e6d-48cd-88bd-c1729202b61a","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":"a2e32299-9140-4b96-a099-8af8ede90db5","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":"fe378205-f407-44fa-b5de-7d671cb73983","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":"969e6b5a-4459-4127-ab39-b992c7b323ac","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":"42c99d54-e6fa-4303-b9f6-8de7bee1e6bd","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":"29a6e2bb-6e8f-4ecd-83e0-53ad137f7f9b","block_type":"box","text":"nations.","page_number":79,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"8a30f295-2a01-4f23-82ef-c780f099ff93","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":"1df290f9-6a16-4fd1-a792-6ee7a765cecf","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":"16c1d4d1-19b5-45aa-8b7a-bfe4bceec2fe","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":"4b76951f-c2a2-4faa-bebc-69db6421ace5","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":"e04970ce-14a7-483f-82ec-bbe0acb1f274","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":"08330506-f92c-46c8-baa9-aa45439710a5","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":"c8219a85-daac-4279-b8af-5a4a1619032e","block_type":"box","text":"market Asia-Pacific companies.","page_number":79,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"e2ae24fa-29db-47b0-aad1-509bd75c4594","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":"94afc312-7ca6-41c1-8896-586c92fa000a","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":"c246791c-d989-4413-a61e-8518aba75926","block_type":"box","text":"services for such securities outside such countries.","page_number":79,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"8083cb50-d6bc-4a60-ac8e-9ca0b6521748","block_type":"box","text":"II-36","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"997440d3-f187-44f0-a636-9dce2240fa6c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8b366ac-f21c-4b53-b878-e19a012d75a4","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":"60183163-1d76-432d-a751-d8db0845f4a8","block_type":"box","text":"to commercial banks and foreign governments.","page_number":80,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"add0be45-d94f-411c-9681-c034ba631c12","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":"28f2bf31-3724-43c5-bb02-ff6ade9bde70","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":"1671461e-e91c-49fb-a424-0863d3d9b352","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":"059dd39a-2445-4fd0-9031-32ee2e34d3fc","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":"6fc84416-026f-41b6-9250-e8cd20de4035","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":"b7e6f4ac-eb05-4d7e-9792-5ad00ebdb2c9","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":"2f8965c5-7d63-4c23-b23e-cd471baa814d","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":"b482d0bf-e64d-49b7-ad6d-acd661189fbf","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":80,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"90e9ef76-99d3-41a3-b593-e9fdc6f40531","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":"bddbb23b-ca0c-4668-b634-10f6bf8716b9","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":"cee0ff4c-4256-4bd6-bbff-1c722f4032c0","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":"778a4084-d927-469c-a47a-d260672ee016","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":"d77cdb8c-0d84-4dca-bf95-f93cd0d4e91e","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":"32429717-0c2e-4db9-b135-1848d3aa9f1e","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":"32fbc57d-4829-4cf8-8ea9-b127d429083f","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":"91086f13-bd68-4aa9-9493-c7fe2170e71c","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":"993d0797-d3b6-43e2-aa9d-da06c87c1f65","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":"b7972e64-233d-4c8e-8c78-164a1acd6adf","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":"f367dd72-1507-4879-9eef-4d6dc169f159","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":"f7937097-8dea-4dc8-b195-1290e795babc","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":"ff895b2e-9279-4018-9fd4-86f2106eb389","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":"8640d5ec-9339-4570-ad73-3f68cfce164e","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":"458aec5c-156e-4e1f-9d3b-2204b3e7c4d9","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":"ab7334d2-be76-4279-9cbd-07bb8e1e2352","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":"ee55ba22-5c76-429c-9d71-51d873ca72d8","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":"7928933d-2193-43fc-8172-98466cbe473e","block_type":"box","text":"investment at that time.","page_number":80,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"6868ee02-6796-44bf-b96a-6a375b8f41bc","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":"c1fd38b8-95f1-40f7-9bff-b87dd6411a05","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":"2b5827d2-7897-4a9a-ab22-a5f623b33200","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":"2374223f-9ef3-4e9c-8981-3bdc3d42ca29","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":"7fc330b1-37b6-40e5-9506-114b1755cf02","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":"e2886c54-828f-4925-ac47-f576b8c77413","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":"7fa9abf2-981a-4474-97f0-5c68274ce05c","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":"28195d3c-3b74-43ff-9e0a-2d9fbc59a037","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":"baf22938-0617-42f8-943a-d5e4b6522c1f","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":"2525511a-0d70-4f23-af68-11c31753a949","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":"29a7285e-6545-4967-91c4-cb379e83379c","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":"90352014-4265-4293-bb51-09ea6637dee0","block_type":"box","text":"government).","page_number":80,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"820887f5-eab1-4c3d-b8c7-ba4796a4c092","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":"430bfc2d-3ae9-43c7-b066-77ba25a2c81e","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":"b109aac1-0ed4-4f61-9f70-1c6d384a913a","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":"7324187c-e164-43dc-a87c-60a8f7ec3acc","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":"804ced37-2a77-4171-8f22-5e34b68a3a5a","block_type":"box","text":"foreign banks and other financial institutions.","page_number":80,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"a21fc685-2461-4c3b-ac2b-b0773ffd71bb","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":"ef038d1e-e542-441f-8e9a-e2a50a5777a1","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":"aedca1eb-1807-4086-a7a8-d86a2dff54fb","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":"869d7547-111a-4d23-9112-3ea5f07be1fd","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":"7e969918-2384-41fb-80b2-d58eacf51cd3","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":"f10e5b7b-434a-4d73-90da-703425672e88","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":"390907e6-c0c9-4945-b4ae-3931c83bd670","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":"a0cbbadb-2fb3-467e-b3f0-92c26b821a3e","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":"378638cb-45af-477a-a2b7-e1f691aa556a","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":"26fe8e87-3982-40b9-9d20-643c8538533f","block_type":"box","text":"II-37","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eba201b1-694c-46a5-b0be-6ba42db14b79","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf451557-709b-49ef-89f3-6f03ae5ec3b8","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":"71bc73da-0998-4318-b4f5-b0831783e85e","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":"228fb968-e656-4ac4-84f7-78189f55e54e","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":"76136d06-9990-45a4-b9b6-7150721dfebb","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":"93bb6c0e-0c20-4f71-9427-804643ce930a","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":"2bb85dcb-60e0-4b7e-b266-32e866000b18","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":"0b0a2fc6-9f38-4b11-baa2-4ae2f5616b6d","block_type":"box","text":"foreign securities.","page_number":81,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"5e8244e9-ca50-44ff-8c37-ec090f09e8bc","block_type":"box","text":"Risks of Investments in Russia.","page_number":81,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"354a6d86-a121-406f-81f5-e1e7b38c4079","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":"52ad12ba-e514-416b-b5a3-cefd7e2f1fe4","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":"fc7a17f6-b39d-44b8-9eb6-5e8cf45d7184","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":"b499c933-e9be-48de-bca4-bae44d19db59","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":"38c6d1fa-8662-4aaf-aa17-c78559ea9bd8","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":"b5b1b72e-bd1c-4df4-af72-691b449fad48","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":"83982217-2f69-472e-a631-51580949659a","block_type":"box","text":"developed markets.","page_number":81,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"1f08323b-7275-4cec-a557-db0bd149a829","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":"be790dce-6fdf-477f-bb30-2b59d75661f6","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":"ac6daa43-7ffb-4b9b-8df1-fe24d49acd2f","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":"b3105670-d01f-4481-9485-ceb552cd0bb5","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":"8814f64b-6b23-44bb-b09e-a3a05bda74ae","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":"b7b0919e-30d3-4fc6-8037-1c3230fbd4a1","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":"0d310731-4dac-4b78-81f8-6f796de08097","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":"ab615ffa-4d57-42d8-addf-d4cf8ec89f92","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":"b144e2ae-8a37-41e7-b657-296f093c054d","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":"9190595d-8c90-48c1-b819-19295228d033","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":"f086670c-6a52-4414-86db-aa5940734990","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":"37a35003-b851-4b4f-a57e-f6bc39f8919a","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":"206465c3-9417-4067-9440-4965f5adbc25","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":"9405b2ec-c578-462e-bce6-d5bebb863ef6","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":"783b5f7c-dbfd-43a7-8692-b95a74fd9486","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":"a5aa2a32-c5a4-4f66-989a-f3203f46e9f7","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":"c4466674-d200-47d1-9bf8-bee74f111f51","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":"5be64500-deb3-48ba-83c8-02cb8d580f61","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":"c5552b17-9631-4f1b-b69b-9e87148d540d","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":"d882e40f-affa-4d3f-a1bc-8c99201b0082","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":"db5d6eaa-37da-4bf2-926a-a7e18cd713a1","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":"42e6171c-3cc7-4652-8306-1546a20a3330","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":"54a73ccd-74f1-4838-bf6f-8e1a271b4725","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":"4dafa9d3-3b6b-418b-9ab5-f5a428d218bc","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":"2b673a9d-93e6-4079-a223-f6380b2dea84","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":"6a151765-21f4-4033-9bdf-0f07f5c2246b","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":"b246ab5f-0624-471e-994b-b3c4a6d6bb62","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":"2853bbdc-b5a8-408d-beeb-b76d388e486b","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":"a9043e5b-5dc7-4c3d-a4c5-23b1b73fe4e6","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":"5b6775fb-fb08-4001-9ac9-4939fa6b268e","block_type":"box","text":"sectors globally.","page_number":81,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"0aa7f746-dec4-45ab-bcba-9c6c9f466def","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":"c006fe7b-aa84-4315-b493-184623694f8c","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":"ab5663a8-0937-467c-bc12-eb7e62ea11fb","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":"4dbde4ff-a990-4b17-8e3c-bcda3bf99d39","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":"83fd6d5c-0e64-497f-8d42-bf180aeafd66","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":"1a3563c2-e15a-402e-a325-4652503c16e0","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":"69781d55-20a3-4516-88cd-04f4de826398","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":"85796031-6564-41f8-8d38-b34a8aa1d76d","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":"995e51f7-e141-439a-bdd1-50a6f770deba","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":"7abeebfc-64ab-4f7d-9269-80f30f380458","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":"b226720e-4647-412c-ad3a-22d6a1144b20","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":"2b7bc7ae-e1f2-4c2d-8686-c2469d55e2cc","block_type":"box","text":"II-38","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc05cd92-9503-4102-9ac3-d0a628da1b9b","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f19f017-c35f-46e8-999f-abc61acbe851","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":82,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"ca59aa17-b4bd-4767-9357-bb856ebbf967","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":"86ea6cb2-1083-469d-8091-148c272065a1","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":"9df0f5a6-fafa-47a9-8b4d-17e02f18cee5","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":"9ad634f0-83ee-459f-b286-b6103e085f13","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":"e63363e0-bb8a-4093-9284-cd44198777e3","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":"9502c105-54f9-4812-822b-f0c8a2d39091","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":"3176b000-523d-430a-af49-b7627b29969c","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":"53ffd45c-fa09-4fa8-8773-0f27b6a86111","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":"cbb6e97f-c7c2-40ab-a30d-669afe061d9c","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":"7b1b1c8f-5681-4d5b-90b7-78691e323fd3","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":"59141f38-2584-4ab5-8ec9-db01c9d55eb8","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":"8118d388-93d2-434b-a1e4-cefd55362919","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":"e25ad7a0-a08c-44c2-b0ff-66a9e8528a68","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":"d573fcca-b801-4e3d-be17-0461d8eda737","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":"fe9506a2-1f06-4493-a79a-dc3d52c07768","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":"d023a48b-78e8-426c-8f05-ec5cd123ff41","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":"9105e562-5054-41c8-8dd1-e867fcd9ad19","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":"f24edd6f-d62b-4d6a-8d19-ee05b7e23c9b","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":"1f0d109e-f1c5-46f4-8f60-3802da63f6a2","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":"41b27a59-d093-4426-bafb-f624a8828811","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":"472aab7e-c83e-4079-8ea6-5c3f1faa454a","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":"6f7c508f-a94d-47bc-9889-656a2cae9c5c","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":"7e8de269-acc5-47e9-8722-bfbc7bfdd48c","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":"38df6fa2-0f8a-404e-84e6-dd79aa2ac1a7","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":"e4ea2f48-976c-44a3-b80d-642b086ff653","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":"42e30325-4898-4c0c-90d2-71c4c32427a7","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":"18954c3d-096b-4841-91bf-518be668c3f1","block_type":"box","text":"impacted.","page_number":82,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"5e57ee57-5d56-4555-ba9b-739face01b55","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":"cc6b0e9d-09cc-4722-b02c-751b561123cc","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":"62f98c49-3f8b-476b-8ce6-462a43e411d0","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":"b8858424-e296-44d3-b821-ce313707e7a9","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":"7dcb6874-84c2-4c71-ba2e-5a8a1b022a8c","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":"14283845-a9e5-44bd-91e2-86bcd152ae46","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":"227b6838-bcea-448f-820b-d2e360c4f853","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":"42b5343b-cbf8-4378-86f8-06a326859d82","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":"edbb3809-bf48-4f86-a948-913f40a5d960","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":"0974b68e-b86f-4796-b7fd-e9c871445247","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":"e27fa7ce-b2f5-4d03-944f-c1d958130299","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":"b6e2785f-1371-4fe0-9333-d43ebb46e2b9","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":"5c8648d5-4761-4373-bdb2-ca7d746811b6","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":"2501e585-c7a4-4bac-8f40-51561c4609e4","block_type":"box","text":"economy.","page_number":82,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"b4be6c01-ccc8-463c-bd89-c25e66ab29a3","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":"ce3cbcf0-cc6a-4d4b-a652-27614f040985","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":"c079cfc3-1acc-43c6-bbaf-49a4eb126e23","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":"6a6c61b4-cc3f-496f-b3f9-1d0370d111f3","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":"46911e3b-0a0e-40b9-9612-b71f2fd9e712","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":"93d100bc-f8a0-4e8d-8055-067640189439","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":"72b2fa21-1603-400e-af18-f3f25a574d4d","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":"65417ed8-28b6-4d1d-9366-d36a1c4cb1fe","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":"9c223347-66f4-45c7-8be8-5cac6a498340","block_type":"box","text":"typically the case for investment managers.","page_number":82,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"dac36564-ccfc-46fa-a3c3-74e08134560e","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":"53082544-d963-4253-a835-d6df0ae8f2dd","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":"d3672a29-928a-4d0e-a2fb-eafe44ff3af0","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":"d554fe13-1d8e-4dd7-acc0-6182b958e32a","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":"2a5b5aeb-d792-41c4-9fce-3299a2de73fd","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":"0db1eef1-9751-45b2-bfe8-582bb6d8c6eb","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":"4b5c2f2e-e90a-4505-a615-6e3a6d3dee0e","block_type":"box","text":"II-39","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65218e1e-32ad-44a9-af12-aa363fba146b","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e29df40-56ba-442e-b123-8557d25d4986","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":"183bad12-07ea-4034-a18d-59410b82b550","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":"8dd39013-aff3-4ee6-b61c-4356a2c756fe","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":"eec113b2-cfa6-4b8e-92af-9ff9ae39d1e4","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":"f396be64-2db8-4e52-bb61-6efad885ac45","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":"36a3f14f-99a1-434c-9192-9e088144cabe","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":"c91bc172-f751-4d17-908f-a670511e1fe3","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":"3acbedce-6792-4690-bded-a1ee78e563a7","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":"3acbd6b4-fccc-4eff-8a32-4cbc981e0c14","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":"ee85351e-3a20-47dc-8680-066fec724335","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":"024d9fc7-2c01-4e6d-a08d-bd8d9a3f41b6","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":"d31af35e-d22a-474a-b8a0-48d0db2e8c7f","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":"21cd67b3-c0aa-4a3e-afa6-7c6d1d299a3c","block_type":"box","text":"will be indirectly subject to those risks.","page_number":83,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"ccb9b052-66e7-415d-836b-225cfa7ceb33","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":83,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"e1c816f0-aa1d-4514-8e51-272991b68b4d","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":"96b1ce86-ba69-45e3-9993-bf9a464fd88b","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":"2cf39fe9-1a90-4663-b475-ae4e5d3a64ba","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":"4bb4580e-8d53-48ac-b04f-72b83e270212","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":"af5eb47b-d373-4984-b4eb-fd900bb14b0d","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":"4b3591ef-dd0a-4aca-9cd3-b4b19c0efa49","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":"f71ead89-5b80-4777-ae54-52ba0807e83d","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":"a0449e2c-f187-4282-8d0b-6609395ca1d6","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":"fe15954d-690e-4840-b51c-a9d502efb4eb","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":"856bf551-cb5a-4729-95b4-84ae472552f8","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":"40ed0099-392a-43d9-a35c-2721ee3cb150","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":"a0b570f5-1bec-4136-96cc-3368b2db2b38","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":"ca1929ba-1a19-4aab-b31b-8337241a6b11","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":"138aa9e2-cd60-4df8-ab96-e065c46c35e0","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":"a6732a5a-5fc8-42cf-9e82-35b1c26340f1","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":"a45add24-27a7-46ff-b35c-4f5b9c76f9ea","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":"1019e9a3-1257-4f59-8e34-2ec566301912","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":"13c5c737-ea09-4751-8351-e5773391fb87","block_type":"box","text":"impact on a Fund’s investments.","page_number":83,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"70717b21-2c71-4b99-a507-475886cc5b30","block_type":"box","text":"Brady Bonds.","page_number":83,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"a613fdc3-99bc-4f42-9f7d-b4882bfb2a56","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":"752465c7-fa38-4c30-b32d-c55d510a30a8","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":"816b6188-0ee8-4fd6-86a5-76f328f4464a","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":"3a4d4747-5975-4058-90f1-ac932705d832","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":"7d57ab7b-3a6f-42fb-9d37-467f848797b7","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":"65ce67dc-2756-410d-baa5-f2b6086ea6ba","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":"4c21ded1-a09f-4116-9bb7-83384c0c88de","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":"29de57bd-19dc-4115-a7b6-8abd404838b6","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":"f9af0ae3-f40b-46ac-b731-7628c127eb77","block_type":"box","text":"Venezuela.","page_number":83,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"b222ec20-7d4b-4399-9482-9d158488c90c","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":"2e57fc9d-1f71-471a-8e4a-7ff091575946","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":"5fa46d81-c9cc-47da-9c33-0804d0a915dc","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":"ecacb26a-478d-4dee-812f-84d556e4f815","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":"546db0ee-1165-4a79-b2e0-b291b620d2a3","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":"fb68314e-fdfb-43aa-a6ef-e535a153808f","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":"98f02164-f044-4e67-abf8-23af921cb4d4","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":"cad1e4e4-2e35-4a81-8ae5-704f7dc459c4","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":"96a7e18f-e255-486e-a432-b2a640a33e90","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":"8d81e734-e873-4636-bbac-4ed74a7869c3","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":"5ae2181c-0959-4195-b866-7c072d6f174e","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":"8794b397-cf16-4d58-bed7-d2460602b37f","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":"26ae68e8-7232-4a96-8e91-5c82d1244610","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":83,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"3204b06f-b175-4ad8-b64d-01bdaa831b02","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":"dc775cbf-47b7-4d68-bec0-40a3cdd41c73","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":"c7f34e34-a31a-47df-b16f-142bd80ebaf4","block_type":"box","text":"II-40","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ebe3b1c-6e02-41e6-8341-f5c2fd25d985","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30d509fa-c5e8-48a4-82f6-f765aea94172","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":"3fb6559d-3f06-46fb-8ac2-61173aff5c13","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":"263cbcb8-4d8b-417a-952c-c88ceb2d45d0","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":"c3a947fa-f7d8-4429-b4af-709540edeaac","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":"127ec3ef-5f16-452e-b155-08fdde925306","block_type":"box","text":"China Investments Risk.","page_number":84,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"8577dd9e-2502-4dc4-b559-14cebebf4374","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":"0c6b5ec1-6f5b-4403-b52c-e6c10d6fab96","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":"f402f77f-e322-4106-bb55-eff7e7621cc8","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":"21bd0a93-5494-4a1b-9fa5-4e09b7ed861f","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":"83db65c0-ab19-44cc-a459-0825b28e2e45","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":"f7e29de7-e75e-4e85-85c0-e69a9ef5711c","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":"4066223d-e7a1-4638-a627-0248d8c0cb6a","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":"05c20d27-ea36-4c61-b490-aea8e4aff524","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":"e9daacf6-dfb7-4351-9f7a-ea6934e55847","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":"2cdfc136-2f25-464a-85e2-84a7c53f1a76","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":"62c04687-4749-4cb8-a9b2-20bbf133d3c0","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":"387ce3c1-fd87-4f25-a726-02edca6df709","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":"c045ba49-1c6c-4c5b-abe7-1b114b5c9ff8","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":"7fc8eaa1-c973-4720-a0cc-248bf50e38f1","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":"895e6b36-a432-4978-85c8-e1dd039e6e84","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":"86033bd1-8c24-4e45-afd6-f1133f130c6b","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":"117dc138-34d4-4d60-af59-223c4ab5818d","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":"aa80881e-8eba-47de-a029-333850c0c93f","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":"7b898475-b8ca-4267-a762-0be5bde7aa8b","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":"8669bc84-e0e3-40ab-a23b-e18251eb8d28","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":"fb0218dc-a703-4a49-a01b-5debdc6f6660","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":"3d3dec90-e661-414e-bf7c-4108b64ec5ed","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":"5e66f1e0-7bf3-4ec2-a5b8-4600221212b4","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":"5ffe20c9-8a79-4465-bea8-ce46edcdda8e","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":"842d118f-6baa-442a-b075-f42da54e8295","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":"4b1c5bdd-7e5a-4a3c-b7a1-b682cfff08d7","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":"1ae6de06-f992-497e-a180-2c07afc42fe7","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":"f589d5ca-5e46-450c-9da5-9ab819572853","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":"fd79526f-62f5-4abd-a539-11b2da12140c","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":"93eb205b-e645-447a-94ea-917938653b55","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":"3fb5b064-b844-4f03-bbe4-36dcb8aabc92","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":"bb34654a-834c-4b00-8df0-51814d856f28","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":"884c4fb7-ccd4-4348-a44a-110e1c6b1f35","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":"b389c83f-ea3a-4000-9cbd-0e5d8c666598","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":"35d6b540-2faa-4fa4-81a9-2477978008be","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":"fab70527-faa8-498c-861f-bef211e271b8","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":"c34de102-e013-49ef-b007-f2f13cce89cf","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":"0ee8ec02-ee27-49b5-a7d5-1f238e1d5977","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":"c7f2edae-5ca5-4434-bc5b-9c71914dce3e","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":"7587a35e-315e-4005-8ce8-0acbbd175e68","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":"35de3d9c-fd35-4eee-8a80-deb4da0079d0","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":"43057777-f01d-4773-a139-d6d63e497bf9","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":"d5221aa5-8121-4b1e-8fac-a366aeed1cbb","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":"f5d094ff-c529-46ed-b5ae-b165308b9375","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":"6b247944-b271-4242-9bd8-de028c0db3b6","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":"66fb7d1c-02b8-4cee-a8aa-a783705c5e08","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":"f7a953bd-53d0-4c46-bbee-fe3ff5b58ab0","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":"ecc290c6-ef37-44fc-b6e5-71eb5e8b0b6c","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":"819a79f7-f936-4f9d-a65e-48813def3d3a","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":"083e64b1-8601-4d4c-b9f0-b7e0ecd3a76e","block_type":"box","text":"sub-custodian.","page_number":84,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"22be9364-de58-48a6-9215-1df965a22232","block_type":"box","text":"II-41","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf1be232-48fe-4097-9b43-d4f0ab1f1f0b","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"414f7e98-093a-4174-9244-d5db569c047d","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":"b16ff918-0bb0-4a92-a546-59f15a973a85","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":"6401292a-477f-4484-ab98-0e9f55febecc","block_type":"box","text":"on investor protection considerations.","page_number":85,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"a52a6d8c-fef8-4705-adcf-2356a57e9fa7","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":"d7faff7e-7953-4bd7-ae75-1c557183c82c","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":"29c9b254-4313-4f8c-b3d9-44dcd6845ef0","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":"3675bd71-ab1f-4a08-bfee-254fa4dacf31","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":"9dae4c41-53ab-4443-823d-c03c191c4077","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":"85086b56-6a0c-4352-8083-55ee1b6bf1a5","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":"7f481e62-d929-4e7a-8d9c-2dd7b97168d5","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":"1aa6b7da-2c5d-4540-8a81-8a88d52e409a","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":"ffb7228b-5506-452b-b47e-3049fc68470e","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":"e483272c-02ee-408e-b48f-c48d1d6f10ba","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":"a40ab802-3e4f-429f-b12d-59d939af1501","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":"66775dce-ae3e-4c2f-8e60-a33c17d97a93","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":"0a685b95-c3af-4621-bb96-ffea940967dc","block_type":"box","text":"accounting firm.","page_number":85,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"f4cb526f-db9c-4b14-9b5a-e4d37034b9e4","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":"0a89623a-271a-45cc-98c9-e89362e11e78","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":"435832da-cfee-4d20-9583-be7e9eb3e697","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":"c92acc60-ea5e-425b-b8cf-7f610b0e8446","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":"c3750c30-f273-4af0-b5a4-1b6256a0b84d","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":"16ed366b-8cf2-4f81-94c4-9f9b93652da6","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":"0d76ea7b-a56e-4681-9858-fa2c40565546","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":"a04a3b98-981d-4c6a-beba-eed2ede6befc","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":"dd2a645a-b4ff-4a16-ac73-4da9945600a9","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":"e5fb3fb4-06b5-49c7-a9fd-e30499185dcd","block_type":"box","text":"RMB (“CNH”).","page_number":85,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"48c1360d-ad9f-4892-b658-c208c8ef4a81","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":"d3ecaceb-3a15-4779-9c82-767857090158","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":"e9897460-4f8e-4cb4-b618-5b68201fecb9","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":"929a6f96-0306-416d-b1e8-0046a8299ba1","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":"1c74c6ce-4a8e-4f1f-b188-7c39b27e2f07","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":"abf5deb5-1d50-4066-961b-c1294564950e","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":"a8a5e3a7-0230-4ace-8c18-3813533001be","block_type":"box","text":"represent equity ownership in the operating company.","page_number":85,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"5426c6d3-f114-4e67-8c10-2cbd9009d10f","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":"3f0a1ad8-a350-40e2-b2ca-581b294108b5","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":"9c7d9375-056f-4a43-8095-12ab74edd71a","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":"816d4f71-d004-4d5d-adc1-1ec5e2040fa8","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":"47179d1b-e922-4c1f-9dec-c2df27d29c8b","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":"1f85590a-b060-48ab-80aa-2d566db5d02a","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":"5f32feeb-7e04-405a-bea7-d3a7c2de1ef6","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":"2fa5d995-c20c-4927-b751-2f8667f2dbb7","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":"9446b738-a6cd-49f3-aa21-14c739438f44","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":"29204a30-db01-4cac-bc83-a0ada9054e0d","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":"8371c35a-92d2-4d85-b094-70847ffe60a7","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":"1e0e4273-c062-49eb-8e4d-6250aa8316c7","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":"f4b9dd47-ca2a-4cc1-a92a-ab11fcd2a49a","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":"207d867f-55c7-491c-8650-cbe7a4e03dd3","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":"f6f58de2-bc3e-47b5-841f-cdedd8ca917b","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":"588a4c8b-31ec-4f04-a71e-68993c1aeea5","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":"960c66b2-00f9-4f99-9de0-c8b13aa3f4fe","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":"949422ac-ece9-4b61-93a9-25c042d97d17","block_type":"box","text":"losses to a Fund.","page_number":85,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"10d599cc-1342-41d4-af02-6888b84b276e","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":"39104d11-d3cb-467c-9cea-6fb510dc817e","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":"1f169d83-8d86-42c2-a0b1-d9d14b379dda","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":"d0de5ebd-ff37-4a31-8be0-712ca3035f46","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":"e6e24bc6-8d8e-44a4-a3b0-5c4de2496d96","block_type":"box","text":"II-42","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec8dddc2-0547-417d-9f42-0330823e9b76","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6bdf11d-2c9f-4538-b177-188c9ce89acf","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":"39432692-9768-4e9e-8eab-7d62bf441e91","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":"d3b5e48f-7c2f-48ed-ae3e-bec131f8d983","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":"b9a6102d-e6fd-4c7a-a6f3-152432139cea","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":"7a311ac7-62ac-4745-b6be-c1a568e02a79","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":"a80c3bd0-1df1-4a15-ac95-534ad5a93d74","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":"ca0826f3-ccc5-4ae5-8d61-b05e2241e1be","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":"ae803150-d63e-4503-a9d5-29ff5816c12e","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":"6c9261a8-7cb1-4816-8841-fb4f9b8fa8b6","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":"f142ec22-6dae-402f-92be-f8b359e4eecc","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":"eab55390-8c35-45e1-8d90-e6522d8e72fb","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":"1d5e2055-da4e-4561-8b81-f30da9eb59c0","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":"e1989b86-9a43-4f07-8f5d-f31156b39aeb","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":"1ce85cb0-2cc2-48f5-a0c6-b4a29c91cb58","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":"09e7cc0c-ebdb-4c3e-a998-69c7e9dd75ce","block_type":"box","text":"such companies.","page_number":86,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"955b0a80-c056-44a8-be2d-0e67399c38a3","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":"c17f1f11-35c2-4834-87ec-ca132b328cad","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":"ab92cbd2-077e-4966-99b3-622f21b76eff","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":"9f8d795c-bcc0-440c-920a-a77c0e0ce69f","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":"e6a85f4e-0640-49c3-9879-da241f4d4a96","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":"6b5eb1cd-881b-474e-81ca-43350bcfb4db","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":"d8266ef2-8239-444e-9f38-fce3e78bc60e","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":"60985029-285e-48f0-bb2c-8388f43a18ef","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":"24ca3a86-b930-4601-9998-c4a1fd37d439","block_type":"box","text":"standards.","page_number":86,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"277e8f19-d4d9-4da8-a1ce-88a14ff6e5b8","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":"e7c4bc49-52d8-4448-9b09-2940cea57050","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":"37affe44-256a-4e18-896d-6da2378e3517","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":"89ad603e-c37d-4f42-a546-52b3d226b266","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":"62e359c0-c12f-4d7d-aa8d-7891466b142d","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":"057681da-152b-461f-ac4a-fe7cbd1da8d4","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":86,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"6d2ddc19-49f3-4b54-9866-45752c5efd31","block_type":"box","text":"General","page_number":86,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"29f29966-b3ab-4065-8e9e-b62b024a8de2","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":"2ee2a049-50b4-446a-9507-3ba521c1f1b9","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":"3bfc88db-b90b-4c65-a946-918031de3db1","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":"1091f01b-8534-44bf-ab65-6815ab21d5c6","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":"3e487e72-b529-47e2-a263-668b1e2063d1","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":"7772573c-698b-410c-805c-e652f61cb451","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":"89eb87a9-386e-43c4-8478-dc2ad6579dde","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":"896d13ff-86a0-47b5-8d1f-98a3da2c38b5","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":"f57888e1-de16-42b3-a296-4d57f4fa8fac","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":"7b558204-0b4d-4968-ac6f-02e5068ffccb","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":"afa542c2-e8a9-4db5-ace3-26c2ad17f141","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":"785eddd2-ba76-46eb-871b-5ebef17cf1c9","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":"87a0ece9-7ab1-42db-b680-7b28fb0e9703","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":"92ad9da8-f32e-4c9b-a3fb-d285bb29b92b","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":"0b0cf071-08cc-4b3e-aab8-c34e1e6bc853","block_type":"box","text":"company established by SEHK.","page_number":86,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"8b669a22-9687-4ef5-940a-0f399a3d8e39","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":"5a3aee34-7766-4b32-aa0c-4a5001214927","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":"aa402e22-c29f-484a-9fc2-1dd142f78e52","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":"a7fb1117-fc5f-44f7-8590-53029b4f55a5","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":"0057373e-cbba-4c24-9fc9-5ccd6ad4806d","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":"5e1d7574-d981-414c-bc92-f7026a92455d","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":"82ac151a-235f-4d33-9616-1731424690c2","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":"9c8324af-b804-432f-abf0-433eb93ab5dd","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":"96d62353-5d2b-4371-9582-a3dd71ab7601","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":"233d4b63-85c9-437f-a592-5edf5e43b039","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":"fbe9cd1b-63b3-40d3-8e79-ba5c222e88f6","block_type":"box","text":"II-43","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07fc2e3a-01ef-4de6-88db-3ef8a9d93e04","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6e83296-19dd-404d-96cb-f53415d53fa2","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":"c40ad7da-69e6-4607-8c2b-2f7292326322","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":"a261501b-0fc0-4180-8e66-bae28f5eddcc","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":"e8170c6e-6ade-4001-a65f-2e43592b7bd7","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":87,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"b18dc27e-9020-44f1-88be-008d3f8d4b67","block_type":"box","text":"i.e.","page_number":87,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"c3dd886c-9336-4027-8056-012d300f51a2","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":"133d4605-1366-402d-a187-b2fc36ad88e0","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":"5ca24b26-81d1-45ae-9911-a8c8a8297309","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":"562ca1b8-c330-4ab4-8673-c1785bfc20b9","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":"b38ff008-1425-43ab-8f04-c52d3c12d029","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":"9e37e596-dc6d-4c1b-8762-c7912a56c893","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":"0eeae51f-ca15-41b3-97a5-870dfb651c41","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":"f3a804d6-eeef-4a09-9351-e5574a7da586","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":"929843aa-12e7-4a85-9907-d5a677b2b723","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":"859e744d-704d-49c4-beec-6d28fea4c215","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":"2a69ad78-24cb-4033-ad6f-69e777a828ab","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":"61229baf-7779-4368-b804-4472755d1ee8","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":"b18beaf2-db81-44fc-b6e5-78d4d4fa127d","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":"1ff92e43-e555-4541-aeb8-ba0f92384e93","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":"b19e6f39-5fd8-4e2a-bda5-f2be0f5ce029","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":"662694a9-b1c5-4644-ae11-c9e2575322bb","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":"85d53042-0317-4aa4-b118-3d7a26509909","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":"a6b35347-d84a-48fb-b16f-fa91ac74cc46","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":"5cccc82d-9830-4260-8496-eef62f84b862","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":"1a539047-832a-4a25-bcbc-1ce43739cbce","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":"df765726-016e-4f28-ab71-dac7f3b43962","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":"d7e4497c-7f5a-4124-aa8e-a0822b98ff60","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":"c09398a7-81fe-4c19-9ea0-be1cd3039083","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":"a7640244-f78c-41cf-be5d-e69b37f95bf5","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":"33aa22c5-a7ea-4ee5-987a-c1b7222dc65f","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":"62731cd3-e6b1-4f75-93c5-17f36051b6b0","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":"4d4df0f7-cc91-4225-a912-c5e685487c67","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":"3c5538f9-65cc-42f0-8ef8-ee0e1cc36bda","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":"7c041415-6127-4493-81d0-8154a2ff74ad","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":"7044acf1-3b65-466d-9966-ee1111dbe2c9","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":"5017330d-9b45-4b2d-9e3e-cef4e88d6733","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":"8fa19dce-d052-48f6-a548-3be017798a6e","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":"a137d069-476b-4a04-8e97-1078e97f2438","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":"6fbc95ab-2967-417f-a71c-7ff1387ca679","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":"c1fc03e4-e00a-4b3f-b7de-269ea52a54fe","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":"d29cf2f2-30be-4231-9579-7e4ced00e1ce","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":"21152530-f895-4c28-897c-db7a50b320ae","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":"77d2abe5-be6e-4694-9b81-d73c86d78c9a","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":"237aa58a-ffd7-4a40-bf08-1bbced49816e","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":"cdbaa28c-892b-415d-a074-c7d65789a222","block_type":"box","text":"PRC.","page_number":87,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"b4527b12-9cb2-4f92-a249-ed7aeeffc987","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":"d67d4427-fd2a-4d8e-9c6e-62472510965e","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":"85842d87-7dfc-42a5-842c-18d98daa63b4","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":"ba7b98c6-a8be-40e2-83ec-9a06c4ce4ba6","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":"2e930269-4790-4836-8198-21f118fb9f86","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":"ca7dc3cd-ce66-4724-8233-77af7c1846a9","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":"43fc384b-01f3-4181-8131-d0cdcb9aa968","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":"f7c6846a-4b0d-4eed-84b5-82a9bd2ac7b3","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":"18a007a3-dfb3-4339-b681-6bd2a2088802","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":"b8176878-7442-4815-9020-40689dfddf02","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":"bac6dfff-975a-4691-be9d-31d54522c3b3","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":"626e5eb2-9646-478d-b253-92aea3a7b571","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":"249cd9ef-9af6-4de5-bcd5-28b197199285","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":"d507b850-49b1-40ca-8ec8-6717d0dafb42","block_type":"box","text":"II-44","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"faf2d1a4-f735-4984-91c0-c5fe9f52fe2a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7e25a43-4297-4070-b867-ad0f0faf0354","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":"bc776444-053b-4a03-9030-e522a8a98306","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":"f961f7e3-5734-4854-a792-e1ce66fbb1dd","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":"107e1829-2c1c-4d6b-9b4b-41ed393cce74","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":"d178a377-7a89-4324-82f5-8a0a96377bf7","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":"fe555e2d-ac9d-4628-a3d1-8b4650c50cba","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":"f28b831d-2143-46af-8985-806b49b89991","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":"241cddfa-4185-49b4-a700-06575a76f888","block_type":"box","text":"Suspension Risk.","page_number":88,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"12a70610-8ca2-42b9-917b-59ea352d3bc6","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":"8a248f9e-460d-4745-8215-014e0985bda4","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":"35ac327b-bcac-4123-8dab-1d3affb9579d","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":"7ea61d74-7073-42da-a34e-e6a114c5dccb","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":"70d2d819-f57d-4277-bf3b-736216238f57","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":"d3f5f215-da17-4748-952f-a9902e64eb1b","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":"d99353e2-29b6-4ec7-a8a7-6dd629421c15","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":"f683a9e0-8d9e-4644-8802-c58de30d0426","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":"c3cb1746-cfdd-48dc-85f4-0e22a6db5814","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":"b4fd15fc-45a3-4106-9167-d7cdc5f06ee4","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":"5dc954d0-0623-44ec-ae0b-bf8dd983ec36","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":"d5485e3f-ef79-4877-a22b-1f92586eadfd","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":"97e8093f-4528-40b3-b3ba-5fc8844cedae","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":"892cf5a2-99bb-45f1-a85a-bccb23d64635","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":"903cf35f-ccec-4168-be1e-f37042d65628","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":"61903269-b19c-4071-8f48-a5c55dcc8925","block_type":"box","text":"A Fund may invest directly in the","page_number":88,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"dc7d8703-e589-40ad-8644-f93bbc0dafdf","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":"109a986f-e578-43b9-a7a6-806a04d7018b","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":"b03d9615-8713-4e58-b091-71f8fb7a48c8","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":"3183b43c-ff61-4e1a-8dc8-5c52ceb3abdc","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":"2be3f70f-4827-477b-aed0-81bf48d7e976","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":"c502da05-b46a-48b6-92e7-e25a0cc4dd18","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":"971d4a69-1128-46e5-a297-15a4287242f1","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":"6dca37f9-7429-435a-b1c8-bb5c0b3f5b09","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":"c466515a-2b89-43da-94d1-d5c66d5bde34","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":"b7d25d85-f5fa-4f64-847f-6c137786c148","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":"20407956-71d5-4115-b887-2263435fbbab","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":"712e83a6-fe42-4326-bd2a-3aca665c164e","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":"d10c5b34-f606-4038-9ab9-dc1c3d50ef9d","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":"9f158dc2-5cda-4017-b136-da780e461ceb","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":"5598833c-751e-465d-88d1-f5fc1c3880b2","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":"a37caf1b-5bd0-4349-9ccd-ee7c50159a3e","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":"c4af1e72-5be9-49f2-8abb-64ed5bba9241","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":"de935315-4acf-4273-8170-38e817962f64","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":"896e0ca5-2328-448f-89ad-6f9cc27d8299","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":"7dea9261-c8f6-4676-934d-eda23f994d56","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":"5130b51b-8589-4560-b0ba-76b8c83af3a4","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":"5cc32cf5-ebc6-42c7-84cd-09adadb9727a","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":"6a90fc03-ccb8-4679-9aa2-ae8b9695ccdc","block_type":"box","text":"i.e.","page_number":88,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"4ed7e45c-86e6-4fa4-944c-d61981b780e6","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":88,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"13755252-9b94-4ced-beab-a83adccefd8e","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":"21ce2d7d-b7aa-423d-8581-e0c6e61e3443","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":"7510d7ea-e8c4-4809-8c51-bd4fbed8b043","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":"14508da7-63cd-442a-bce6-a3fb7e6d464b","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":"86995e13-59c1-4133-a0b0-67dd3fb0d40c","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":"91b5ad60-4733-4834-8f90-6028f99309cd","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":"26c3393d-8a11-441b-a5d2-2ebab5eaf193","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":"63e87d80-bff3-4b4a-b894-edf7327ae2ec","block_type":"box","text":"par ties.","page_number":88,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"5f3abffc-dbbc-4de4-a426-3a4f4b5f1e5a","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":"c532cb4d-d5b4-4e25-8858-b9651f6a0ca1","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":"052d09f3-5e27-4092-9b7a-008896bf828e","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":"ec47d9f5-85b5-4b67-a421-a2bd33bb6b3a","block_type":"box","text":"II-45","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"657a737d-03dc-4201-a1e8-b5d0a522fad4","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a053efc5-e561-46ad-ab2c-0f519c801b38","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":"d30a7230-651b-45bf-acca-5bbec5beac54","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":"cf17f5e9-04f9-45ab-a1e8-3033e91c8841","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":"43a819f0-4e80-47b7-b756-fad3d406dd5b","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":"2e8f3057-43c0-46a1-977e-d6d5fdf64f01","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":"04810b88-b8bc-442b-ab95-a908bad5389e","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":"544f064a-45e3-424d-ad7f-ec489efa57a0","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":"f069a1d6-9e9e-4d50-a55f-d4bbc192a263","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":"35ce47f2-4d0a-4a11-98e3-97abaafd4242","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":"02e044db-f162-4e3c-b57b-f2deb3ea87cc","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":"c9f0e041-1aeb-453e-81ce-76d9df112529","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":"2170dd53-143e-4ff3-8964-b6d22cdd0f60","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":"fca0b6a9-76df-4165-b1d8-d7f574cfe95e","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":"aca62370-2a74-457e-a68d-7d85bddd3508","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":"0836a962-974b-4cab-9541-68d64964b035","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":"73c895f1-42aa-45ce-9c36-7603c216551c","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":"62511c5a-cf84-43f0-9e8d-9c6f9029e37f","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":"827a8946-2a5c-47e2-ada1-88d51d088ff1","block_type":"box","text":"per formance.","page_number":89,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"520e7cd2-0e63-4292-8e0d-5adb9940ac4b","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":"bf7e2316-437b-42a5-a1c8-dcdde34c5046","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":"f1779f31-34d0-4891-9132-5d83a8ba5970","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":"84578785-bc44-4cc3-8bfb-34cdd7f3d86a","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":"5646db93-975c-489b-a9ed-d85962f3a32e","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":"0e8ec08a-137a-4172-8c72-16315603a9fa","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":"780e7ce9-e93b-4ff2-969e-ee6ea95736ef","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":"969d8990-7713-4803-b6f5-944f1b358a80","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":"adb5529b-dc65-4311-b6c3-92f0b704c700","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":"3d4f5c42-5660-447e-92ad-6c5f1d3ecb33","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":89,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"ceb3368a-749c-437a-9b0c-98d66bcb6666","block_type":"box","text":".","page_number":89,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"8bb5d327-cf5c-4ca7-8ac9-7f2bac69bf8b","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":"78763697-1c63-416b-8b0a-5eb563d4ef2b","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":"12c04b6b-e396-4337-8f5f-1f80f41c382e","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":"ff76bca3-6142-4b01-993e-e275918632af","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":"720afaaf-c55c-4fe9-83df-bc3c3d083aec","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":"730786d0-72af-4eee-a86f-646c037f367a","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":"29bf23e7-9670-4201-adcb-fa12f346cb22","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":"227ab700-2bd5-47e1-87c0-475d57c4b349","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":"22d969aa-0614-43fc-86f4-ce0fb03f2fa6","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":"306ea86a-431e-4aad-9d20-51bc6cd541bd","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":"0bbcfc63-b8dd-47f8-9d36-87179e2c5f78","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":"2709d5d0-d219-420d-b110-391c11eb40e9","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":"8a0d1949-0c63-4ca6-9529-48b9ad35c870","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":"5242dbc6-e4fd-4507-9306-f1e4e791434d","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":"d4b40c10-ee51-4985-91e3-8d823063311d","block_type":"box","text":"without notice.","page_number":89,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"52ef1d3e-a255-4628-86a9-bddbcadcbb09","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":"e5baa91f-c632-4e07-afb9-987f78414313","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":"11e17463-ed3c-4557-970e-e568733d6bb7","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":"1be3e0cb-ddcd-4759-b736-f301638acc3f","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":"6cb8ef29-fded-4d64-b19f-a4db9220fa5b","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":"b0a97102-ecad-424b-8237-8aef2795cdd7","block_type":"box","text":"December 31, 2027.","page_number":89,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"200b92b1-3594-4cc0-a2f1-50c5117a6431","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":89,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"46f03f5f-1d58-481f-88a6-b45858efc079","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":"4cedafce-f853-41a9-8f4d-2ac7f7545f05","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":"765be600-78c4-42f7-96d9-931ee2853ef5","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":"878039ad-0907-484c-9670-8b6d08fc52f8","block_type":"box","text":"II-46","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bcb16e2-79be-4d9c-8d14-421e1adb0e6c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ae1d754-180b-412c-b33e-18dfc5bb7a0d","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":"9f7804b4-520e-4751-9b7e-8818211ca9d6","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":"0843e0fc-d128-494d-b838-feb27426c260","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":"e34217a5-0e9c-4db8-9d6e-e169055dd8b3","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":"1bb02787-c1a0-4946-aac9-d8f4bddaabb1","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":"0e3d4bc2-7d24-47bc-a94a-10314b7c9ee5","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":"b303c4c7-a548-4404-ade3-8361f3ecd6de","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":"43771e39-6e32-4147-97e0-eb5225dda4f8","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":"d4134ccf-b313-4a47-b349-958243077c58","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":"8dce62d1-b147-4421-87dd-3341020cdf2a","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":"00ff8380-3065-4a14-82ad-c74bf3fad524","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":"35452574-9629-4844-9d77-346ff91cefbf","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":"4d8491be-90a7-4906-b9fe-8487f7e81437","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":"4a0c4044-894d-4c28-9a53-d3f01520f158","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":90,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"778fefcb-03c5-4530-8647-a8d3309cb2e5","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":"7071035b-a4be-4585-afa4-4d3e9e6a88a8","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":"0d186230-67a5-4bba-80cd-9588c66397d8","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":"1a93734d-a549-44e9-8cbd-d4795c419e8d","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":"40439f3b-5bef-46e7-9e95-b95c8b7594a6","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":"fd14a207-3568-4994-a46f-cafacbde9d90","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":"3794e3c9-f4f4-4ece-a434-0e30a0cb71b1","block_type":"box","text":"the PRC in notifications.","page_number":90,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"bd828fff-7b76-4f51-9c8f-004e5112f8c0","block_type":"box","text":"Investment in Other Investment Companies.","page_number":90,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"5995ebe6-d9ba-466c-9c97-aac0ece1a089","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":"5a3b772e-3ab9-4813-9fcf-9a97d51c9426","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":"59162bcc-5224-4085-a02d-aa6ce0ef0a83","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":"d7a445c8-a0bd-4dd4-a9a8-f6c9a2d7b391","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":"f900b493-3dcd-4287-bdb3-697960da2a25","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":"5e56f1c3-ddd5-4dcf-9f1e-6323535add43","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":"6f489376-c2fd-4cfe-9edc-4adeff797ae1","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":"1214e8e7-b2f1-469d-a295-59a413097aac","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":"c0d5ee0b-b49e-4ddc-a1f6-a6d4bb7ac5e3","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":"74091c5d-f975-4a0e-8058-d533b923d25f","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":"d1ff8a1e-8bfc-4509-9d58-b6f12866a420","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":"d1c4972c-6b7b-4d19-8a02-9129c820c3ea","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":"659937dd-0bfe-4246-b1d3-7f5a7b25aaa4","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":"4aa01bfb-a8fd-4435-a5bb-cd0f31e8abb3","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":"08ddc011-96a8-4ec8-a26e-21c3d6532e2b","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":"ccc079d3-be32-4035-ad71-06ed83423a59","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":"c2728eb0-069c-4b20-a868-828ca299bd94","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":"4e181c57-8832-4abc-a3da-22267c72a02a","block_type":"box","text":"subject to cer tain conditions.","page_number":90,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"1f1ce1c1-ea7b-4838-ab19-9cd3e550a90c","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":"3acdb035-dba1-42eb-8ff6-d877816b83e8","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":"70d09d90-df3a-4a10-b805-883e0f54a402","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":"67e870fb-6a21-48ba-90d8-1f0a31af2dae","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":"fed317ae-4f28-4242-a38d-9bb55dfefb62","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":"6652151c-4f5f-43e9-938a-874849c546c8","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":"71bbbb5f-86ff-4f98-afff-5e1ce044b6bf","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":"ea1e32b2-2990-49cf-b460-4bd331289329","block_type":"box","text":"loss.","page_number":90,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"39c37131-4ee5-41e8-bc06-0a02801bd40a","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":"6cb776df-b3f4-4556-979c-0d1f7a2b6a37","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":"6f3e5ed7-3a96-4eb1-ae3e-ec7e593943b5","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":"b5e0f40f-1222-49e0-afe8-c7d4ee65bc8a","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":"0087d7da-69b1-4e48-a0ad-275a5b5f79af","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":"f23561f5-4304-4a32-baaa-0ee96c5662f5","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":"030f46e3-6b65-4c73-965e-f23d0be6ea2c","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":"7ddac4e4-713a-40c4-91a8-c458b64ef5f1","block_type":"box","text":"II-47","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f69e0441-48f6-42b7-861b-c8a54d4e8036","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"728aacdd-d266-41fd-9b6b-8430359d9101","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":"818f642a-3d09-4754-b269-a6fa7521e922","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":"6091bbd3-dbcb-413b-9d7b-d54e89e1eb75","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":"d0a9a523-f597-48e1-89e1-0554db5e8a4a","block_type":"box","text":"assets.","page_number":91,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"063024a2-6e4a-4d2f-8804-f74db8822893","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":"20a139fc-a2b9-4c1b-a6ed-b51a0cb2a286","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":"05f737ed-5852-4171-b718-1ffaf6250cb5","block_type":"box","text":"e.g.","page_number":91,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"48b7a13b-6745-4310-aba1-a02a18d025f9","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":"18d5a379-e53e-41c5-97fd-7d6cdb57d08b","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":"03ff5fc6-0e76-4752-a59d-9e963fde46fc","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":"68a03dc7-548e-4691-9733-7eba1905aed0","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":"b41f078c-e709-4928-9bed-c1efae9d8e52","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":"92dedffd-93f9-4302-9566-6d48f024a24b","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":"6de650b7-afbf-47dc-ba88-554b94e0396a","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":"8671811f-860d-4102-a6a5-e04475c829fd","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":"419c83f6-0700-407b-9c4e-724d0a861a49","block_type":"box","text":"countries.","page_number":91,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"519b71e9-a501-45fa-9750-88718dbf1905","block_type":"box","text":"Issuer Insolvency Risk.","page_number":91,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"f294b855-cc08-4c5f-b5ea-b3e8f472c3c0","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":"591bccad-5b20-4c61-9947-628c72c97f4a","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":"ccc4daa6-21fe-4cbd-a694-a2b70b929839","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":"1088950d-9fbb-4a3d-95e7-228702ee7557","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":"6533345a-93b3-41fd-b872-f38fc67a979f","block_type":"box","text":"issuer uncer tain.","page_number":91,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"4c8a7c41-0f56-45af-8fd5-d7a33c7ade5e","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":"7565d0d8-7ed2-40df-806e-e375e23d011a","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":"8b7889ab-b0cc-402c-ac22-d478f520dabe","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":"299a0f3d-ec97-4b5d-b357-9c00fce57e4a","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":"4472b4ce-7308-496c-85ad-322824107084","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":"a71d1f30-2a05-4265-ae29-e72f48a2763b","block_type":"box","text":"eventually be satisfied.","page_number":91,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"e62fc0d3-8d43-4171-9096-10bec0040090","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":"8d95c6c1-6c64-4877-af10-6f0514ca2744","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":"a0792726-a9d4-4388-be94-86f5645ae0c8","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":"690b2924-093f-481f-8767-8a2c89a53c9d","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":"1a237769-7af6-4c67-b024-424cdce22bbd","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":"a0d43350-582b-4e26-b284-a4dcf9ba5d6f","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":"9e68fed7-7bbe-4d97-81dd-7a19f705f776","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":"e2b8ea50-bd6e-4cc6-b0e8-37dbdfdbbe70","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":"8d84220b-e870-4080-a5a4-a1846e2eec83","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":"bc9af08e-180a-4a7a-acde-381a05cf8193","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":"da89867b-794b-45ab-aae8-a2a4d738339d","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":"3efe9a5b-22bb-4cb1-a48a-5a37648faa1e","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":"d68d13ed-8b85-4315-8319-60341080b90b","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":"f81a28c9-65b6-4f88-81e0-c1d7909813a8","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":"ab0df0db-241a-45d2-9c62-65ce42f14823","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":"352f84fa-9220-4bfc-8829-918b62b01b81","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":"9d19d45b-9ecf-4276-8c2b-c15f7afc79ef","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":"f84db97d-4dc0-45dc-abd9-bced5109f821","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":"ee89338d-c0ef-42df-83c9-7cf12e145e1f","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":"40886a67-998b-417a-aa82-4581204ccee2","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":"5da32820-f13c-45fd-ae3c-093ae628fafc","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":"9c4155f4-4016-4092-a82b-cb520df3e3f4","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":"272daff7-7b2f-4038-97ce-23c98084a6bc","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":"dcdb1ab4-189b-4c0c-9559-9d02e9a25556","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":"3ba56379-9793-46bf-826a-6c088ae6d1da","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":"e52b4a8d-bb95-4434-bdc8-37e650fe7850","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":"f4a1853b-2de3-4b25-91ec-dacb79e9d769","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":"9641f7f5-c945-429d-9029-a44c371247cf","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":"460bdb3b-f67c-44ae-a294-340ea984c2b1","block_type":"box","text":"that assumed generally by an investor.","page_number":91,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"3aba7999-655d-4044-a755-8042227395bb","block_type":"box","text":"II-48","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c41ea88-2e18-4c07-b2df-a2246365d254","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2356704-0d4f-4f16-9a2a-9384cd542c93","block_type":"box","text":"Lease Obligations.","page_number":92,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"d2f8e8a5-b5b0-46ae-90b5-6ccf48bcd662","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":"17a9a27f-5ea5-48ca-bab1-296d8d15824e","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":"87b8837a-3c01-4a20-898b-33d10b17c063","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":"b4720955-9d87-4c55-b3a4-611c5360adb6","block_type":"box","text":"Life Settlement Investments.","page_number":92,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"88e3b0b3-f850-48e8-b26d-7d7511c3c3c4","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":"55d64332-2d9b-4941-b0bb-9743c621e5d0","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":"3a7a24d1-ab38-4de2-97c6-b5540dbe95ac","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":"3ad7c113-6bc0-425f-8134-c7c2112339b8","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":"29d9bd8b-0ada-4e74-afea-3d56e8131191","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":"4c187443-b874-4d61-9d74-28bfa1e9d870","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":"ad6b92c1-7d19-4616-88b9-b7446357b756","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":"c1d3b683-9366-4d92-afe4-3838707a377b","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":"0fadd79e-d15a-4bd7-853f-94fa7339099e","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":"2f61b033-c51d-4488-965f-2841e1abf928","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":"1fe50802-bb63-4c6c-9b83-b806ec5b1e53","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":"70f4da3c-4365-4e88-825c-5a890ae3da6f","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":"4ab94417-5284-4de0-8b28-d91a1e2078b2","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":"e77d13d2-6d23-4af3-8503-e2dbd7f215aa","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":"406cedba-e925-4e41-a4d5-16f8221144f8","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":"f50c496c-3996-4b7d-be6d-f44e7234b394","block_type":"box","text":"Liquidity Risk Management.","page_number":92,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"36865d45-0af0-4cad-b06d-8900dffe3013","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":"65414343-b91d-42d0-8aa0-f7b48d28804f","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":"34014786-d6c6-47ba-8421-fb59820b0961","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":"6dbdd868-3c4a-4bab-a713-477827998cfc","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":"53c6aab8-0754-4c26-819e-4c95aab73b5b","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":"c0e24ae2-1d01-4cf6-87f4-cbedb660b262","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":"a2cec335-2440-4830-84c5-a952e3fecd69","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":"2eee7fc9-6f8a-402c-aea5-f9373471c804","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":"cb7733e8-4819-4db2-b8a1-b5a1207c32a5","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":"33f051aa-775e-4895-9bf4-ac4389fd0e9b","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":"e200ae8f-39e3-4fd1-9c39-7764b5836575","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":"63fb0768-2bdc-4eab-b940-7840871155e2","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":"441b1a20-65cb-4165-afce-d1ace5f330d6","block_type":"box","text":"Master Limited Partnerships.","page_number":92,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"722fc7f5-2767-4b81-8520-dd248886b07c","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":"6a148524-66db-4ba6-ac06-55402e3cdb70","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":"a45a8c91-ad74-43fc-ae60-0fca6b37afd5","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":"dabed9f5-7e1b-4e74-bf86-d6e800e28b62","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":"456ba9be-7aa9-47cb-872b-cca881450ccd","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":"3deed76a-163f-4c77-9a82-589b4ec412a0","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":"f7c24ab7-3e74-48e7-93f4-a0888a6156b8","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":"a90db3b0-5973-4785-a281-d9b4dedd463f","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":"be725ddb-c3e0-47b6-ac0e-27c1b37a51be","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":"286a959b-14d3-43fa-aa3f-b6276178129e","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":"6d29538a-6562-49a2-9b8e-6e0e2c31025d","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":"5b121a75-9e83-4223-b4d6-d4782c8be703","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":"8f26ba34-5658-4e15-9e02-638130188cbd","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":"0e5b7432-e5d5-45bd-9abb-cbcecc2c9d6e","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":"2a6079d5-18bb-488c-8c6c-ebea27fb33d3","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":"8ad34648-d724-4502-8041-480d3c211bb4","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":"946b7a4f-3776-4186-b4f7-677d6bc4335c","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":"b86325a4-4ce3-43dd-8dd7-733ab49c5b36","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":"73717940-9612-4243-8c3a-fe7b3e381f1c","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":"4d46eb1e-1c92-4afe-9f00-83c6380ca7e8","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":"d4382d56-ce16-44f1-93c5-1b4f06eac5b1","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":"ff5239e5-1e36-402a-a2c9-54d9c8be71fb","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":"0b0034bb-5b7e-46df-8d86-332aa473194a","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":"19542a52-1153-4008-8bf6-aab24f09e288","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":"7d006bc5-b7c8-48c5-97f0-d05e55c670c6","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":"be327767-a65a-42e4-bce4-32b2ff51db47","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":"ca1079a2-e459-4eb8-9b19-b2776465d2cc","block_type":"box","text":"II-49","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3864c2a8-4b95-406f-9b21-fd0991f94852","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2fc7d1d-4d39-4ab9-86b5-f00aea561d8b","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":"a8b1c3cf-db23-4ff6-b7a0-f23dd0f265a3","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":"29e6fe1b-af83-4874-8cbb-6cf2e01cfe52","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":"a8077572-a40c-4544-a0fc-dc35998b736a","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":"ad58968b-cf53-4a91-b6e8-6c1b7980211a","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":"de7f98db-77b2-4d82-b2f3-d0d7b5190590","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":"89dbcf45-4b27-4fc4-bac9-3b9b8bb58a37","block_type":"box","text":"Merger Transaction Risk.","page_number":93,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"54cf3354-cc0c-40fe-bcd5-c14f38f33d15","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":"e9db136c-44cd-4b26-9c82-4b7919b48ee0","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":"100542ca-84d1-4ac9-b921-72cbb8cfaed4","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":"d9452844-728d-4d19-bd70-9a2e2585853c","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":"fa265635-26bb-4b49-b30d-ce542f1ba55b","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":"b0cb6dbb-a5af-467f-9288-8856e943f882","block_type":"box","text":"the Fund and may lose significant value.","page_number":93,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"e898ad44-0d97-4fe8-b285-6a0303b96c0d","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":"b0af6997-a069-4676-b121-b240809951e1","block_type":"box","text":"Cer tain","page_number":93,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"dcdee0f3-957f-4d69-893b-be8e1f4813dc","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":"7f766dfa-36fc-47ac-8cf5-055a0cef92b6","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":"d338c8fc-05f0-4044-8e05-5a86dcb6520b","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":"cfa5683b-c98b-465c-aec1-2f68b37d0c4a","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":"598ae791-a92d-44c9-bd78-e53b267b3da5","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":"78bb8b37-e44d-4f5d-a7b0-281ed0fbacc3","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":"23e45a61-04ab-4532-9f9f-15eb344bca0a","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":"ea0227ca-a216-4bf8-8be0-9d85ddbf1725","block_type":"box","text":"branches of domestic banks.","page_number":93,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"ad1a2ce6-028e-4bbc-8e4a-993ac0bee2b9","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":"f127137e-e34b-458a-b5cf-af56724903dd","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":"8e083e28-3010-4c0a-8c35-d8940ef84b0e","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":"0ecb8082-8903-457e-b9f7-bf4ce3685fbb","block_type":"box","text":"paper of a foreign issuer.","page_number":93,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"44eba792-1e03-4304-bceb-aed6fa3bd15d","block_type":"box","text":"Money Market Securities.","page_number":93,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"43760e95-204a-4a5e-8433-27029ab35ed7","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":"78e2b6d6-1ca3-465f-91a8-4de0017c1414","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":"80780456-6c17-4b45-b883-feacb32a782b","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":"39218a26-66bd-4ec6-8a6f-173c5171f27f","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":"0df6b143-171a-4520-9561-7e25b4d1e902","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":"b78d4045-c619-4756-b2dd-31e7e33d7bc7","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":"226b6b0f-03bc-4688-a049-bb1e50989b1e","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":"b9f9fc46-838b-4df9-8bb3-aa8c75d8a254","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":"fb493927-3eeb-4d3f-b53a-f17c19fdcae6","block_type":"box","text":"agencies;","page_number":93,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"ddea9c01-53bb-4df4-8643-c489518f5d4f","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":"72c20a7d-86c8-4611-bccb-8fca2d62e1df","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":"b703027d-63cd-4bb8-9cc5-ca5db47dca6a","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":"64c285f7-eba6-47e8-a666-fa73b23c602c","block_type":"box","text":"obligations and credit card receivables);","page_number":93,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"b96632a2-7e48-4b75-8bfe-7ac09cc5a961","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":"63ced0ae-e8a2-4979-9076-14ecd5d87be0","block_type":"box","text":"authorities and related custodial receipts;","page_number":93,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"c85364a0-a23e-454c-b66c-ce60743bc2eb","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":"cd01470b-192e-4a21-9ec8-e348efcd07d5","block_type":"box","text":"agencies or authorities;","page_number":93,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"1d09a50b-3924-4552-ad58-59bd88e5ff38","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":"8cbb6df5-38fa-4275-9dfc-f2e03232ce14","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":"edeee002-71e9-45ac-8eed-9cbe5ac39606","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":"42755f60-f884-4bd8-bb60-06fd3c07af8d","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":"8bca4a49-b953-4148-ae29-4d9a13b75ad8","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":"3de49c99-d4a8-4b61-a471-b3da0e12183b","block_type":"box","text":"States;","page_number":93,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"30992e99-eef1-47ae-8d2b-75c9fcdb7789","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":"9395f918-5724-419e-89f4-a31a2f6685cc","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":"623154bb-2f73-4771-a723-8b1971eebfb2","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":"be8f6a56-833a-4027-af9d-6b4484afcbf6","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":"8544e144-d778-4343-a4e0-f1edb803798d","block_type":"box","text":"II-50","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34197e12-5a16-43aa-b211-8e1b042fadd9","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4369544-530b-48c9-a2e8-75f12094de48","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":"cb37b0c1-4167-4d13-a7e2-53b4b4c411a8","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":"4f26b962-449d-4d24-9d95-b278d8937911","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":"a819366d-64b5-4128-83f3-35503103a524","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":"4b050975-139c-4933-8181-1cc47f4b9968","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":"36d54758-d66f-4d50-8e1d-8b6e68add0b8","block_type":"box","text":"States.","page_number":94,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"524bb99f-fcb3-4964-8a4f-6647a3a4ac77","block_type":"box","text":"Mortgage-Related Securities.","page_number":94,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"28de6e06-d45e-4096-b932-669d18389194","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":94,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"83a80658-c158-45c4-ba13-b8cd68a0a5d4","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":"2aa53d92-7c6e-45f7-8ca5-aecfc6f72748","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":"b1d17ac4-b73a-4c0f-9522-f75623f48b73","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":"64e3a28f-6413-4ccb-b175-400572c2e4da","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":"bff6dade-6a50-4944-b113-6c87224df7f1","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":"3ef61599-312e-4a20-af48-38f45762b49e","block_type":"box","text":"maturity or specified call dates.","page_number":94,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"4748efd9-f283-46b5-b50e-963064e150a2","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":"19a984e6-9d9b-4385-89ff-14e3c2368431","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":"fc7aee4d-ce03-4c55-b0f0-a9088d59d1c4","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":"fbb89691-82e4-4663-9a6d-1ed843406b70","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":"d98a7f40-e343-4956-ac0a-6c07fc9b53ea","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":"a810b97f-03b5-459a-ab3f-5dc236f7abe7","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":"f566f86e-148d-47a4-bc2a-1875f3fa9c30","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":"c17d03cc-39e1-4951-b9db-0766980f3f21","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":"3db241a8-8a7b-4825-a5f8-08a85638ad3a","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":"2c838d40-7d7e-4599-bebf-83475dafb1a7","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":"aa9281b0-e1d1-4bfd-a003-b686cc8c098a","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":"a12576db-2813-400b-ae53-321db9105e39","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":"6b77c038-03e8-48cd-9c63-8d725647d834","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":"b3138bb7-44c4-49d0-9d26-60d1ab78d965","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":"c39d2246-bfe8-4ee7-8e23-34800e3e305c","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":"9e007b96-8410-46ab-b508-a05318a73ed1","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":"09fe0865-9982-46db-b4db-912cd44eb0a2","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":"239708a1-e198-4fbf-bf4b-ad338044baa3","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":"fe3028be-4783-4134-8568-ed0b95d70f42","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":"31fa63e4-54e5-4441-8eee-9252e8844017","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":"1e65e6d9-d413-4edd-98a4-bd488677b679","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":"da1d90e6-61b1-4c88-b7fa-723ac0b66f26","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":"4ee6fef8-eeb6-40cf-bd4c-81d7bdada8ba","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":"18179767-926c-4258-baf1-347f9087169a","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":"626b6116-dedc-495c-9351-a04be0ddf29d","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":"0ae0624e-b667-4137-9df5-952d700925a8","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":"2848cb2c-cbf6-4051-9078-a33fa8accb1c","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":"f95e4086-d06f-4196-a0d6-3c3a4a139b9c","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":"aab751aa-ad3a-4e5f-9810-872958a4368d","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":"9defcdcf-3413-4960-ab76-332cf96ef5fd","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":"d7a4bb74-8c24-4941-aed2-7902b900856b","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":"189b7f26-0c09-4db1-b8bf-c62200637e91","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":"084d0cb2-b362-42c3-a313-a237f8273e99","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":"fdfa4b12-6331-4771-be4d-b98dfafcb0f3","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":"ad165eb0-e5e0-4edf-bd70-085a3ece5df6","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":"f579cb33-3dbf-48c1-b739-1f06b51b100e","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":"152a7e9f-88fc-4d65-9b4b-37f55aab95ff","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":"2fccbb6c-3cf6-4e43-847c-59789d7b5701","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":"500a0b11-70cd-4baa-b17d-d2bf490762fb","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":"59ed8ad2-ed88-4e1b-bdb0-1f98aea0d4f7","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":"ec793aca-fef8-4125-b5ff-472526839ee2","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":"df99f7c3-07ca-4ced-b46f-3d29dbf3f126","block_type":"box","text":"II-51","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e53e4183-64b0-4284-89d4-d48d1b09d34e","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81ddd4de-4f21-44cc-a15f-15d75741079a","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":"08287486-ff0d-453d-86e9-057b22701589","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":"3134e867-38ec-45de-ab7b-865981e446b0","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":"53f7e5d4-6eff-4d37-9e26-a11a2f4a4cf9","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":"98901486-9166-4af7-a217-039b9ff96cd8","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":"f7a81320-b7fb-4bd2-b125-864772ce5489","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":"f10c3e3f-c021-4827-bb4e-e55753214ed8","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":"e15b03d2-24d9-4427-965c-e5de54ebaddf","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":"86cd4a31-9eba-45dc-9175-f9a0faf20a3e","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":"2e3b4efd-c3bc-4ea0-b052-7c2cb998880a","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":"7b1f01cb-b967-41f6-9fbb-4b6d9708cc7e","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":"a60719a1-871f-497f-9c25-bba224892da0","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":"35be1425-0a98-4453-a1a2-37dc08e607ee","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":"d12c4ad6-2c81-489c-974c-dcd79f0f8010","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":"4ce24076-fef1-44fb-95b3-245fc9e7955d","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":"316ab5fa-adfd-4c33-9473-d432344cbd2b","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":"0602b655-5322-4389-89db-4a316186c96e","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":"d8097ef0-a534-47c3-b915-02c60a6aa0a8","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":"e3afb2b4-7529-46d4-b082-8c47095579a9","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":"095ec367-0ead-45d3-be37-73f7e0d0a427","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":"ddbec5bd-2f56-4fb8-8d39-4cc8e698eac5","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":"b2f50a28-eeb8-45ac-98f6-83739da2c61f","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":"5725968d-49c1-440e-8fd8-c728528dc531","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":"7ee5e1c0-39dc-414f-bac9-22a38a66f298","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":"25d5b636-0cec-46bf-baf2-e5612885ee4f","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":"88fc1f78-bc07-48cb-9dff-019746443252","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":"c1e03061-cdaf-4261-9168-66eb31c88676","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":"3a49758d-2487-4553-8a2a-ce1daa182b4d","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":"51b3bcf0-b685-408d-bb41-2ff82bf0bdd3","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":"6441dc96-7ba1-4f8b-b111-f0902bb1a0c4","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":"7a60eb10-7378-4d5d-afd5-c926731d74cd","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":"29714664-3f22-4dd6-9ecd-2389de35bce5","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":"73ed5d78-3c60-4604-96a4-999de8ed165c","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":"15a4b392-4110-4416-92f5-7fee01e95fba","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":"ca78d586-b078-44b3-8061-f73a3d2938de","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":"4219d165-2219-443c-b308-8b239922a0f2","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":"df61ac3f-1203-4a8a-aac2-730af633ffd2","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":"2a17b123-26c3-45e8-ad7f-2ccd89b30aba","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":"006db646-e313-48dd-88c9-e4987607d942","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":"0e6191bb-3978-4012-af1c-998f859653e6","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":"8cbb49bd-3b63-4d27-86e1-300afe84e789","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":"9c103689-efb1-4f95-9579-6dbe2e209c41","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":"14f28608-4b7b-449a-a63b-44ff5ab8ed44","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":"b9699783-40eb-4e67-a393-454684f53b27","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":"18d09c42-3e78-46ff-9f3d-b3eaf9d9efc8","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":"1346d9e6-7786-4a0b-87e2-d7e900ca2203","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":"8d3b5f78-de45-4445-a216-0a583dd5958d","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":"f01bebd7-e2be-410e-8145-dc91ccf681ca","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":"4593500e-1fe4-4698-8243-8e701c27fb25","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":"a2fcdfe0-7763-4d59-b5f6-5b1be7f48182","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":"b5f505b9-072d-44bb-9ec0-2a759eb695f6","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":"2d682c1d-19b2-436a-90db-d337e9fe3c0c","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":"7926a823-ff6f-4800-ad68-52e646b93fbd","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":"1bd2672d-eb17-48c5-a931-0038a3aee87e","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":95,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"fe13f1b3-5fcd-4a02-b2ad-c420cc1ed741","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":"a9a0a6c1-1e9d-4c78-9777-d6418aebbd67","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":"c933ff9a-4f74-4ea7-b49d-773fa97278af","block_type":"box","text":"II-52","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c10a0a45-3922-425e-ad4b-3072c9eaf74b","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3289862-11f3-49ed-9f74-c8ee824326f5","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":"88497fd7-c23a-4655-b08c-6b4bfd179b3d","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":"4a405d1a-0855-4d7c-a236-7af946cc0e2a","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":"30e5f450-25a7-4572-99b3-fac9650ab238","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":"e689f5e5-a938-4c5f-8cd8-aa63775410e2","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":"343108c6-e3be-4e31-b8b9-02a6ad7ad45b","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":"9be52032-7671-4cb3-b9e2-0f403d824580","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":"59f454f7-9f50-4e3b-8ed9-ed4bfeae59da","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":"73853877-7786-4889-917a-d6363ec6e16b","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":"edd26585-9011-437e-b118-37c7e7832b36","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":"8ec2edbe-96c2-4c92-9428-a195dcd32b57","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":"1ccc658f-7e1b-429e-b951-1b6851572583","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":"f919dd6f-1ab8-4e00-8939-47ec9e910b9b","block_type":"box","text":"of principal because of the sequential payments.","page_number":96,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"a1f8ecd2-2649-4c75-a958-5f1c77068b76","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":"d6317801-a791-406e-a259-9d3b8ab75c87","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":"cc720447-ed80-44af-aa5e-97b90db51a5d","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":"8b134a4d-459c-401a-b099-375393496172","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":"19de188b-43f3-40dd-835e-90b2ae70b7a8","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":"4fb67bbb-2879-4427-a6ea-a026e959d71e","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":"02b64b53-bc9c-4baf-bba3-641cb2797e14","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":"fe17ac84-c625-4d4b-98a8-6f1a73569fc5","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":"099edda6-55bd-45ef-bbd4-c3249ce2e14b","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":"8dfbc919-8400-4098-aa1c-1419c2d826d8","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":"12c90655-8364-48ea-bf31-3a56a93c26ce","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":"467941e1-08b4-4ba2-a0a6-0d5427d87eee","block_type":"box","text":"securities of any single such entity.","page_number":96,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"6e2a1783-bff9-48de-9625-92c7bde5542f","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":"2b4a876b-9839-4949-af4c-463db4a1cb4e","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":"3a17b426-cb8d-46dd-91d4-9650c91d619b","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":"5066028b-a12b-4821-8856-ed0212c33d46","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":"db9cd4da-c89b-44f2-8b5d-51c862ae0ca4","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":"c45a0692-40ac-41b7-817b-33585f2fe278","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":"204857f4-bf9c-4c17-8354-f6a443a8b5cf","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":"73019bfa-e84c-4858-93ae-f376b33a9b79","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":"546d28a1-73f0-48ea-940f-c97a3f0e1eb1","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":"ef3caf3e-065f-494e-a695-69a37db5c2f9","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":"a2ba14ac-337d-4db5-a4e2-86d0e823c670","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":"0742e098-55ee-47a4-864c-5259ee22cca0","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":"be6234ca-6013-420c-9fbc-e0b06a12fabc","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":"72f81003-30e8-42b7-86f4-6252632e6b15","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":"fd37e40c-76ef-4b8c-808b-77a433483064","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":"46a84432-814f-44fa-9fc7-760885dbb3e8","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":"01768a27-d003-4e18-b3af-6b99df59b268","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":"10f830ff-238a-4e86-870f-b3a750fba412","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":"57ed8496-1125-4426-9a08-52d24815566f","block_type":"box","text":"classes.","page_number":96,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"9ef80e29-0b52-4773-8e85-eeeada9ad091","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":"0cbe370b-b869-4a6d-a039-081f9324a64c","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":"eca2009a-11b7-4a9e-b696-8bd5721ae09c","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":"6c329386-1e9e-4b67-9539-435673051953","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":"c0242a74-b2ee-4fd6-b8ab-7ccfc7f1a503","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":"24eabe90-bc72-481a-921f-36d8901df641","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":"d10b5c25-04e7-434e-9da4-447b5f01c0ae","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":96,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"e47f1346-addf-49db-9bfa-f454b94549fb","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":"72c31f9f-ec70-4df9-bf45-0bc404c68ae9","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":"d3b72097-f371-4dec-b03c-eefe059c4d28","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":"5433ce47-0da4-41af-a272-ff1d51202ef4","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":"d66c487f-883d-477d-89b8-c27acdeb68ee","block_type":"box","text":"to a designated benchmark index.","page_number":96,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"39c4ec69-c76b-41a9-bbef-4672eec297b3","block_type":"box","text":"II-53","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6274cdba-9d44-49b6-b857-5f23f1436dc0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fcc1eab6-a5d2-4ce3-a282-0f4a703d00c9","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":"36375614-41fb-4855-be98-c7aa0146f954","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":"96ebba6d-8062-46f3-8329-34ddd2c2b9ba","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":"29b976a0-1d8d-4b60-b851-bd626ea8a018","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":"ad3e5ee8-a970-4488-bf36-fda267ce6ec0","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":"9f6cd397-cdac-49f8-82e4-fc32e12c4b3e","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":"2153a966-b3a7-4ec4-8423-ee36258ef294","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":"b205ff9d-5edf-4c1a-8145-cf81694daa12","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":"76f9c27b-0c11-4aa4-aff9-288df9371a1a","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":"c13a4daf-4cdd-4a01-89bc-8e9c36269ce8","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":"2e6cb26a-8684-47f6-b3b8-72d0c0568d93","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":"63abb542-6fbc-4b2e-92b3-88fdfa1f414b","block_type":"box","text":"CMO Residuals.","page_number":97,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"5839ed87-39f5-47fe-8ada-6a4f65064f67","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":"7c01439e-74a6-4fac-b7b0-24278c8b5def","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":"02458089-a71b-4015-8a62-ecda4f1ca111","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":"c7f4e2ab-7478-47d9-a131-72c17ba7758d","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":"68aeec29-5b8f-4352-8a2e-8b86cfa09e8e","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":"0a50147b-73ef-4d9d-a1c3-4d17df2de8cb","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":"cd23f640-4da9-44f7-acf6-e3366d769cb6","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":"8747320e-d705-4b8b-94c3-3e7445c9f61b","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":"577c3172-be7e-4f19-bb8a-28216702c2e3","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":"782e795c-7e44-4bf6-a552-dbf5f430bf38","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":"f6791564-b060-45fa-bd01-3e08da1dc2e2","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":"14e71933-447a-4e73-b12f-15cd988ddb05","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":"6b2f2f51-a659-4c2d-abfe-6ef51d9ffc1c","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":"eecc9608-69ab-4e1f-a4fd-8ab4a7ba6e2c","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":"cd233c77-6201-4c90-9ea3-7eb1e74b483f","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":"e59ede7e-f759-400f-8f3d-d13ab1126fba","block_type":"box","text":"a CMO residual.","page_number":97,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"3f64f2d6-fe0c-4752-a5ca-72fe8b4e8dbb","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":"58b352fe-cd90-416f-9840-ca65e70bf38d","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":"8e7a5dc0-5e85-42e2-bc59-40091b580e51","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":"b38bd029-a7d5-4af1-9518-f8dfa8f95cc9","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":"569a0d53-380f-4aaa-8599-268a4a6cfa21","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":"f531391d-ea2e-4838-83a5-fb70fd36fad2","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":"838d98a7-e5a0-4cb1-874d-0b9ec09881d6","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"78398a19-8a63-4747-abfb-a232a78d5f7c","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":"60725b20-08fa-4c7b-b31c-dfad8c1c9f7a","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":"8f4e780e-bfd9-450d-95e2-dc8082cabd14","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":"9438a645-28ec-4781-a93e-974d873a25f6","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":"063a30e4-4eda-49b3-bf71-f0f6a789784b","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":"7cdad3aa-dc7a-4278-a1b9-f6a302ecc7a1","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":"b1016d8d-4b84-412e-a0fc-fd8913f2430c","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":"36165b50-4151-4dc4-a8bf-b10164578d2f","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":"2d660c7d-0f9c-4594-9cce-542b67dbe14d","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":"6d787b3b-1bce-4868-b7f9-24ae7ccf14fe","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":"c03a1ac1-86a0-409d-8a51-f8481e188b52","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":"a4533bd1-ce69-4d65-9e00-fd9961b08105","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":"60aa9c57-a239-428e-8015-275d0c893996","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":"525f4d0b-9178-4e3f-a87d-7758160f4bd0","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":"f2eb2820-96bd-47e8-bcd6-d4dd940d9f5e","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":"c0fbe55b-b28a-4642-bf80-31b2abb89c63","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":"8855fc5b-2be8-40e8-861f-5a49bf34bcf4","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":"68aa5037-8c57-4052-9776-03f1c08ac284","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":"be2f4d49-8129-45b0-901a-f06f2dbbce32","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":"59b66653-4804-4e79-8911-ca94f6428b59","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":"8bfc1c81-5b85-4749-941d-b6b2405283e6","block_type":"box","text":"Tiered Index Bonds.","page_number":97,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"42e83691-ed4a-4c11-a088-36fbb573632d","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":"bd82ae97-1619-4478-93fa-ed225a7ba7db","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":"c7dbfa3f-2f88-4e31-83e6-9dd26ef5441a","block_type":"box","text":"II-54","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e7e9443-967b-4426-ab12-e8475d52b670","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3872ffe2-d592-4094-b973-b8019d0a544e","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":"3c573295-64a4-42c6-a907-eecb55e72514","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":"1f60da01-a865-455d-bb76-d611fe5b50ec","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":"14b69aa6-b529-40e9-b1ce-40136bb86471","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":"817ab35e-b791-44e3-b860-d0ad9704b240","block_type":"box","text":"that of a fixed-rate bond.","page_number":98,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"8c292ca8-745c-49c1-b4ee-26961c3061f3","block_type":"box","text":"TBA Commitments.","page_number":98,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"5d703f0f-301d-4a27-97e5-a674025516c6","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":"3214c211-6a36-440a-8fcb-aac39aa98152","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":"c81cb68b-2a0f-41ee-b427-6ea667f13420","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":"ca37bab4-3132-4cd1-81eb-f3f115b9994d","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":"78e0df68-4bf4-45c6-9bb5-7efe8982d202","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":"9a8670b2-3803-4a41-9bc0-28b9b09c3568","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":"3f356019-29cc-4db6-ba11-5f4bca69ab24","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":"4dbed917-07c6-4ea0-9070-e0cef72628f2","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":"7840c7fb-4d9f-4027-bb49-1f645dce8cb4","block_type":"box","text":"below.","page_number":98,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"a0147a44-2910-42b1-ac15-c1b467746865","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":98,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"3cf0e444-8e84-44b7-9191-f66f621ef42a","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":"6a6a7449-f650-4e28-a64d-50c41271cdc3","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":"0ebfe19c-a458-41f5-8f82-fc87c8b06846","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":"8dbb64f7-1dad-4c98-b009-0fb09f34cd66","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":"069982c4-8470-4303-ace1-e08cb75fef8a","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":"2f20b456-9257-4afa-9926-f268788fe13a","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":"ed008d72-42fc-4f3e-879c-2ec71cf11569","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":"4419a34f-9beb-4af0-93de-5fdf89a18291","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":"e4a79be7-b6ec-40ff-86da-8bc71de43e79","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":"fbba224d-ac77-45fd-9770-a514096f49f5","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":"1f6dc22b-cac1-49b9-a215-a7ea6dc2c71b","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":"2be05f23-5dba-40cc-9b0d-2c171174d61b","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":"32f23d81-1192-43e2-a97a-9e0593a32a99","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":"0a3a0829-8b05-4558-8cf6-d15bae28769a","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":"22bf73b0-2dc5-4b07-85f5-d9296f6833e2","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":"5a2178f0-2f1d-4762-80c6-bfe53e246490","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":"6454c499-49b1-490f-8513-fabedc7f6c29","block_type":"box","text":"securities in the forward transaction.","page_number":98,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"1d04aa82-f11a-40c2-b0c7-5b2f726f7052","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":"7b102aa3-49de-4322-94fb-5b47e8bbba7c","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":"e3c23a0a-fe9a-422c-acb6-6efacc908365","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":"1b0e3569-ca86-42cd-8f84-858a57e71365","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":"9a1667f1-7132-4682-8281-78d75096686b","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":"3d7ac7ae-5db0-4769-9c0b-2f60b1910086","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":"e33cadfb-ce2e-4a33-909c-09c084964afc","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":"bbd5b31e-8ab2-4c5e-be96-5f20ad78bbf2","block_type":"box","text":"securities (","page_number":98,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"a41557f2-b08d-489f-ab39-cdb175132a2b","block_type":"box","text":"e.g.","page_number":98,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"36594524-d782-4fbf-a202-e4b1754f7efb","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":"dfdd1ad0-27f3-4766-b3e1-533056903cd6","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":"98737052-35e7-473f-b39a-d45e919bc692","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":"b9577cd9-14a4-42c1-a8cf-be656c63f7a4","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":"bb44d09a-d7ce-4a16-ab26-ea5337a1bb47","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":"cca97f97-c85b-49ff-bd21-3edc391aa553","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":"99c06562-b4a5-4f81-9eb2-0870b24dfcb7","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":"3ed96cd1-a119-4838-a9eb-7f1098011582","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":98,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"64b6c2cd-54d2-4758-99ad-83712f44caba","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":"cf0d5618-a8d9-4ef5-8b36-d9866ec6ec95","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":"fe527025-8d16-438c-9567-e00f64f56ec6","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":"ab618a8a-de6c-4257-b132-ac9514afc1be","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":"f946a8ff-c65e-4523-9a8b-185b74964b6e","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":"6b617e56-2fda-4b3d-9268-0665445fa982","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":"36881100-18b9-44b3-8ada-3b25c97f56be","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":"9491fe2e-4bf9-448b-aa0d-46e939d2b908","block_type":"box","text":"Municipal Investments.","page_number":98,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"9f33d723-e04f-4053-ac28-dcca3af8b336","block_type":"box","text":"II-55","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46efefb9-a463-447c-84d3-46c43f9df871","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6fa2418-b257-4665-812d-8d0c748db422","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":"01a50a46-756f-4c88-8f7b-f0a8cf7a8ad0","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":"3db26be1-39a8-4801-9abc-89cf1f52136d","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":"5eb62ffa-eab7-4523-a49b-98c86362e0d8","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":"71889fa6-2ed6-4379-b566-68565accaaec","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":"1a46f617-ce5a-401f-9fcf-1125184683a0","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":"e32f851f-a6d4-4ac0-ac87-ce95466b47c9","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":"d858f076-889b-4246-939d-d97c12c4072c","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":"8c43fd2c-a4c1-48c5-a689-051619f20886","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":"f1741614-2cb8-440b-9a15-ba119cfcedd0","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":"a33ccef6-abca-487b-bbec-f5dc3f1c4103","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":"f37b2e7c-2a9a-4371-881a-e9c968e6109b","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":"736d0770-3637-41cb-a730-cedbb71c981a","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":"eaf1849a-f900-4b02-91a7-bdd4d0415607","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":"2eb295b7-6849-4c46-9afc-1361a2f0e4a8","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":"22d5fd05-8929-41f7-871c-7ae774697a46","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":"11c9cb2e-8381-48ca-b4db-80c69660d168","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":"17c634fc-0972-4955-b2c8-bf8ad95858ae","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":"f6b4462d-c2b6-4d32-a97d-33c602956585","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":"abfb728a-f2cc-4dad-8dca-ce67652e3737","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":"cc5864fb-b4dc-46a6-bdb5-07f18ae5fec7","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":"cbad8e75-1f91-4bca-af34-9ba968f8438f","block_type":"box","text":"The risks and special considerations","page_number":99,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"12739242-cfaf-448c-89cd-b0d41e52b954","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":"e5f04166-4a6f-4acb-9e64-3a2397ffeeef","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":"7923b60e-8584-4447-b212-af5dbb7adaed","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":"cf33aa14-4433-48bf-9d3d-999dbb03c936","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":"05773ea5-c457-4654-831c-bf2b368c4f19","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":"eeac4e8b-5fd2-420d-8e34-6501ed73163b","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":"15c83b8d-3325-4ea2-9d28-b00863ad5063","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":"4ceee367-88ae-44ec-8078-09016d2d6e3b","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":"7c27f45a-8935-457f-8076-0be0f968e6c2","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":"eecb1d71-52e1-409a-92ca-007befabe13e","block_type":"box","text":"II-56","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e596f9cb-1478-490b-9c72-f2ebe89aa594","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e9fff61-965e-4db9-87b6-fcf5b9c70c5c","block_type":"box","text":"Description of Municipal Bonds.","page_number":100,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"4c1bdff1-fb1d-4f4a-be0d-e9aee54728dc","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":"a521e707-05f4-459c-81d0-03de8f88ad07","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":"34dd3de3-a4a3-4993-bbd4-f854a2c29955","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":"2c440a7c-3f23-4598-b14e-7822b3e9db56","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":"904457ad-62ed-4274-bee1-6344bfa21734","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":"5ef0d157-e280-4b8c-89c9-ea63050682da","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":"612aa21f-dd8f-4770-96fc-bf0115952eb9","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":"65e84cd5-301b-4094-9a64-9c885c713f28","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":"1a18ae6a-f8ae-4098-b454-5c6cfdec9b04","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":"27f4f136-1291-44d0-85a7-a1411b5b59d2","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":"8b92ac50-1d49-413c-b69b-19203dc34e73","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":"ed5f8117-6010-4409-947a-244c25d47d2e","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":"a29058b2-f42b-4fc0-90ca-a2dd0e7e59cb","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":"058fd7b0-6423-40d7-88cc-ba6caeb8100c","block_type":"box","text":"General Obligation Bonds.","page_number":100,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"c432ba75-fab0-418c-9d0c-b8fbc181ba13","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":"0b94ffc3-e290-4731-aed5-7d5f988af46c","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":"3842dc60-0138-46ba-8786-73b9f7919f70","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":"fedf5859-d6ed-4476-a8b4-ffa80c6b46c2","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":"bb77062e-00fd-4ac5-8a5a-f00ff25ec5cc","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":"b318d791-bd00-4ce0-927a-b06f4a999d01","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":"3ca72a62-45f6-4d6c-b826-38c964e5fedf","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":"e8d5a11c-05e4-4e76-be4b-97c8a1828f54","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":"954466ff-ffe1-475d-84dd-32dad176daca","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":"fa51601a-5fe9-4c6f-a546-c272c3e1bca8","block_type":"box","text":"Revenue Bonds.","page_number":100,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"c5f72430-661e-4966-830b-eef65181d33b","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":"587c92f2-58da-46e1-b80d-aa3d2f95e7fa","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":"6531d0c4-a1d7-45bc-a2f2-64a688c8e4a2","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":"36bcea4e-5628-44a4-ac50-f08bec769c56","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":"12c66560-5926-40c5-8422-a0112ead2d39","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":"ec04b1b9-fe08-456a-8aae-404db9c7a779","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":"fc3aede2-5a95-4b36-95b8-46f19b34b6c5","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":"5b8cbe38-474c-44c0-b6ac-bbcbefc39f31","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":"bc0b3b44-7f73-4685-b259-9d63de7e915d","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":"0f07f6dc-6984-410b-aa0d-06192e7d108b","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":"b5fc7e58-61ae-45b3-8b13-bb0095e8f80f","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":"fcdae41f-41f2-46a1-8b1c-73c542a29b34","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":"5ef16149-2bd9-43a2-9d9c-4e0d645e4384","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":"6e8fdd11-744b-459c-bc49-3a4bc7124445","block_type":"box","text":"PABs.","page_number":100,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"9b876a62-052f-45ac-86bf-7740858df51b","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":"800ea8b8-7a88-409f-aaf5-f53f0a3283f8","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":"1a14219f-ca82-4010-9783-6305a754b2d8","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":"cd0cec1b-276a-409c-b668-e8b9d61d4bad","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":"9b57eed7-7c07-45af-89ae-f2fb1d00016f","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":"39c66fee-4a81-427c-8049-ee73b340ef8d","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":"00c4ebc7-5181-4076-8832-357181da0b71","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":"de0b1e7d-346a-4fac-aac1-514c13cf805b","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":"09ee3623-6038-4df2-8c3a-158a75c7304c","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":"19eef1bc-abb7-43f4-b550-8cc8ac419f33","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":"c65d42da-b552-4aef-94c7-e3fb522894d9","block_type":"box","text":"the par ticular facility being financed.","page_number":100,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"cb551e5a-b8ba-4f88-863e-1835e640d2b5","block_type":"box","text":"Moral Obligation Bonds.","page_number":100,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"d508c004-b25f-4480-984f-cb4ea21b9659","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":"0b5a3b13-00d0-41dc-82e4-2ed3b0005fc2","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":"b8742b6e-72f3-4b2a-849a-9b003e224f3d","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":"c396d9e1-1d94-4cfd-a5ed-73dda97d513b","block_type":"box","text":"that issued the bonds.","page_number":100,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"c2780ace-5cb7-45bb-97d1-5badcea7d751","block_type":"box","text":"Municipal Notes.","page_number":100,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"ad2cda25-0d35-4cc5-9bd7-8f158a561e33","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":"9caf7c93-9d69-411a-b003-3798f7b86ed1","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":"bb6b8b37-326b-4d6b-8c1e-1dd258f22fb9","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":"74105cb6-7576-410e-b4c2-cda7d9c7c9c9","block_type":"box","text":"II-57","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9447939-6585-48d9-9e5f-253f880df122","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a98ba51-a031-4ae4-8235-925b444c8026","block_type":"box","text":"Municipal Commercial Paper.","page_number":101,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"2b7f3e6a-799f-4eb8-83d0-a74ff6e7c4d1","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":"ac1d48c1-003e-4190-abe2-e2704c181283","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":"8789ab21-5c1e-4b3a-8305-c35665162c22","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":"a3921edb-0bb8-42e2-b059-d8ca222bcfdc","block_type":"box","text":"Municipal Lease Obligations.","page_number":101,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"091bb85c-fcfc-4783-b2ec-444f45ea811c","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":"a521a2b8-2df4-4b01-bbe3-bbbb858e98f6","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":"88893783-2789-44c6-9587-f1d08846f06b","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":"e156e2d0-7c99-473f-bbdd-70f70b91e6bb","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":"2502a486-be3f-4e7b-9d27-796af355295e","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":"73e6329d-1cb3-4379-a938-6754c8c21d11","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":"57068444-27dc-4f67-a7a2-5184a86c53e5","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":"4810afd9-9553-448d-a9ff-0f230815f150","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":"b50a034c-17c6-4e93-bc65-de9ef910117e","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":"3c4ee8f2-6ae7-4c8d-95b0-e85d7a683d22","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":"eec955b6-8194-4a2f-9254-b447c61523fd","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":"0e07cef8-89d2-4c9c-90e5-506237f1d197","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":"8e4b6d04-de1e-4223-9d74-37a3d63f7fb7","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":"c0c813d1-3824-4d37-9645-e15eedf22b1d","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":"e00acb80-b86e-42af-9294-b62ba82452bc","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":"73c0f195-432f-4e61-a496-f35bad069d93","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":"d48dd318-e226-468e-816e-0e74d33b208f","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":"a33ad7a7-eb6f-4f3e-9139-a9cd1f00e0c0","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":"c17683ea-3813-4120-abb4-ad5e50a68eab","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":"533e122a-a070-4c03-a43d-eb3dc689be5b","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":"235af7d1-9e9d-4b3b-b32b-bdf4ce7134d0","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":"89e17087-e772-442b-92a0-9d17dcb5f390","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":"f5455437-04ce-4968-9ef2-7e444d04cc77","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":"2704ac00-93aa-4741-b849-be7301e98b52","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":"5ddea42c-b3dc-420e-84aa-419b392eb1cb","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":"3826941b-f07e-421a-993e-5e20230dcf06","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":"c84a2d7e-a229-4a5c-a5f2-50103dc0954b","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":"089776a3-deee-45fa-8cbe-4e645e3013af","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":"6917d04c-37b8-4300-ace7-e3f6e8fb8b0d","block_type":"box","text":"Tender Option Bonds.","page_number":101,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"4047e1c5-0d0a-42d8-a591-d40b38c7117e","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":"c09f0400-4b43-4daa-aab9-6333d5b9ed4e","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":"42f7427e-58d9-4147-ba3d-5faa8c7355fa","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":"42d19614-52cc-4c20-81a1-f6e6e0591a2d","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":"56c37b41-a950-4a5f-b89c-db897241d01b","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":"d60491b9-049a-4e23-b9e8-22a445feda53","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":"ebd27422-5a07-42ab-9093-84e05501a6e2","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":"35b2771f-c79d-4285-b5a6-966036f923af","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":"69d15617-0150-4664-b3f6-f71cfd880e96","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":"36a98f85-256b-44e6-9de6-3c54cb39a610","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":"1d555b37-6cb8-45ce-a859-33bcd39124ab","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":"6c3abc09-0e5d-4a41-b594-55bf73812aeb","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":"4f502e5b-fde0-4c6f-9b57-bb18dafda3d2","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":"4099400d-9832-4d4c-b166-48c6b383613f","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":"56a01878-2eb7-4536-bba2-f349278b6888","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":"67cf52a8-5729-407a-af37-8fd25ec0037c","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":"b518f2e6-c728-4c96-b76f-dbc7cee5c449","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":"47e25a75-adb0-4d2b-a060-9e03031306c9","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":"e7a3f03f-c0c9-4c80-abc5-bf9fbb59f14a","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":"09d758cf-3f5f-4c27-97a7-184952ec39c3","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":"84e2d25c-348c-49ea-9051-43d32da53326","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":"039f20ce-34ee-4577-aae9-d3db343e465c","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":"599a3f86-15d6-4372-8557-9ed0bd6a2aad","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":"6c74080d-550c-4956-bed9-be78d88cd401","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":101,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"7f40cd8a-289d-473d-af8a-18198e40ee6f","block_type":"box","text":"II-58","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2431ebb1-cbcb-44ea-ae4a-57130c9d88a4","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2daf3901-1a96-4cf1-a376-acc74db60fae","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":"bf25e236-50fc-4c1c-a45e-f33e3a05d47c","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":"e0da7da4-10ff-436b-bf38-5060c1b3e8e5","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":"14e6817b-7214-4559-b3ad-d86df61ca5f7","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":"be4a01fe-7bce-4c87-aaa4-d9adaa6f5322","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":"3c94993d-d726-4e8e-8ebb-c7fb8406b08b","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":102,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"a2965038-e1da-4809-ad46-0356bea175f2","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":"37d01489-19be-44ae-a8a5-d4c918be7d6a","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":"f613b3c7-f463-4797-aa3f-f681872b9282","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":"eb4d5e1f-5039-4353-921a-0b116186dacb","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":"c38ff7dc-38e5-48db-aba8-0ba90272fe7f","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":"076ced2d-5d93-45ab-828b-c0601b7ee6f8","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":"084f9a41-b308-47a5-8125-4981e3367db2","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":"630c2f99-2e04-4627-a0d9-5a251287493c","block_type":"box","text":"issues.","page_number":102,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"f321ad85-a00d-42b9-b298-1fdd1d5b37ab","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":"2c298ab6-d7ac-4987-9199-8293f9bc86a5","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":"3402f9b0-50b3-4773-9c24-0003f46d1ac0","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"d6979acb-fe41-4554-947d-4245f12d2300","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":"142daa5e-7ceb-4cc6-bee8-40bf851fe606","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":"005a9bde-cf36-4e01-84eb-4986b9b294ce","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":"2e9888f5-b4dd-48e8-958a-876bb3c74f41","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":"017decdd-ee09-4583-95b8-5033f666646f","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":"fe4bf145-2877-449f-9236-f8019fb158ee","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":"8ed22fa8-4090-4bd7-8ca6-9f27f5107177","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":"77e224e4-5229-4d98-b3a2-3c8958c06385","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":"e59d43e9-0095-44d9-810e-4c3c9884df33","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":"a18f9787-0dd9-48c0-a240-0f84711ee908","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":"308d7ddf-0a78-49dd-8a31-d9ee0c4852c4","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":"e1ea078d-2f73-4d5b-970c-60e43d50e680","block_type":"box","text":"i.e.","page_number":102,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"d09a82fc-003e-4aa3-9451-2dbf34f67ff3","block_type":"box","text":", the Fund). In contrast, in the","page_number":102,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"a7549479-2a2d-45cd-88d5-1325fe25ad58","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":"9282eeae-1aba-4015-945c-bf00419c75f7","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":"63946d41-8a3c-456d-9dd2-876a959b28b3","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":"f6e0b159-d287-49bd-bb94-ff5892be28b9","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":"2a63e86c-b721-46e7-9ba2-af5191408278","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":"cc868c53-0e77-4d83-b616-7aec9e226235","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":"ba18fd3c-1024-47ec-a76d-dc31b67ace74","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":"4861aa40-5665-4278-b3d7-84be682db059","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":"80b17cf9-73b4-43e5-8b5e-ff4dd057776a","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":"20ca7832-6d05-4157-ad8c-34b20607bdb7","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":"a012280a-b9ec-4832-9ff6-8b1e6dbf0e84","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":"45d40b45-c173-4088-a944-00919b7afa5c","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":"a96c1c4a-9f77-4476-a178-a95029c6774c","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":"2772b72e-3d98-453f-9ce6-5667e07d87cd","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":"33441f41-5422-4d94-b727-5b0a41ea2c84","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":"0589ccf1-66be-49a9-960c-bb387976c484","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":"b8c3233a-7f70-46a9-a32b-e41f27302d02","block_type":"box","text":"Trust.","page_number":102,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"81059156-8a77-4e51-910d-af7a2e9aee5f","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":"0263236c-c211-421f-ba55-0b1c088cc008","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":"817287bc-4e12-4abb-b3f0-2304c83cc964","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":"62123c8e-614f-42b0-bd98-aef34a030c3d","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":"de5d4dbc-7e8d-4e05-8a3a-7a42f9b7acf8","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":"2ba1b6ad-06a6-4927-b910-99a979bbb741","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":"c9987e55-2f91-4d02-ae09-e8fd9a2882b6","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":"8890074f-7d07-409e-9a06-bad254601705","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":"2c28476c-6ade-4208-9340-da16f03c036e","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":"8e2cb95b-6b5f-4551-a978-ce11b123c52e","block_type":"box","text":"II-59","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9406acd3-a459-41f8-a9ab-9bbfcf40ca83","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2f423c3-1693-4762-aa62-761d9f925e1c","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":"46df4005-cd1f-4d08-9b05-124163705583","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":"1a2e5186-19fc-47fe-90d3-e57c1e5b1e01","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":"d4a99d45-8374-4afc-891b-c94549970806","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":"b2380d3d-ba3a-4595-a8bb-a73afc1d2682","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":"2d863ebc-43a3-4cd0-89db-55beda82c3de","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":"15a8e748-1dc4-4d3d-9812-e9d0d767768c","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":"6eb7c054-b340-40b3-858f-78bc209f36aa","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":"c6e8a21f-f81a-4ecc-b46c-17782505a239","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":"4a5e7663-5618-48b3-92cb-1f59f1e98aef","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":"66aa1385-70e5-432f-97be-39e38f5ee3eb","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":"2e17448f-4950-4f72-bb15-5573694b4d59","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":"ab47195a-005c-4805-a166-a74ed3793092","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":"f6c08ca3-51d3-483a-8dac-ac3ad5372268","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":103,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"87f5198f-fb15-419a-8219-62ce67cef1c8","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":"2a28fcef-66bf-4384-ba19-d849217b3cc6","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":"b608755e-aff8-473f-a0a8-66da567f7f76","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":"722d5ed5-7c24-41b8-abca-32fda74e2f2d","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":"bab57a49-8f80-464f-a43b-e2e010befd1e","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":"22bea614-d534-4cb0-9e15-ff8c09257b57","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":"74f2e892-346f-4d7a-aea3-ba4a3d0ba7ad","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":"40155cc8-5f47-4081-a467-90e05f70bb82","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":"afc5e815-a59a-4e4a-a554-07f35d9a97f3","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":"2bbf0726-0755-4c61-bcf7-afb82b956473","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":"6f9d5862-c8b4-48cf-9e3f-21519e592561","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":"93a0516f-7e8b-4847-a295-1a1024bdd4a1","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":"2fd61e25-d44a-4bc9-92fc-c443ec11007a","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":"c6554e2f-fe80-4c29-9e66-26c4de019559","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":"c04001f2-88e1-43d9-853a-30384a6066e7","block_type":"box","text":"i.e.","page_number":103,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"978f7da6-1e40-43b8-bc1c-449d6d1363b9","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":"3a59888e-07ab-47c9-b567-7742896fd319","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":"53f51c41-c525-4b5f-88c1-1e3fddf9db89","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":"ea59ed78-6a2d-4f53-b83d-208eb7317a0a","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":"1dc52307-a81b-4ba3-b605-6b090542f3c9","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":"9f96e8b8-0023-469d-b919-0249b9f8abae","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":"7413a224-7ae5-4ac4-a3f0-8a532b650965","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":"3eed900a-7982-4109-a12b-a04d8baf0a7c","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":"1e881607-98ed-4205-bd98-ff953a491d6c","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":"379fe79b-92f9-4b53-b240-5deecef6632c","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":"22392795-3589-4e63-be9b-6905ba43542e","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":"0c429397-d922-4756-8de8-c4b619d4683a","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":"bb5a84df-d55b-439e-9a18-f6398bf332f9","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":"719443c4-13a8-4a26-b68e-74288f16b296","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":"905c9fad-d75b-4902-a035-182b6b2af2e3","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":"60b6b489-0e81-4e17-8515-df7e85f34f4f","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":"b4895419-a1b2-4da1-b98f-5100d0a98a49","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":"6d4d4c92-e244-4222-a6bf-adfabfd0c191","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":"1a825808-2744-4a29-9c46-108c222e62ec","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":"2230ac94-2747-4f76-9a09-64f00720e4e2","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":"8569ed87-c7da-46e3-b984-12cd279698cc","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":"7dd98cb3-3e97-40e4-89d0-1bb76af0d896","block_type":"box","text":"market is not yet cer tain.","page_number":103,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"1495cd80-5b51-46d0-b228-e1e2ac222efd","block_type":"box","text":"Yields.","page_number":103,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"20bc5c11-ca7c-4b50-92d7-591bbce15c9e","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":"5e1703c3-5086-44df-87be-bd290b8ee6e2","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":"2b73291b-65b7-462f-87ab-f03a21cf4590","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":"0c055cfa-32b4-4de1-b53f-0b6aaa1e175a","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":"0058e633-cf2e-4115-8189-682514485ed4","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":"6915fc21-585d-4c5e-b9f4-1689dcd52188","block_type":"box","text":"II-60","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a71bffe-2cc8-4a1d-9b8a-ca81016da5a9","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd60922e-b388-4d46-a7d0-8f7175bed7a4","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":"aee37e58-7496-4ba6-9d85-11a975bd5e8e","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":"7546675a-3f9b-4887-9d2c-5df706740acf","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":"e0a8d106-3c64-4fb7-9813-429844aab62f","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":"b65c8545-6a6d-4b49-b37c-3ac11d77ca54","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":104,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"715a7ddb-f122-4fdf-9854-48f40039fb20","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":"1f7e28f7-51b0-41c2-adc7-bdf1d78964e3","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":"3370dd25-ef7f-4828-a436-b447c9e84cc1","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":"9b194d34-898c-40f8-aadb-949b3c3aaed9","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":"3dd39847-a1a3-486a-b3fe-577ddb022b34","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":"86d94ba9-a3e3-4643-8d96-b5f1570bb1a7","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":"5222bc23-329f-4a6e-b73e-3e70ab23f7b3","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":"ae8ad767-09eb-411c-b604-386e489835f4","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":104,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"ed81487b-85f2-433c-819c-1da86338a066","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":"99c0d348-2057-4f2d-89fe-457e61a33003","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":"9af86630-4747-49e7-8f5c-97a387a4d61f","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":"6584f53b-cc79-414b-8200-6fd16b76e250","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":"01af8c6d-9eaa-421b-8fb5-cebc2c86e232","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":"1817a223-9607-4823-a1aa-9640bf23bd65","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":"36fb4f1a-03f5-4b26-ac25-ef3c9450e8f8","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":"47f1210b-06b9-492a-af42-fa655e928fc7","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":"d626a4e3-c95d-470e-ac12-eb9867cc3886","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":"33c5e0a1-0f25-4634-a77d-bb5e2eac607e","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":"64e90661-544c-40ad-99c6-6ca40f209e24","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":"d736c6c9-b52f-4d17-b9cb-36661b6b6538","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":"6dd6df09-d679-4e64-98b6-3139f26c88f1","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":"60382d0f-c075-44e7-9023-52133ccdafbe","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":"615a701b-3369-4db4-9304-85c7edfc7e39","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":"0aa97a92-3104-40bb-9d21-303fb7edac88","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":"ed7c8285-b541-4586-a9c8-beec76a3d788","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":"84bd3370-1de8-4bf2-9456-e9950aa8b3b4","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":"17281942-7db2-4116-8847-d622ad084c3f","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":"9479afc5-615c-48fb-8967-91d029ec13ae","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":"f4a6c5eb-a1b3-4a12-b4db-031e1ce0e7a1","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":"f56f6e81-94b5-4a2c-a599-fef4e9a5946a","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":"5780bd07-59fe-44fe-b6ea-334343e517fa","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":"37324002-8441-463f-b600-a04247bf0c1c","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":"ef71436b-d002-4128-8970-b4e73fea66ea","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":"5040f3c9-1d0a-45e5-97fc-1b743a4b3816","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":"5a558091-5a21-4c19-9c60-beed18c01bcd","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":"b8d3ca36-89e3-4aea-8b6e-3069512d7c01","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":"17ae4e24-8fa6-4c9a-9c6f-d5b7c1a0f0f8","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":"22945aa6-46b9-4d0c-a34f-09834029663a","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":"97ae86b5-5cd6-45b2-b0c2-1a8be7a24935","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":"42241e9f-6c91-4feb-92ad-111a379165d9","block_type":"box","text":"Call Rights.","page_number":104,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"8b78d94d-5889-46f4-8489-1337a4d5e649","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":"a3227412-a436-4ec1-a043-5e6d2448d625","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":"830c7a9f-54b0-4174-b38d-e114c52ea0c9","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":"1c816ceb-4504-4887-8110-bba03e227a73","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":"198a8c95-e7ca-41a4-b91b-583c654d367f","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":"204aab3c-7f41-4af6-980a-040e163c7c53","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":"d60ecc0f-f6d5-4d61-8018-7dd675d1adf4","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":104,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"8a4b5512-73ca-47bf-8302-aa09ec143bb6","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":"d1ce035f-a90a-4366-a2b4-38c0490f7374","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":"1247d60b-e867-4a61-840a-29c3e929d9af","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":"caf2955c-d1af-4c67-91eb-bae0f9ddb99c","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":"181b152a-85d0-408d-a6ec-07046e40e080","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":"92dc2c9f-4759-49fa-83d2-6babd1ec451e","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":"6399ca25-f139-444b-9a6c-92965091374f","block_type":"box","text":"II-61","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f1556f9-b73b-46a9-a9db-5561511ac757","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6c3d91a-c4c7-4b87-bfac-4c80d6440e5d","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":"77a9f2e5-d3ce-4717-ab10-9dfd7192f852","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":"c4c06373-afba-486a-9a6d-761b8b3b2f6a","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":"e801d7c1-f0b3-4552-aecf-8b11cb2ebacf","block_type":"box","text":"i.e.","page_number":105,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"b521c9e2-7c71-4556-be31-caba9bbc12a7","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":"b72e944f-6f5b-4215-a5dc-94b26b09b57d","block_type":"box","text":"rates).","page_number":105,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"778dbb47-eaad-46ac-8918-be48cb587d1f","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":"608e512e-c824-4d03-b205-bea8a0b46d83","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":"401eb6cf-04e2-43f7-be78-e15b4cbb21e9","block_type":"box","text":"e.g.","page_number":105,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"11048022-750f-48e3-9eb6-eb042e688c18","block_type":"box","text":", an exchange of fixed rate payments for","page_number":105,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"b4354cb1-13f1-4036-9a2f-fb87c455a40d","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":"1f360451-e70b-4c5c-8588-1f7b6db458c8","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":"67a9fa36-4bef-44c5-809a-a52e46d4d243","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":"64e0554e-885a-4b55-ad74-ee4ba130b07e","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":"7fc5388c-d873-4657-9518-b6d4d7f1b91a","block_type":"box","text":"with the same attributes as the swap (","page_number":105,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"eaf4ac23-2304-43c2-8c42-e6024176a9f5","block_type":"box","text":"e.g.","page_number":105,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"d2ad6435-db0a-4e78-a4bb-0a1bfe6c61b5","block_type":"box","text":", coupon, maturity, call feature).","page_number":105,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"fb3a23b9-6956-4fc6-90d1-d4519068e55f","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":"34dadecb-4f61-4a29-8bbc-26aca2fb84c1","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":"31854441-e068-4220-8e5f-f4ffda2d46e1","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":"a5b83ed7-104d-4f27-9eac-24f6b58906be","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":"5596e5af-84e0-424f-83e0-d8565c88a9c4","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":"a36feee3-8944-4e23-9f48-096524851d9d","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":"7e088383-297d-44fe-91fe-bc532bcf601c","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":"093ebfe6-d01a-44a3-a9af-c99d926304fb","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":"ac845db0-00c0-48c1-9be3-7f3bb7408aa7","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":"a6c40f14-105d-464a-9b39-840f44db2ff6","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":"6a379755-bab7-4aa8-8fee-d45ce38ceb4c","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":"1c8d32dc-6902-4947-9975-38ecb4d6d221","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":"780af41b-bf38-4288-9bb9-03294cf98f3d","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":"0c93d91d-6912-4aaf-ac2b-eecc2202ef56","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":"7862d7f2-7c4e-4934-961c-91cc34bb20ee","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":"69b4756d-d017-45cf-91f0-e261055dd3f7","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":"94bc9ccd-8af3-4221-9f05-0ebbde55e95c","block_type":"box","text":"Insured Municipal Bonds.","page_number":105,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"c325c7b3-8038-427d-88da-335e8c610824","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":"3506300c-29b9-4e08-8c4f-7615465639b5","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":"98ff9134-db2d-4642-b296-225215a0b2e1","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":"5b642560-50d2-4051-9dd7-42425e59c286","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":"e1d6c505-3b42-44c2-9b97-df26122c1879","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":"eb31610f-06e7-460c-a427-6ea603568780","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":"f99b9ba6-52e5-4841-a33d-bd37a1cd6123","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":"2c2ca792-8d90-45b9-8700-de05bc8ad727","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":"d99281c8-8d25-4ae2-9de4-d5b6d7c00fd5","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":"d83b84ce-9cff-45f7-bad7-0e3fcbe1b52f","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":"e521028f-944f-4e8e-8164-435041e84074","block_type":"box","text":"bond could drop.","page_number":105,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"b7344a59-2751-4855-9cad-90b4cd81e358","block_type":"box","text":"Build America Bonds.","page_number":105,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"8da91d0b-532b-4f26-ae41-5b40da887952","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":"617a83b4-7469-4ae6-afab-a6a7c2ef140e","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":"3c950aee-e45b-4259-8c0b-240c2ee4cdf4","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":"9e08260f-a9fe-4a72-841c-4d15cf5fc13b","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":"d98b2682-0e57-4401-8aa0-dc1605705896","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":"f826683b-92fb-4175-ba80-ed7ddc6c83f3","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":"b6066ddc-a24b-4ab6-8a33-a2ca50569353","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":"b2f3961c-8722-4cf0-bfbf-665db4dd9a3e","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":"1864df16-b23b-4bb4-9520-304d2cf96dff","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":"4ee63417-62f4-46fc-aec6-f8a94db58bed","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":"6bf9b879-e07b-4e6c-b11a-625600839e79","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":"b16b5b49-b833-4b52-a604-7bdaffa05a60","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":"77968cd1-fc24-4923-8073-a28ef3f663a3","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":"06932d4c-be99-43d5-997f-05e5caedb77d","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":"e48bc779-1bc1-4eba-811e-801e3fd4e684","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":105,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"a892f44c-6b01-4de0-bd77-febb662c8381","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":"cca747fe-3f39-4640-a8b8-9620973b92e0","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":"b54b57cb-52ea-4545-b236-a617e9b1c125","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":"fe0b8884-3905-4a78-96a5-a85995aa75dd","block_type":"box","text":"II-62","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e795d0e3-f9bd-45fd-be33-fe5e5028421f","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1625e79-fe1b-46ad-b72e-1d3c23ff5710","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":"e4b1b523-fcc8-4307-a802-766f3fd9b273","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":"27aec04e-fd6f-4d8d-8429-3fa493df1f46","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":"2403a4aa-72d9-4cf6-8bf7-c97834f1d60a","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":"a5d39db4-ae02-4cf5-a775-a602da313f92","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":"95fbb0e6-b5e4-4249-b642-dffe39b7c7c2","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":"82745245-3ea0-476f-b05d-0c648a14a42e","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":"581bed09-e15b-48de-8e3c-cd4a3ba320fe","block_type":"box","text":"their face value to the sponsor (","page_number":106,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"6e9f47e5-c3de-4783-9f17-9006a8e091d9","block_type":"box","text":"e.g.","page_number":106,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"f7928672-82a9-4cec-9f51-305cb5db4167","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":"d8c085ea-b040-402b-8d3c-a6098c5fce5e","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":"c064476e-366e-4f1f-9795-862e5bfdd52b","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":"0ff1b346-a4a0-4a06-86f4-6b6730ec6da6","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":"ebde560c-9e8c-4fb5-a459-cab2745ca3ad","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":"b3ae04af-5fa1-4107-9807-f670c54041b5","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":"5401987c-42d2-479d-8cf5-ba8cafc7aeca","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":"869497a6-f7dc-435e-8602-14bc245f2396","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":106,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"37648c52-e14c-437f-b617-95643413fda6","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":"7c51a991-7376-4066-b4de-3772cf6f5048","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":"6a510299-9b19-4333-ad7e-615c6f157098","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":"bcdd8c56-78c2-483d-9384-097d69dcaa50","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":"59694418-a88c-4a80-8377-b0f07113a3d6","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":"16499ac1-00ba-4d99-8e90-3f9a18dd761d","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":"dab22016-ff6b-4a78-bfd1-d20c68e1df60","block_type":"box","text":"such opinions.","page_number":106,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"9f740362-c048-4255-8eb1-a0e2ed092f71","block_type":"box","text":"Operational and Technology Risks.","page_number":106,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"20b81a4d-f995-40f3-aa40-4219acc189d3","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":"4b929f29-ff83-48da-9505-750a5f1dbc13","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":"cf5dde15-1a5f-4ab8-b421-43173d0245c0","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":"64bdcec4-5dd7-498a-a71e-efd186021bbe","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":"05e1f729-ebfa-4638-b508-c368770d59e6","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":"52e598e2-5b65-4986-9c37-06db9a8fe30b","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":"ca25e7cf-71d2-45c7-a819-5b22c89b2383","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":"c423d10c-207e-4964-8aae-cddfb927741e","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":"fab1fcea-cc28-4440-82f4-1cd751ec341a","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":"6b22c447-a55b-4bfc-9b8d-38faf62f530d","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":"5039236d-d481-4497-a41f-5bd1066e241c","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":"ce3fc3d2-1ebf-49bb-a218-d66749cd9784","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":"19608396-1b27-4c3d-bfc1-c9490a7a2d5a","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":"f10562ab-87da-4ff0-8d15-619823f906e1","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":"acaff6c0-df5d-4f71-a936-7fe28aedd5a8","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":"d823c975-17e9-43a7-a241-7e6e81ed804f","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":"eafe8536-9ba6-481d-b092-181f56934327","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":"3aeffb81-442c-4629-8269-c520ad0f32ae","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":"65a98845-c302-45aa-bca1-29de815a7fe0","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":"b4ed5793-3aa7-4503-998d-234dfbab16cc","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":"aae6e19c-aee8-444a-b811-6f98379c5c12","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":"bba727f1-a9f5-4ecc-8d34-500e40b76064","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":"5cd6254e-00ea-4165-a74d-97bc15b7a85a","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":"54340532-a76f-4e9d-9b2e-12a08d64749c","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":"609f5b7b-bff1-47b8-a5eb-dc059344af05","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":"aee34659-97ef-49ab-9d7f-609bac8b3f9e","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":"157130cd-a5dd-4428-abf1-35658024e3e8","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":"b9bcd0ea-5ef6-4824-9cc7-7e8e7dc07a30","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":"da0ff00c-bcd6-4e79-87b2-5e675410c2e8","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":"a686f57d-5db9-4f28-9c4d-f650a5ff5028","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":"8111e865-6eee-4397-b6a1-0195d048c04b","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":"30833f13-c819-46c6-bc26-87316e81d865","block_type":"box","text":"infrastructure assets.","page_number":106,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"661ab774-2539-4b6d-b3e2-d1c43242dbb2","block_type":"box","text":"II-63","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6dcc4485-0b1f-43d2-a626-3d9ce3afa4dc","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f65d64f0-c4e1-49e2-a815-720ac50d5627","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":"6e4f8acf-db7f-4368-bac5-0efe59a276d6","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":"6ccc0dae-f743-4c3f-9c2a-345feb3bc831","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":"dc2db451-bbb3-46d8-9478-e627cff70fbc","block_type":"box","text":"or services.","page_number":107,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"6f29f854-8d53-4142-a834-0070648b4746","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":"cfccb546-9e47-400e-8d56-f52eae61db21","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":"fb5b7e5f-f54b-405b-b857-197c6636e16b","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":"415334cc-8b76-46b9-b29f-f4bccf089da4","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":"30d92a56-3cd6-4ecb-a023-762c39dcb250","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":"285480d3-cfd4-4020-b65c-2bf8293c46ed","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":"41622308-fe75-4c80-b18c-622cea546f3a","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":"7b20f989-0814-459e-921e-6f534e2d5a6e","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":"1ea9c4ce-2bf8-4f3b-838f-ed33887ac6dd","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":"0942a576-062a-4df2-9452-bd9b64b8ca43","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":"69d9a62e-47e8-4f39-bedf-deac5be9147d","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":"024726d7-7606-4b5b-8405-d127af5926df","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":"f1f245b5-8d76-4405-9242-287e4809c4e4","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":"6a6c04bb-cc52-4081-aef1-423a3e238bd3","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":"1a801d99-5d20-4438-8232-f13ac6fad5e9","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":"5dc3835d-c07e-407a-9a4b-58df9cef5e32","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":"673d6652-0c17-4987-a0b3-61e9c855a64c","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":"a490171a-c8c4-4d1e-a5ab-704c6b6be94c","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":"40e62b2b-43d4-4782-b6c3-d0041db47fb5","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":"8fcc2e9d-25ac-4299-8ec7-35548d33ca3f","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":"8374f7cf-7be5-4cb3-b812-e571b05c8d25","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":"9fcb3ffd-d45d-41e4-9b4e-74ac967bd6db","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":"4ced258e-685e-4587-9e83-0e19cee5cc25","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":"71c5be06-f962-405e-bea1-ac46d8049d4b","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":"28305a62-43f6-436b-abb4-4a593661b0f3","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":"676fde11-07c0-47c0-8b67-7f047bfcdac5","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":"9a2a05a2-5854-45eb-8120-21c98e747a8f","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":"20f7e6f4-692d-4123-aee8-472be49becac","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":"a8535b63-8c8c-4b45-bbd9-08ed22ea3a7e","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":"75a5c7a0-b475-44ad-94a7-a76dd550c48e","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":"53534a82-7008-4059-8a8b-21161900ec57","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":"c0ba6a3d-0a52-42ea-84d9-a7530f5da153","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":"000ef844-8ab5-4d81-8fad-77fafa5d84b8","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":"7bb8fa0b-a605-47a3-9900-94f6f9a66362","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":"d6f0919a-8595-42cd-9ec5-6e6ee23b6197","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":"569ba89f-64aa-4856-aa73-7995bd2fade4","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":"599c1420-dac3-43c5-bdc5-36917e19df1f","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":"9352add0-1562-4cf4-9e40-f2438f05633b","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":"46b94c13-4886-41a8-b802-a2b6a3fde0a5","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":"5f3c1f85-7e33-4215-9a8d-ea7126267c57","block_type":"box","text":"resources to monitor and implement required changes.","page_number":107,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"f8b68eaa-ae2e-44eb-93b0-0b2f425fa6a6","block_type":"box","text":"Participation Notes.","page_number":107,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"5f7223ae-f665-4362-a6b3-0aba3be56935","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":"c7e2be1e-e083-4fd9-b257-f69c45a5915c","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":"ccefc794-5582-448b-a261-ad925cf7a731","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":"3deae627-e5a3-40a2-b341-85845ff92ff8","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":"972b54d5-9fbb-4bd2-a651-9d4b5fbc013a","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":"9d0fa057-db00-42c0-9dcf-125191638e60","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":"e763f68f-c6ee-4022-9f3f-318e950e53d1","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":"6b9e553c-1078-4541-ac0f-f3553db51d58","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":"bc52cb91-5df4-4309-a0f1-ae5b5b134deb","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":"f32bf69b-f5ed-40dd-9309-d0b5dc16e01a","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":"601fef6d-8740-4b00-9721-58bb667685d1","block_type":"box","text":"II-64","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1de91e9f-cd00-4a36-9589-3467b3a5c4de","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de93762b-77a5-4ef7-82df-3eda3c543b8a","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":"3b10dd98-bcd9-4784-af55-41d7bc59d62a","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":"39eecd7f-bf33-45f3-8558-b09cead82b6f","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":"3fbd6992-c7c4-4590-86aa-ad7f8b0e5f91","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":"2082aefc-a2c8-4091-b2f9-be4ddf670d07","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":"2a711373-545d-40f9-abbf-2db631287d47","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":"fdef6ad7-036f-4b6e-b5dd-c1a411724622","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":"df914348-3552-4dee-87e5-82de07bccdcc","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":"40c4f2b1-6cb4-4054-969d-85c67c9552ec","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":"99d880d4-8d86-4bf1-96b9-d50b679b9ad0","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":"8cc2e8e5-f62b-49b6-9ef8-3194bfae3a18","block_type":"box","text":"Portfolio Turnover Rates.","page_number":108,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"af231a42-4599-4e8f-812b-6020f5ff4f4e","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":"032521d2-beb6-4b38-95cf-04c7ffa1740c","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":"05464e14-7d62-4446-868a-f68ca7224fec","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":"0587bee7-39af-4550-80b4-b17933c8a0fc","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":"b7d71b5c-1b19-4b92-b698-dac4c1ac8b8b","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":"eb3bb172-18e0-4066-813c-e1466227cde1","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":"c3af00ee-cf8b-4b7a-a557-5ce1bf42925b","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":"d815244e-2e31-4bf8-b480-14ece598a7c3","block_type":"box","text":"i.e.","page_number":108,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"fbef89eb-ee7a-4735-a1dd-8daf84714e45","block_type":"box","text":", 100% or more) may result in","page_number":108,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"d702d819-6e14-4019-914d-67f2299f21e2","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":"a5eabe79-eff1-4492-9a05-724706f95510","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":"b1214cb6-0b07-4ee6-aaec-25b8d00dc2e4","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":"dd2c150e-47dd-49a5-99a0-4b02e97409ae","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":"1c22b7ac-b91b-4199-ab78-162a24763e90","block_type":"box","text":"Preferred Stock.","page_number":108,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"d1ef2fce-7c19-42e0-aea6-2dcbed290937","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":"2ce3e534-0d68-49a6-90ec-6415ab998343","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":"9b5fa5e7-124d-4b63-a9ca-1629e5f0b998","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":"cf028efb-99c2-455c-a8d0-ea3a31f2a476","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":"a0d376e5-3f90-46fc-a3bf-516398fb9c92","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":"9841cefe-656b-422d-ad10-638546eed749","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":"2641e03c-646d-44c5-bd62-8b083154ad13","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":"dd3a20c8-ef13-4efd-83b3-1ed1d13fedcb","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":"5dca6c5e-d1e4-4835-a3f1-1d1ca0d04e29","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":"c26dc6c5-4ae8-4567-9663-1dce681961fe","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":108,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"3ea5ea80-da22-49c3-9b27-26b259422682","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":"5d258908-eec9-4698-9c5b-f3e45181405b","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":"5e7b5eb0-d4d6-40fd-8b69-ca20f73fa41f","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":"e3e026f0-db6e-4dda-b5ac-015a79bc5614","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":"f3f28d96-e570-409c-b5a4-28d41e9bae0f","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":"bed281ad-63fd-446f-989e-cf3b654b4a92","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":"44248ae6-a802-4ed2-ba75-7893222d7bc6","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":"6061202d-d266-48cf-a182-0952de57fdbc","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":"9582a461-8c0d-4f78-b1b5-397066129674","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":"06445c78-60f6-4ff4-b4c5-26718ce2895e","block_type":"box","text":"Trust Preferred Securities.","page_number":108,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"1770218f-982c-4a42-b1cb-68df20587f03","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":"f0374f46-fad8-4839-a90b-e1e899b3e54d","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":"9af60c31-1462-4c33-823f-42887c0e9df3","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":"fb7aeda7-20b6-4d1d-a3cb-5a13c684bb5a","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":"db3530ce-dfcf-439e-a320-2ff65b4588af","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":"6ddffb41-3522-450f-9990-97acc8633336","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":"496e42f0-da68-4c57-a328-b805b5f11590","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":"493abea2-1936-460c-ad23-2e2d38aef27d","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":"a8374a7a-cef3-48f7-8298-a3db18f3990f","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":"c84d1746-d556-4fc2-8f58-eca9e9b892b6","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":"40b8647e-a8aa-4f3d-91c5-0cd7634936dd","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":"2095c57f-7c60-4790-933a-31151708d381","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":"7620d9d1-45b3-4daf-a8db-0e50a887770f","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":"97e22cf6-ab53-4bc0-94c3-d45f6696bc16","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":"ed1634c1-f178-487e-832a-3881e196f86f","block_type":"box","text":"®","page_number":108,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"94e97a33-9d27-4757-8912-9d58ffb0f161","block_type":"box","text":"”); monthly","page_number":108,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"1fb70439-a54c-4b1f-9171-73f4d53d2b4a","block_type":"box","text":"income preferred securities (“MIPS","page_number":108,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"227a0d1a-16e1-416f-8555-d0916433896f","block_type":"box","text":"®","page_number":108,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"9ef1596f-649d-4828-a0d5-15e6201cf791","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":108,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"fe621230-c03f-4c84-82c7-77781a99f81a","block_type":"box","text":"®","page_number":108,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"71c574aa-112c-42f4-b8a1-bd7d6688bc78","block_type":"box","text":"” ); quar terly income debt securities","page_number":108,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"ae1b1ae9-b99b-4e28-b76d-b6fe28e2b182","block_type":"box","text":"II-65","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"611fe39e-64e8-47f0-af49-493deca3b53a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c025151a-f4ad-4514-8cc5-a0c8919a3209","block_type":"box","text":"(“QUIDS","page_number":109,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"00782ace-5242-437d-b1ff-f7a1b0b3d022","block_type":"box","text":"®","page_number":109,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"3a4b8477-06f4-4384-9d4c-887534ec25a7","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":109,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"2242e696-d8ea-41b3-ab10-192cd5b3a936","block_type":"box","text":"SM","page_number":109,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"65f3a925-86b6-41d6-8c97-6d6740d2ec97","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":109,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"c1426a43-db7e-4f12-aa4f-50c9f38def13","block_type":"box","text":"®","page_number":109,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"7dee4756-969f-4140-9665-3b54fc1a3e41","block_type":"box","text":"”); public income","page_number":109,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"b9949187-f8ce-48c8-b673-5db62c57c8a0","block_type":"box","text":"notes (“PINES","page_number":109,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"3c35213d-bd22-4115-aadd-6bfd378cb269","block_type":"box","text":"®","page_number":109,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"433608bd-7bbe-4504-ae85-91358742d522","block_type":"box","text":"”); and other trust preferred securities.","page_number":109,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"e9f0d048-ed5d-44c5-b330-412c927f8a4c","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":"d8e9d167-eccf-4f71-aba3-1272f1fc00e5","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":"aa740ca3-720d-4911-b97c-e18fe6029a14","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":"08d9fb6b-b326-411c-b6b2-54de99f008d0","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":"e2803c08-ae60-4166-a65b-44bed4a5b616","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":"a7286b8f-8672-4fe8-98d0-6a11b09239d6","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":"94213dbe-f3e7-425e-82b7-639e948300ea","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":"2b3d15ec-e52d-47aa-8581-611ad444159b","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":"766a54d1-a7ef-4cd2-823a-45f6c48fed6d","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":"67cbe867-8d6b-4008-8834-44cad47b0dc2","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":"80f77486-a1f1-43d2-a683-909cb8231522","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":"ddc8b014-8e3a-4a98-b15c-b8e4f2e799a4","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":"0b375424-d362-4327-83e5-1f654996f7c0","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":"179794a9-c2ca-44d0-8981-62b45ae03a77","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":"79e19c37-695b-4586-9da9-c5adb0a05237","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":"9c72c960-899b-4622-8e45-92befa56dfd2","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":"9edcbed7-47bb-48ff-aeb3-fc54b98a0134","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":"8a493323-3fbf-4209-b1a0-fbba10ce1ea2","block_type":"box","text":"debt securities.","page_number":109,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"abf81c68-0186-4399-a68c-962b8afc2e68","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":109,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"277b84f6-a4d8-4d48-9d95-4afb5bb8731d","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":"5811b317-30fc-4cdd-a08b-11dfb578c3ab","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":"d44142a5-f41a-482e-a129-efe66a4c43bc","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":"97d4c2be-20d4-44db-a753-172ef3cf2fe6","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":"2281a64d-ea49-4c87-be1c-3dba899c3ab9","block_type":"box","text":"i.e.","page_number":109,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"45e8c9fb-cc6f-418a-a031-141f9ad18c6e","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":109,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"0c8d5e29-6b0a-47d1-a441-4051b6028759","block_type":"box","text":"buildings.","page_number":109,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"557c4058-aa8b-4c94-9671-bf52c6b88d1a","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":"8d882ae5-1a6c-4e18-8d29-d509c8e39f8f","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":"f8e003f1-bda1-4196-92ac-72d2574d8155","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":"c8ee4499-98f4-42b8-bb94-f5a43829d256","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":"17b95fa0-b499-4ec0-8b18-5a13bd87f09b","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":"62f0dccd-d65f-48b0-913d-96efcab2ad76","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":"64cdd764-d805-408f-aed3-0e8d466d339f","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":"cecd536f-c2ba-4c1b-8b7f-2e70e3a01a1f","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":"3542c95e-4a9d-4e92-8d23-5ec0fc71faf3","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":"7d6fabc8-c645-4162-86a2-705bf50474d1","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":"f1442240-4ea8-4f9b-97ec-fdd0b78433d9","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":"7036e28c-a258-43fb-bd59-368246c6b1cb","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":"d73513b7-5aea-4d3c-8ca3-0d02dea4a453","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":"ac5b9d11-9431-4d91-85e8-48e4d6f0dec5","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":"7231112f-67b3-4ae3-bd59-6865bc4135aa","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":"17bb2a9f-8bc8-4104-be95-45d84cade5f7","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":"8ae4cce2-5780-4204-8d8e-a5bca4a8a4d8","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":"31516091-d4a4-4b18-8c05-a464062951f3","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":"5eda0115-f9f2-438b-baeb-31ddee43705a","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":"a2a03815-5509-4a80-85e1-332a36d9b33f","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":"e7e8f9d2-bcfa-431e-a2d9-1c479ab69142","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":"22b2d4ff-44a5-4c38-a20f-738cbea62dff","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":"ce85b9de-7bd1-4bd2-8cec-579334ba5d2e","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":"1f97c5a8-f650-4c74-9737-8aa7ed920dc7","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":"6a15a8f0-85a3-43c6-95ba-3df21512fba4","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":"e3a45b67-318d-4b29-b3d6-da6b5a65bf82","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":"7c790b18-4653-4d2e-b645-7d2ea69c7b43","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":"7e39028d-b6c4-438d-af78-09591dd2ea7b","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":"f19ffb9a-3d8a-4922-903b-5fd634a864a3","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":"3a514d68-5d7d-40d8-bc58-e9c8527485dd","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":"344b66f2-2aed-4401-a474-afea70c6efa8","block_type":"box","text":"II-66","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c062b60-70a4-43ff-b4cf-db0f8d0f0c5c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fba2853f-aca8-498a-95f5-2abc7288f171","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":"15244963-3e2f-443a-b71b-3ffd5fbcba6c","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":"cc19192b-d833-46af-9b43-a8de4fc42c40","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":"ebf63a1d-226c-4664-a506-c39a281f4518","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":"4e75ad7e-bc84-4e67-ba8d-56535502c1c1","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":"f843edbe-42ec-46a0-81d7-aafd7eb18da9","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":"15abccb8-2fff-4e3e-b50e-00371e1b0742","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":"16935ce9-22a7-4fc3-8d65-0353574be194","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":"5c1c1e10-289f-4e1e-ae8f-5fa5a518ac2a","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":"3deb72fa-7238-49eb-9e11-f40490a50fcb","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":"ca9d6cf8-f896-4063-a35a-a97d9e5549ad","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":"0a5d350c-b868-4b7e-98ef-2cbf8588da73","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":"3091f118-a3b4-40d1-8e0f-0d7d5df07fac","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":"419a0480-799a-40f3-bea4-751f0eba964f","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":110,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"d846e625-1e09-443f-84da-d4a422f121d6","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":"54c9ba93-bb1d-476f-9471-70938f904b72","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":"2913a5f4-af08-4c91-a1bf-3f286c96e267","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":"de24103a-56b7-4a74-9da4-ad9a3b7356c8","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":"748afd2b-55c1-4546-a701-07a9c8846df4","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":"be4c3588-0548-4b74-b841-856ef26ad9e8","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":"2809cb98-01e7-4ef3-9b5d-cacf50437067","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":"2072c46c-c332-4fd1-9381-2075af6ca118","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":"19d6ede9-c95d-4375-b870-6b2c03137c11","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":"ae27eda8-711d-4f73-a361-de270535edf9","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":"654b76f9-3802-4447-9f16-c0d0034129eb","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":"5c48f79e-d911-421e-b9d1-c4a615be8c9b","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":"801f36c5-aaf3-464d-ab03-dfea58fdd635","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":"fb490b5c-3150-4ed1-9218-b1732a9051f9","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":"9b2241e2-bcf7-4f17-9d9b-83e1321cc15b","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":"c9101587-721a-4ae7-8fed-c1d10c3b2b1a","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":"75c0792c-2071-4012-814f-639d71817ae8","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":"c48c72d5-dc84-428e-994d-c738c1ec7262","block_type":"box","text":"conditions.","page_number":110,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"6297e905-2b5b-4d11-a0bf-ef6d44571f87","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":"090a04cd-7f52-4e4c-853a-8d43d31f7f5d","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":"f6f63ae3-a9f7-49c3-946a-1081a257597e","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":"f901b937-c67f-46cd-9be7-824c91549206","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":"61264ab0-cbe2-4c34-9dcf-1197b7870d8d","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":"82da3164-7c98-4054-b513-1f005cabdd42","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":"3228aa3e-36d9-4f06-ad18-f639bbf87be6","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":"6d05d12a-bcec-4156-a904-7ec646414282","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":"729975b1-35a9-4553-90b6-d41a37793314","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":"97d14f46-264b-41d3-aef9-e56a5505ab4c","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":"beddd440-5aa3-4fca-bbef-9143a6d0843e","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":"a7d47a98-1801-4f8f-98a1-e435ebad45eb","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":"d12891d4-9c38-4f81-88fd-2c16271db350","block_type":"box","text":"affected by such events.","page_number":110,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"e87e3ce2-3b88-40c1-a42f-2a4a57c5a1f7","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":"e3bb54a6-8006-486a-bdeb-9c2d73aa0dd9","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":"d3d506a9-682c-4f18-bf0f-e2bdfff692b8","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":"675c3a07-7fd6-48f0-a4cb-e2bea614a7ef","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":"14fbab44-3336-4511-a24d-4cd2a0da1862","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":"52eace0c-4bdd-4237-8e4a-5858fda60807","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":"5a28053f-92ff-4b60-800c-34ae00a6c31a","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":"6efa3770-a68e-4841-83cc-832724255fe4","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":"6631ce32-8bc1-46ba-824d-1148b4a99f81","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":"0a7aef7e-117f-4572-bbf7-b5554055493e","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":"272196dd-1c5e-4b14-90e3-9d43008219b4","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":"c6dcc513-d19f-40c3-a1af-fcf8cf629f36","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":"04bd771f-1bd3-479d-a77d-a50128f9864b","block_type":"box","text":"II-67","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"72d8d009-cc6a-4bad-a99b-bce0cc3f25fb","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db4e5091-bb46-4abb-bae0-d662c48d6545","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":"9b7df751-698a-4ae7-b0b0-3919be97a9d3","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":"6645f6b3-7f49-40d8-80ec-9a28b3aa9464","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":"f03565ad-fd47-449c-afe4-5cf21623c132","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":"80f7b57e-08c9-4982-8fce-61c883a1974e","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":"2d97a57d-923a-4458-85e7-dca1d6ab4524","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":"503b2a60-0c1a-4a30-bb60-e1da1189d66b","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":"dee99920-5f51-4172-8201-d1f6b7bbd0aa","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":"ab411da6-59d5-4dd8-95f8-4bac1b51e958","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":"84b8d2c3-8d56-4a17-81df-a6442e503ea8","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":"128cb5e1-e3c1-4b70-b9ad-94ccc01cae16","block_type":"box","text":"investments.","page_number":111,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"2696f5fb-ac83-43bf-b14b-c1d399f3607f","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":"c79ab2d5-6889-4176-ade6-c389ea003e66","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":"e3adcad6-8768-4ebe-b8f9-15c8aef69e0e","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":"0a31c5bc-c3a2-4282-a791-671990a0eae4","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":"3405872b-6e6a-4ffe-988b-c17f1ef73627","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":"ccb3ccaa-7aa3-4eae-86a5-a531bc48d834","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":"9110b8d9-e21c-4271-b88d-daedfe8a6fa7","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":"47e4ed69-cde1-4bc0-a1ce-0b8181dbfe58","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":"3a860208-7b44-4b05-abec-4d4a28b256b2","block_type":"box","text":"Legal and Regulatory Risks.","page_number":111,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"0098399f-b508-44f7-8954-7f102f49681f","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":"5502344a-c671-4ee5-b71e-a0828c4f84bd","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":"9f7524ac-35ea-4b68-b43a-45d6f521db4f","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":"29eb12a4-b2fe-413f-957e-e18008cb57b8","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":"327c3b62-7518-456e-962b-7eed5d8462b3","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":"ea145471-b322-4bc3-8f51-c236e298baaf","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":"9c523223-583d-45b9-b036-6a916a9b31c9","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":"e5f63606-bf4a-46b6-a5a3-d308ad37ed1c","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":"cb40bd04-19e6-4802-860b-e44c26538bac","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":"1a509cc4-b4cc-45ae-9b19-c77ba252b9f0","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":"c3fd51b0-39ad-4aae-b98f-5067e1ef1633","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":111,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"8037ad9d-acbd-4112-9e3b-aef120c705b7","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":"ae0c5f44-18fb-4723-98f1-d9bc7aa2a8dc","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":"bc200ab3-f0e9-4381-8839-2ec31cd30ae2","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":"e7565ef1-f6f3-4f40-908d-b163840c4fb8","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":"d8221d1f-03d4-4efe-8962-0563a08fb403","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":"982fba91-e0ae-445d-8bd6-f9af75b6753c","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":"23a68eb3-8d97-4903-bbe8-ca1b801e2ae4","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":"9a084948-8c7d-4468-a6fd-fa9abe3ba278","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":"11c41c1e-f924-456f-9d36-67e02786e54e","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":"d8bf5882-52f6-4dd8-80a7-9f5dbd235273","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":"8fc7e056-1aa6-45b9-9afb-dab2692ea293","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":"ed11baa2-7333-4ef1-8e5a-40eb60ce4ddd","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":"ac2ca9a0-13be-4ec7-98e8-2a9ca3324559","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":"09d40ec4-9eb3-444b-8966-f69c739d5ecf","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":"d71c01b5-1bee-475e-abdb-522e188f2819","block_type":"box","text":"Geographic Risks","page_number":111,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"4962f8ba-f291-4c33-bb82-89f205f611d0","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":"15ee69ea-1404-4254-abae-a6c40406d50c","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":"4188790f-706c-49b1-9eb5-88cc28b89964","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":"08b27703-ffee-4e78-8033-62af3115a353","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":"290b4165-7cb6-4e9b-ac86-221ab5b2a703","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":"1bfa44a5-6c22-4d94-8bd8-faa8bc5ca964","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":"0a8dd0c4-7b75-4b10-8931-305cbafe4f9a","block_type":"box","text":"Fund.","page_number":111,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"039a286a-3418-4253-8477-dd3f748d67de","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":111,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"7f69bc8c-d036-4a0d-863a-4eb29c84d762","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":111,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"73c81d35-12d0-4dea-b378-eb202bf38beb","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":111,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"e5254e8c-8e22-4a68-ba92-c948b9b2cb20","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":111,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"8091c7f1-dde5-458f-840a-8768ec43c0f1","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":111,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"c5d2891c-b359-4ade-8be8-416529887bbd","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":111,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"1ea2a6df-fcbc-467b-9380-4eab108fae6c","block_type":"box","text":"II-68","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d338d3dc-d30a-4fa6-b807-5140ff0f15d5","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd467797-4c5b-4f26-8712-1de377457d2b","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":112,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"04bacc0b-14a1-455c-874d-83a36c3559e9","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":112,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"6f86f340-df0f-41fc-b6ac-badef7ff596f","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":112,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"cb36c6e6-87e4-4e09-b552-cab650390afd","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":112,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"739e97bb-e9bd-4a9d-b729-563a19776023","block_type":"box","text":"continuing to develop (","page_number":112,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"6da1d90c-1531-4523-94d0-1a84b07e260c","block_type":"box","text":"e.g.","page_number":112,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"022850eb-39be-4d0a-9030-8164878e7e7b","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":112,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"99ae363d-473e-4000-b434-22911ff2a555","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":112,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"f73f197f-d6a4-4700-89d7-021901816fa1","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":112,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"b966033a-bf6a-4fc9-9a04-26e09646c237","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":112,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"229a16d9-84f7-42c6-898e-3c233c709a29","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":173,"width":750,"height":11}},{"id":"2ac1a65c-c84d-4f7d-acf2-1eb789db16ce","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":188,"width":803,"height":11}},{"id":"62b1add7-60e9-4d31-90f7-258d653df2a2","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":203,"width":831,"height":12}},{"id":"15f1579d-c8fc-48eb-b276-c8e7c5f84504","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":218,"width":801,"height":12}},{"id":"99ae6f6c-b43a-4492-b507-52d10759b75a","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":234,"width":810,"height":11}},{"id":"1dfcec1e-283b-4c37-9332-f9d89c69c13f","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":249,"width":803,"height":11}},{"id":"b6b3b7cc-d156-45e6-9f3b-af18fa8a4ac6","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":264,"width":825,"height":11}},{"id":"94642ce9-4dd8-404e-a556-8f12a7cc522e","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":279,"width":828,"height":11}},{"id":"b722db9d-eaa4-4a18-b2b1-8c39b856bd9e","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":294,"width":838,"height":11}},{"id":"130125eb-ed90-43d6-879f-d39f30dae449","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":309,"width":796,"height":11}},{"id":"f3d6bae0-b107-470b-b6e2-fc4bffa6f461","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":324,"width":836,"height":12}},{"id":"3c12c875-88ca-4adb-90b8-1dffbcd9aba5","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":339,"width":824,"height":12}},{"id":"73843ea5-5280-4419-b928-40761dd570f9","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":355,"width":830,"height":11}},{"id":"939e70b5-4ad9-4c50-86b6-36023acc3494","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":370,"width":800,"height":11}},{"id":"8b4fb057-d267-48af-9ea6-e9e77cd0e604","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":385,"width":827,"height":11}},{"id":"77ff8886-c974-4596-bc7f-43ae90af6034","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":400,"width":835,"height":11}},{"id":"9f76ae5f-b2be-4380-8812-8d229ace8e29","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":112,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"2e1e9e27-0967-450b-89e4-6f788c44deae","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":438,"width":782,"height":11}},{"id":"14f6cb9e-c6ed-4393-bca8-071e1ca00843","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":453,"width":786,"height":11}},{"id":"3045f927-93db-4e9c-8552-432e48445508","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":468,"width":746,"height":11}},{"id":"d016611d-a03d-4d49-8b9c-71f9b19fa8c7","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":483,"width":822,"height":11}},{"id":"538b5889-84e0-4993-8091-960534c322e7","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":498,"width":821,"height":11}},{"id":"22da3a6c-15cf-4ed8-8d5e-dca4d277ddee","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":513,"width":799,"height":12}},{"id":"e6280f34-8a2e-4119-a52f-b54ce7e50c9b","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":528,"width":830,"height":12}},{"id":"a0425881-0cb9-4cd9-8f4f-24190b6f5169","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":543,"width":757,"height":12}},{"id":"9673f455-2fe4-4cea-a692-865e5f120d10","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":559,"width":802,"height":11}},{"id":"23259b94-75b9-4b39-86ed-590934307ede","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":574,"width":840,"height":11}},{"id":"e6c0a73e-cfa7-4e2b-b53b-e73bd49f9df3","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":589,"width":782,"height":11}},{"id":"7c9d7b4c-8561-4e9a-b1e2-7b4acdf05b6d","block_type":"box","text":"consequences which cannot be predicted.","page_number":112,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"e8187fd5-cb9f-4937-bd54-896e95ef8ca2","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":112,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"e7c86d37-a9e1-4795-bed7-6cf5fbf075df","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":112,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"32e0f7e7-c3dd-4536-9653-8c216ce1f6a1","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":642,"width":821,"height":11}},{"id":"0537346d-47a7-4b45-90a2-7cd01247cffb","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":657,"width":815,"height":11}},{"id":"3daa7d52-e77f-4c22-a9a7-2a568195646f","block_type":"box","text":"term of the agreement.","page_number":112,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"390dc315-f31a-478f-955b-0bf101440ce5","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":695,"width":788,"height":11}},{"id":"173917c4-a57d-404d-8b04-3f463b97c768","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":710,"width":831,"height":11}},{"id":"6a0300a5-ca93-4908-9ec0-18dfa911d82d","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":725,"width":821,"height":11}},{"id":"04cacfda-d058-4136-836a-00d04bb75422","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":740,"width":790,"height":11}},{"id":"8c63e3b0-e1e0-4269-9ebc-27be2919442f","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":755,"width":827,"height":11}},{"id":"1b6fe948-bcbc-49ec-b7b2-d6d77be83c83","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":770,"width":788,"height":11}},{"id":"d076a97a-a6de-473e-999a-28b9ce92765a","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":112,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"4c94c916-668d-4fe7-9ee3-480f7577c1f9","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":112,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"0e641301-19ab-4267-a237-2e74c5d26187","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":112,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"79bf9d48-bd0d-4d17-8227-6eb2552bcca6","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":112,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"f4d3b45d-b7e1-4acf-b432-33de591b1131","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":112,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"e341b5e8-04ef-4bf5-820e-5a0a4ff7ed6e","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":112,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"b283c46b-2c6c-4725-83d4-77a39e891ee1","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":112,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"3302a35e-65c7-41d2-8cef-5add3fe6d141","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":112,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"cf0bded4-40b9-4c9c-89d7-98d010a409ba","block_type":"box","text":"II-69","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a5680f67-dc74-4e66-b682-2296078fca74","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"442f4e9e-00e6-4742-b797-f7fa6a4ed781","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":45,"width":759,"height":11}},{"id":"1e2d24e3-4bf9-45e6-8557-3c91f1abcde8","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":60,"width":765,"height":11}},{"id":"ec2f4795-69a8-4efc-83d2-96ea46a78f40","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":75,"width":835,"height":11}},{"id":"2d20b222-4e27-4149-b421-8f0ca503d97f","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":90,"width":799,"height":11}},{"id":"cca1d11d-9e20-4555-afab-328371a61edb","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":105,"width":801,"height":11}},{"id":"8ad3a7a0-dbd5-4507-a6e9-4a254e04e637","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":120,"width":826,"height":12}},{"id":"c8dbdf2a-fe51-4621-88e3-3bbc50822e06","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":135,"width":831,"height":12}},{"id":"2b954463-5bb8-47e6-9865-52e7853c1c68","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":151,"width":810,"height":11}},{"id":"56da93ce-bb0f-41a8-b960-befcee5600af","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":166,"width":829,"height":11}},{"id":"9412ebd9-060a-4d4a-b4ae-bedf5f361aa5","block_type":"box","text":"or by another authorized securities depository.","page_number":113,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"7d9fa212-d4f8-4664-9d96-23022f49678c","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":203,"width":770,"height":12}},{"id":"d190d965-7ac6-49da-acc1-a0af071b8811","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":218,"width":805,"height":12}},{"id":"44720c61-7c56-418a-b3f7-df298dbd554d","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":234,"width":819,"height":11}},{"id":"610b2185-5ffa-43b7-994e-7861c0bcd6bb","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":249,"width":778,"height":11}},{"id":"9ad94f32-8e7a-4521-b9b9-7f2e7c6acf78","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":264,"width":832,"height":11}},{"id":"62594a54-e021-447e-b365-c8690d7d0912","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":279,"width":810,"height":11}},{"id":"ec9cc559-be17-4715-b8aa-a125b17b25c9","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":294,"width":812,"height":11}},{"id":"4786a55e-bd71-4536-8e01-36f3f9523333","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":309,"width":778,"height":11}},{"id":"1948ad95-db5b-448d-a538-ff7177efa93a","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":324,"width":817,"height":12}},{"id":"5098ed07-fc5b-4311-af8d-6a2e3d30a5f2","block_type":"box","text":"the repurchase price.","page_number":113,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"798965ad-666a-4bf6-8e53-3796f655b331","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":362,"width":805,"height":11}},{"id":"043bdba5-70e3-45c6-b395-804e92e9b0c4","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":377,"width":837,"height":12}},{"id":"1c80831b-2a7b-4f94-855f-f335980c4782","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":392,"width":788,"height":12}},{"id":"bc2346b7-3511-45a4-984a-c9cb4cc333a2","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":408,"width":767,"height":11}},{"id":"45b76fea-29e2-4bc4-9544-bc554a9741af","block_type":"box","text":"strategies without the repurchase obligation.","page_number":113,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"c5693c07-ce8c-4b02-bcb1-180d4f190749","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":445,"width":782,"height":12}},{"id":"6eec802d-4a29-4706-861c-a30a6c967de8","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":460,"width":776,"height":12}},{"id":"3ba0fc29-0d0d-4856-a630-77a9ae3c66a3","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":475,"width":799,"height":12}},{"id":"8f78cb77-0f67-4858-a07f-4f06c48b2c14","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":491,"width":829,"height":11}},{"id":"5d8ef86c-38b0-45df-942d-b91e9387c042","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":506,"width":825,"height":11}},{"id":"8f4694e1-6257-4161-a3bf-a567536981da","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":113,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"969e3103-29c8-4ff0-8c2b-603a574da893","block_type":"box","text":"i.e.","page_number":113,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"ab35da4f-4bef-460a-9322-14ec715df227","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":113,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"cfe03ee1-f842-4e9f-80cb-052891863ac7","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":536,"width":813,"height":11}},{"id":"0716fc48-89e0-4fb1-ba30-57f73999ec85","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":551,"width":816,"height":11}},{"id":"c8c63b52-7546-40a2-abfc-7892ee959a21","block_type":"box","text":"and income involved in the transaction.","page_number":113,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"c895cd64-6097-4ec6-a0d0-0869a1640995","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":589,"width":800,"height":11}},{"id":"01fb8c29-79cc-46e2-a2bd-1a3d83252d4a","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":604,"width":840,"height":11}},{"id":"8513692f-9e32-4427-861b-dc9d0c8a2e5e","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":619,"width":814,"height":11}},{"id":"80413f41-bf49-428a-a6a0-296ff5308a94","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":634,"width":790,"height":12}},{"id":"8d044270-d6a4-4b1a-863e-7a8e1bb6056b","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":649,"width":818,"height":12}},{"id":"929672d3-4c00-41de-8903-69a4ed795563","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":665,"width":783,"height":11}},{"id":"5158bd9b-1c4a-4867-b097-736ed2ceda5c","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":680,"width":821,"height":11}},{"id":"a3459f5f-16c0-4029-a62e-1388abda097b","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":695,"width":800,"height":11}},{"id":"65a40286-1943-416d-976a-45e19f917172","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":710,"width":796,"height":11}},{"id":"b5557a76-d888-42f8-b1b8-bca98dab5ec8","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":725,"width":834,"height":11}},{"id":"f694998c-a147-4fb9-a2ed-4af008eb794b","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":740,"width":824,"height":11}},{"id":"1552d580-051e-4884-86e0-f7a5cb1caa19","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":113,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"202d5267-e3dd-48b4-8e59-1de8bb61ba6d","block_type":"box","text":"Restricted Securities.","page_number":113,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"e0d77a4f-b6c3-4c1d-a9df-614a3c858bf0","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":778,"width":617,"height":11}},{"id":"50f1c533-20d5-4bb6-bfac-f77d68f32581","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":793,"width":801,"height":11}},{"id":"eb67eb70-ded0-44b6-a6ce-edb7d1b9bd4b","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":113,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"add36bce-72a7-456d-832d-f2cea7b4f863","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":113,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"54a54495-fbc1-4e12-b14a-da5266ddedf7","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":113,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"a281555f-3122-4613-a8ef-1414a20eb7ea","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":113,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"f9f66ad9-04cf-4b41-b058-b427bb576c6d","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":113,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"d041887c-7325-451f-a0d6-594528a52e3c","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":113,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"cbfdbd31-49a3-4b6c-b141-10f0c1832fb2","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":113,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"1ab5db30-6834-4dfe-97f1-f26d4a446f73","block_type":"box","text":"II-70","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de3d2e4c-d319-4210-874d-8f073b28b208","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da0bf7f3-ba4c-496e-ba94-6e267a2c9302","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":45,"width":824,"height":11}},{"id":"7da2524d-2eee-4aee-8325-a2f6ea9b7570","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":60,"width":834,"height":11}},{"id":"117caf49-a008-48e8-8be6-0772cf3383f6","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":75,"width":769,"height":11}},{"id":"fda2d096-5d83-405e-b80c-a8a391918ec5","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":90,"width":838,"height":11}},{"id":"73bdb2dd-4770-4dfe-b005-d2acd31300fd","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":105,"width":805,"height":11}},{"id":"04968225-7eb5-424d-ba87-3397b3d134d1","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":120,"width":840,"height":12}},{"id":"ca22878c-f24f-4ec5-9c42-d8164de6b87d","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":135,"width":815,"height":12}},{"id":"77fc9827-f0e6-4e0f-a396-ce4fc4581282","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":150,"width":835,"height":12}},{"id":"e0e0a399-4923-4346-b357-c49a1128af99","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":166,"width":803,"height":11}},{"id":"ec4a04a7-e578-43f2-ad3a-1abcb0329a6d","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":181,"width":830,"height":11}},{"id":"19666fd2-6bdf-45fa-b80e-7b97254e9ad2","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":196,"width":817,"height":11}},{"id":"f7539320-450a-4b71-a2fa-91fb80e617e5","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":211,"width":825,"height":11}},{"id":"1271e05a-4bdd-407b-abda-6918d1dd5794","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":226,"width":777,"height":11}},{"id":"287ae985-6b35-4147-9d52-eeb468f69bf6","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":241,"width":828,"height":11}},{"id":"ea74c394-11d1-485e-a695-192ab3839977","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":256,"width":834,"height":12}},{"id":"7714facd-89c9-48e0-8b14-bd6791f982d4","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":271,"width":828,"height":12}},{"id":"e35517e9-b6ec-4baa-ac71-ce421746011a","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":286,"width":836,"height":12}},{"id":"4e6e9587-aab1-4e2c-aac7-6d01cd73345f","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":302,"width":819,"height":11}},{"id":"dd08ae4d-b2f3-4a85-b16a-51c9d225f6f8","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":317,"width":822,"height":11}},{"id":"ea37f89e-dc0e-4732-8044-011e7aee777f","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":332,"width":798,"height":11}},{"id":"6f064023-ca6c-4813-bdee-e28d809f5d75","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":347,"width":780,"height":11}},{"id":"1dee6a54-1330-4db2-b7b0-960a49903023","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":362,"width":773,"height":11}},{"id":"77e5f977-a08c-4337-b3ff-855c7f0f40b4","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":377,"width":784,"height":12}},{"id":"ca7ad882-f38d-447c-b55d-6e30e4eb430a","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":392,"width":816,"height":12}},{"id":"3e7ef0d8-1791-4d7b-a86f-18e8b6d89ff9","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":407,"width":828,"height":12}},{"id":"710b0da1-b86e-4003-8b3b-466789fb64fb","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":423,"width":831,"height":11}},{"id":"94fd4dc2-682b-4ef5-ab24-c8e462ba35fd","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":438,"width":804,"height":11}},{"id":"d356ee7c-e504-4e1d-9e88-440738ccb927","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":453,"width":647,"height":11}},{"id":"33c230f9-3999-45a7-a636-f9eccca636c3","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":476,"width":714,"height":11}},{"id":"c5d5c7f1-d9b1-4709-9d99-3fe905e9e43d","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":491,"width":823,"height":11}},{"id":"ab0ac1f7-4185-42ae-9f98-83f5dcb13ffa","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":506,"width":826,"height":11}},{"id":"61b1727c-1854-41f2-bd33-849f4039794c","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":521,"width":830,"height":11}},{"id":"d40b0bf7-1c62-4aec-98ef-aaab028cf594","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":536,"width":812,"height":11}},{"id":"06bb8054-2e85-4c00-b85e-059b5a2c3d57","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":551,"width":787,"height":11}},{"id":"1fbc237c-545b-4dc9-a236-6d9a63df2fc7","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":566,"width":833,"height":11}},{"id":"7abf3f81-8743-469b-bda5-2b9cb392193e","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":581,"width":759,"height":12}},{"id":"fb3acfa6-a54f-4e48-85fd-d0e959acb0c7","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":596,"width":833,"height":12}},{"id":"d96ac66c-a15d-4d8f-a978-a2fced5702b0","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":612,"width":828,"height":11}},{"id":"f5631ab3-6d55-4bee-acd3-64ee45bd79a1","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":627,"width":827,"height":11}},{"id":"3ef7e11d-abb1-4085-9411-8934ee7b47c6","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":642,"width":804,"height":11}},{"id":"61fbadfe-aa17-40a7-9f7a-b9b129f01626","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":657,"width":816,"height":11}},{"id":"8b7076f3-0fdd-4c7d-aeeb-30a474fc8b63","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":672,"width":835,"height":11}},{"id":"19cb718b-d960-4915-b287-f5b22f1f76f0","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":687,"width":768,"height":11}},{"id":"7248897b-c36b-4963-bbbd-d53dac172119","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":702,"width":815,"height":12}},{"id":"058f19eb-af24-4468-9953-51b765e72d04","block_type":"box","text":"especially as that Fund grows in size.","page_number":114,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"8849ae07-1729-463e-b255-14398261614b","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":740,"width":762,"height":11}},{"id":"74b0671d-b045-4961-af5d-11d09e17a5c7","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":755,"width":795,"height":11}},{"id":"fac08117-a2a8-4bec-9829-e55c2282dac0","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":771,"width":751,"height":11}},{"id":"c7af4467-7c3c-4ac3-a6b8-d650e83325e9","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":785,"width":755,"height":12}},{"id":"fb5eb2db-8fc4-4834-8bb6-8e55f9214157","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":801,"width":830,"height":11}},{"id":"5c588f5c-41b7-4e11-a7c7-1a962fcf7274","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":114,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"a3cc7b42-d897-42ed-93e0-75fe98cd08e8","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":114,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"0b39e482-8c0f-4375-81a0-8560e94171cd","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":114,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"38ced39c-b0ee-41f8-af03-840c8fddf4ba","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":114,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"2ada54a8-89f8-4b07-90a3-4add462f2f48","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":114,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"9c6d5a52-ae4f-4a97-9612-8bcee77e17d8","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":114,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"8c99503a-e438-4586-b306-739d1ebfcc57","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":114,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"b1dd4837-c116-45e1-82e2-5347fbbeba15","block_type":"box","text":"II-71","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f200295-d178-4e57-be92-deba722507a0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2475ccb0-7189-41e8-ab90-31f9750f7d14","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":45,"width":828,"height":11}},{"id":"69f4a679-7c67-448a-a637-c7d7daa5e985","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":60,"width":810,"height":11}},{"id":"e57dffb7-f2c7-4fcb-bfb7-6e13f9007ce9","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":75,"width":818,"height":11}},{"id":"ac25382b-82c6-44df-a273-e038bec0e77a","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":90,"width":839,"height":11}},{"id":"55361e9e-4474-4885-8444-0d2de369b4c3","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":115,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"b6c83ab3-bf81-4a6f-b7fb-edceca398b28","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":115,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"2e1bc5c2-0a6c-438c-9c40-8332bc18b58f","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":115,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"81a17f30-0835-4ef5-b7b6-f236e8d54a60","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":115,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"76132fea-4670-40d7-a73a-5f7e111147da","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":166,"width":830,"height":11}},{"id":"36362430-72bd-40bf-ba10-739c45fd388e","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":181,"width":793,"height":11}},{"id":"2326818d-71a9-4263-ae4f-0c76109d3538","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":196,"width":784,"height":11}},{"id":"f1d89cb8-946d-4f5e-bf62-5e0ec95bfb88","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":115,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"51bc5f64-0a96-4ad1-a211-825be0569717","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":234,"width":730,"height":11}},{"id":"1157dac6-b83d-4572-b681-09fb4375aa37","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":249,"width":822,"height":11}},{"id":"010cac30-eeee-4238-b868-81e262f6e020","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":264,"width":821,"height":11}},{"id":"f24d7be4-1a86-474a-ab9a-a193354586f2","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":279,"width":801,"height":11}},{"id":"143bb688-74b6-4056-aec8-8a3dfaf79f0b","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":294,"width":830,"height":11}},{"id":"664dcda4-2c56-4648-8077-03df2bde5beb","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":115,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"09e82738-f8ad-49ec-99be-4cbfbb8394b4","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":332,"width":769,"height":11}},{"id":"cb40f99f-6f56-4941-8dda-608f05852115","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":347,"width":815,"height":11}},{"id":"ab50e327-e527-4846-88c5-332250ad953e","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":362,"width":782,"height":11}},{"id":"c03fd58a-33fe-444f-a2db-6d01e7c2ffb0","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":115,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"afc89f36-34ab-4e77-a472-c6d577df123b","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":400,"width":794,"height":11}},{"id":"3d0d06a4-75cf-4bb1-8874-ed8389181245","block_type":"box","text":"similar financing transactions (","page_number":115,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"2589b309-417a-4d97-bdfc-238adc875966","block_type":"box","text":"e.g.","page_number":115,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"d992c504-750e-48f4-8f25-61fcfef448dc","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":115,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"126057ab-9aea-416e-83b2-73341a6f2618","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":430,"width":813,"height":11}},{"id":"66418a87-1441-4192-aca4-f6ddb3817868","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":445,"width":789,"height":12}},{"id":"e7cfc512-f716-4c68-aa61-d9cddc4dbd6c","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":460,"width":836,"height":12}},{"id":"05608c65-59ef-4660-9320-2e90901ded06","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":475,"width":824,"height":12}},{"id":"c91f4573-05d4-4961-bf34-00ed7e634552","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":491,"width":758,"height":11}},{"id":"a5a325b4-f7bc-4d26-bf11-e68ed172fe36","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":506,"width":822,"height":11}},{"id":"5d799df4-94f2-455e-aeb0-b7fc595e3f5c","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":521,"width":838,"height":11}},{"id":"5f21f4e3-e201-4f82-930c-ffcedf60c844","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":115,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"725c3c87-43f0-43e4-b4dc-d485fcc2ba9c","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":559,"width":780,"height":11}},{"id":"bf3be3ae-6015-4fa4-91c0-727190b81dff","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":574,"width":838,"height":11}},{"id":"b43bb20a-2eb4-42fe-a307-3da8698f32a8","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":589,"width":775,"height":11}},{"id":"c5a7b98a-d046-45e1-812b-7b9f4b8872c1","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":604,"width":754,"height":11}},{"id":"876c5d07-f215-41fd-aa3e-facf432fd8a3","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":619,"width":818,"height":11}},{"id":"1684c34d-150c-4469-84b0-fe152761e598","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":634,"width":783,"height":12}},{"id":"7019094d-caff-4f1f-b789-7ec31302c9bd","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":649,"width":800,"height":12}},{"id":"de19caaa-e8f6-4c0b-b2fb-002bf381fa87","block_type":"box","text":"amounts to be received under such agreements.","page_number":115,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"da75109b-2e20-4c9f-8901-b95bfb2a4427","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":115,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"7c33fadf-a467-4f92-a54a-10e31681c903","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":115,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"ef23854f-c094-4122-b3c4-7d9d33677af6","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":702,"width":822,"height":12}},{"id":"e544229e-a1b6-464d-904e-671a7cfc81f7","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":717,"width":776,"height":12}},{"id":"5517ffdb-c50d-4e80-b858-53f74029fcce","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":732,"width":817,"height":12}},{"id":"772e34af-36f7-42dd-a082-36687272405e","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":748,"width":833,"height":11}},{"id":"53f8722a-bfd7-481b-923a-ede43bdf30a8","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":763,"width":835,"height":11}},{"id":"c4a94cdb-4b29-43d0-a40a-7a02acb56f54","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":778,"width":821,"height":11}},{"id":"804b9ffe-3efb-4b5c-8bb4-3eee8bf77b8c","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":793,"width":830,"height":11}},{"id":"eb321c9a-4a2f-41b9-b650-85c76b29ab7d","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":115,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"83838fee-2fce-4703-9f62-8cd346753c19","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":115,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"33ac8e9e-e79a-4785-b104-cf46d5b31b17","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":115,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"da0bb902-33c2-4c95-854b-0bd7c8c942b4","block_type":"box","text":"Rule 144A Securities.","page_number":115,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"276ac25e-9c6d-4255-8a27-e4103a54f061","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":115,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"f6219859-83c4-492c-80a5-814aa4744b19","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":115,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"24685db3-e1b4-4974-aa27-f292e6e1239c","block_type":"box","text":"II-72","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f1a2b9c-35ed-4b37-92cc-4ffc8bdb7595","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8deced57-265b-4c0f-aa62-09672611c8da","block_type":"box","text":"Securities Lending.","page_number":116,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"2e6aa6f6-405c-4fc1-a162-1d1cf49eae03","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":45,"width":645,"height":11}},{"id":"ec9c8b1b-60b2-494c-baa5-77eb2fdc6f1c","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":60,"width":825,"height":11}},{"id":"2cf75c06-ed92-4f97-994d-678c9f0f1c90","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":75,"width":817,"height":11}},{"id":"7475cfe1-e286-4a61-8a8d-69d52075bd64","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":90,"width":831,"height":11}},{"id":"f8bd7005-a830-41ca-864d-9ee9eff601ff","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":105,"width":827,"height":11}},{"id":"afc3e4fd-4935-44f1-a09f-f1ccfbeac407","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":120,"width":829,"height":11}},{"id":"a11c3c02-f922-4a6d-ba77-c6f67d16fe01","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":135,"width":838,"height":11}},{"id":"caa7ca4c-f2a5-4859-a0ab-b67b392f7d84","block_type":"box","text":"the securities were not on loan.","page_number":116,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"7933e465-c41a-4e76-bfbc-c46f98df1a0c","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":173,"width":799,"height":11}},{"id":"f4ae1d08-dabe-458b-bcf0-a43940448960","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":188,"width":835,"height":11}},{"id":"fd457b35-7299-4bbf-8c5b-c424b0c19f3e","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":203,"width":824,"height":11}},{"id":"9adac9ce-c07a-48cc-8b7e-f5084a1cbebf","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":218,"width":821,"height":12}},{"id":"1b97a8c2-81a6-4857-a7ed-54f6ff996a05","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":234,"width":810,"height":11}},{"id":"82a0faa8-946b-4d59-ad7e-5db87f2252af","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":249,"width":789,"height":11}},{"id":"4046855d-46b0-46c6-b4cd-1ead248cadb5","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":116,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"b0d70a52-12fb-45f9-8cf2-8109b067d9e2","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":116,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"fddfb566-2396-4f0a-8fb5-e75e0abe0b91","block_type":"box","text":"i.e.","page_number":116,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"6af16ef4-8905-4b16-9ca6-05e8df06995c","block_type":"box","text":", the risk of losses resulting","page_number":116,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"77d410f7-21c1-419d-ae2c-32d270cea731","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":116,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"e0a23cd8-678e-4bfe-87d4-7a36db889100","block_type":"box","text":"i.e.","page_number":116,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"87c9e281-89a3-465b-806b-335dd0ec1e8c","block_type":"box","text":", the risk of a mismatch between the return","page_number":116,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"6c9a1332-096f-4216-b623-54195af8d694","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":317,"width":794,"height":11}},{"id":"c73eb743-c964-4621-b958-b7b359bba1a7","block_type":"box","text":"i.e.","page_number":116,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"c68b4d1f-7518-430a-865b-ae3e21d5025b","block_type":"box","text":",","page_number":116,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"30a6964f-f60e-40bd-8257-7d999433442c","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":332,"width":788,"height":11}},{"id":"49240643-af1e-4447-bfba-4c413310c2a8","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":347,"width":837,"height":11}},{"id":"8dd6992b-7eca-49b5-9894-34ad078bdbb8","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":362,"width":822,"height":11}},{"id":"03aa7dff-2d8e-4f0e-a8c9-26c676acfa4d","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":377,"width":811,"height":12}},{"id":"ec80a032-7828-4cb4-b449-5fd43846d31d","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":392,"width":820,"height":12}},{"id":"64d8432b-7df1-43af-bcdb-b09053643c08","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":408,"width":790,"height":11}},{"id":"4515949c-c25e-49df-8958-ade91867151d","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":423,"width":820,"height":11}},{"id":"163f24d6-fba9-48af-813a-caefddada79f","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":438,"width":805,"height":11}},{"id":"013ec8fd-20f1-444b-ae37-e94689e2305e","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":453,"width":816,"height":11}},{"id":"f91df364-b946-43ee-a122-a475157cce00","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":468,"width":775,"height":11}},{"id":"52570416-1795-4555-9150-60e0d0f1e5c3","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":483,"width":821,"height":11}},{"id":"f55e1ad2-a98f-4aeb-99c2-369b4af9d498","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":498,"width":838,"height":11}},{"id":"c56e12aa-05ff-4a32-8bd7-ac6294e78717","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":513,"width":837,"height":11}},{"id":"6fbda9df-8f83-44f1-9de2-b0d7b401c0dd","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":528,"width":808,"height":12}},{"id":"b1a03a12-5c0b-421a-9c22-dcd4fffac234","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":543,"width":839,"height":12}},{"id":"c6c409d4-f00b-4f37-bc8a-33b5c3a2fffa","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":559,"width":832,"height":11}},{"id":"4ac01f50-1698-4e27-8076-d4034653fbd5","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":574,"width":801,"height":11}},{"id":"8dcf1370-28c0-4463-ba05-084a8dac30c1","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":589,"width":823,"height":11}},{"id":"b7b2f389-3631-4854-a157-54b55ad8d90e","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":604,"width":823,"height":11}},{"id":"4ce5b0d2-c257-46a0-bd92-37c266cb6ac2","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":619,"width":812,"height":11}},{"id":"eb7436a9-1600-4193-9c72-0d4c8fec5466","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":634,"width":814,"height":12}},{"id":"8dafd0be-73ca-4609-9050-2408020bbb60","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":649,"width":787,"height":12}},{"id":"8bec6054-d1e1-45f6-9d58-340c9f3139c2","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":665,"width":828,"height":11}},{"id":"2df74460-62f8-4d0d-be19-63e5b9422762","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":680,"width":809,"height":11}},{"id":"fdacca62-a677-47b3-b06d-47c617bf591d","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":695,"width":821,"height":11}},{"id":"fae47ee5-9ac4-457a-a337-cd68fa4a7a1f","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":710,"width":731,"height":11}},{"id":"ecf0ed79-02ce-46b4-b38e-c336ef9dc258","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":732,"width":800,"height":12}},{"id":"ffa482ef-991e-4583-b2fa-5d39af633f73","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":748,"width":802,"height":11}},{"id":"f65fc442-1feb-44f7-893c-886134bce357","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":763,"width":783,"height":11}},{"id":"4e169d4f-fec4-405b-9ee7-57d8e0486b8e","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":778,"width":839,"height":11}},{"id":"be64720a-fba5-4861-aa99-496e0ce144bf","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":793,"width":747,"height":11}},{"id":"9d597edd-baef-4b78-8509-7f0aaf110b60","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":808,"width":806,"height":11}},{"id":"3bb80df7-f7b5-4012-b17b-0c445dcc2455","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":116,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"46d01671-5cd9-4ffd-96ca-159dd0291fba","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":116,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"fd8aa40e-1200-4ed3-9a19-39429712bee9","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":116,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"f8c165dc-8365-40e4-a97a-9b4d315dde0a","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":116,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"aad11a5d-84b8-45b9-94cf-edd198241988","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":116,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"b2a127a7-ee6e-445e-a477-679607c5feb3","block_type":"box","text":"II-73","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4792666-330c-4d3b-96d4-f08f7aca2b1a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5fa215c-cdec-428e-8948-f653aaad696a","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":45,"width":753,"height":11}},{"id":"79bed76e-3e93-4d16-9160-b9abd1cb71a2","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":60,"width":808,"height":11}},{"id":"12fd3645-0b2f-4c3c-84cf-90487e0a4c15","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":75,"width":784,"height":11}},{"id":"e62641fd-e331-4421-853a-a37cc6ca45dc","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":90,"width":833,"height":11}},{"id":"742fbfd5-3d09-4d7f-8d82-f0884dd648d9","block_type":"box","text":"the current expected compliance date.","page_number":117,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"ad12efcb-5f6a-40fd-a393-b6298c0bad60","block_type":"box","text":"Short Sales.","page_number":117,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"aae0c78a-d3f3-4719-8ed4-bc0bf257c613","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":128,"width":696,"height":11}},{"id":"d51b1cf0-8c26-47b8-bb45-51f51862e7ba","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":143,"width":821,"height":11}},{"id":"4453fa4b-55b2-4b49-a9dc-8419b0a17dd3","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":158,"width":778,"height":11}},{"id":"716ca808-9fca-4e4c-b604-1e4f8976579b","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":173,"width":831,"height":11}},{"id":"dba4224a-ca4e-4cd6-b767-18fefa360d18","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":188,"width":837,"height":12}},{"id":"b6580053-576f-4152-aaf2-1433e90a805e","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":204,"width":828,"height":11}},{"id":"9a6195a8-3d3f-43cb-b602-e36cd38d968f","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":218,"width":829,"height":12}},{"id":"4cb3db90-0e50-4fb3-898d-32330a580c3e","block_type":"box","text":"securities to the lender of the securities.","page_number":117,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"99b05ebd-80c7-4211-81b4-9b236f048866","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":257,"width":772,"height":11}},{"id":"6c879ae9-e4f0-4167-88bf-aba8703a072a","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":272,"width":795,"height":11}},{"id":"5ef603d8-e3a4-48c0-9824-ab31f0e8acad","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":286,"width":801,"height":12}},{"id":"92c3d45f-0c48-4d85-8a8f-71a85a71aecb","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":302,"width":830,"height":11}},{"id":"4634f7d3-c622-45cf-9388-e1e4918886e8","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":317,"width":839,"height":11}},{"id":"4c4de028-46c1-4094-9f34-71454809716c","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":332,"width":770,"height":11}},{"id":"c389fa92-9c8a-43ce-afdf-85c4f6d91a8c","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":117,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"de8cdd3b-352c-422e-811a-a36c2d931ad3","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":370,"width":806,"height":11}},{"id":"53a6767e-0601-428b-9680-aa4e3e305920","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":385,"width":817,"height":11}},{"id":"d6f16d0c-4336-4f01-9a32-592ebfabb1ea","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":400,"width":819,"height":11}},{"id":"b8cbe551-346c-4160-adf9-1d1040d4f76a","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":415,"width":758,"height":11}},{"id":"d7b559b1-3460-45c0-a7ba-48dc3bcd0ba2","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":430,"width":817,"height":11}},{"id":"1832ae9a-ae37-4302-baa4-5b495a13213c","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":445,"width":800,"height":11}},{"id":"bd06ff8f-e6c4-4a8e-b207-e13717438237","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":461,"width":818,"height":11}},{"id":"f74d98ae-a53c-4a60-adfb-f18005e88e27","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":475,"width":821,"height":12}},{"id":"4a5eecbb-98d6-43fe-8dae-57108499321f","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":491,"width":640,"height":11}},{"id":"6207144e-024a-46f0-b64f-04c5f3345922","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":514,"width":673,"height":11}},{"id":"ff9c88f1-6ea6-468a-84d4-d95dc16baed3","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":536,"width":721,"height":11}},{"id":"9e47081c-2d92-4e71-955c-996218887a7d","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":117,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"1c548ae0-9156-4cfd-8573-2bee3f49e0f8","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"61856d71-06d6-40df-8dd4-5a19d66a36fb","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":589,"width":745,"height":11}},{"id":"a3294a8e-7414-468d-ac93-7754800e772f","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":604,"width":793,"height":11}},{"id":"6ae50f4a-9f28-47c8-9da6-b6e0a52c90c6","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":619,"width":796,"height":11}},{"id":"afbbef6a-441e-4ba0-9a29-4d84eab1e055","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":634,"width":766,"height":12}},{"id":"deb3767d-8a9a-4984-b2d7-a07f8269849b","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":649,"width":754,"height":12}},{"id":"84f36d1b-08af-4ae7-9547-d47c906090fe","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":664,"width":800,"height":12}},{"id":"fdfad5d4-a767-4a0f-a9fb-c606ba666c8c","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":680,"width":823,"height":11}},{"id":"5b5ad0e3-5600-42bc-bb6a-d5c49ebec207","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":695,"width":782,"height":11}},{"id":"06704a50-c795-472f-956c-f1a069bc1a72","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":117,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"2b851ba7-7edf-47e8-bb4f-14ecbf949592","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":117,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"abbd6030-8a20-43d7-9a61-b51243f7c569","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":117,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"cfe8277b-348b-4dbb-b40f-28e0e1cb8a91","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":748,"width":791,"height":11}},{"id":"e8e41232-cd41-4548-acbe-491cfe6ccc3c","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":763,"width":793,"height":11}},{"id":"c2bd7a0c-dcdc-4c65-9b93-ad9c74e80993","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":778,"width":824,"height":11}},{"id":"d8c5efdf-7428-4259-a66b-38013ff3b25f","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":793,"width":821,"height":11}},{"id":"ece1f16c-783e-4d02-bd22-66a3aaf2f0e0","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":808,"width":768,"height":11}},{"id":"8c552cc3-cb81-4539-8d7f-766a399b7e13","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":823,"width":826,"height":12}},{"id":"b63ebc33-3951-4607-a9aa-beb31a0e36ea","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":117,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"369dfd58-52df-4064-b2ae-f015ae500156","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":117,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"c9544eff-cdc4-4a90-85d9-503fa370bfc2","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":117,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"1efec558-d0bc-40ab-89b2-270ff30262f4","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":117,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"ac014b6d-e08a-4bb8-ac6b-25f84d9137ba","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":117,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"08ad963c-4cf8-4f92-bc93-8be982fae252","block_type":"box","text":"II-74","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5d9cb72-017e-4f97-acdf-2681c426dbcb","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e0e4481-8277-4f53-b779-ff01da35ca5f","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":45,"width":820,"height":11}},{"id":"638e0239-ccb9-4a63-960f-c4d98d55264b","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":60,"width":815,"height":11}},{"id":"2eab08f1-cc5b-48fd-b5bd-81733e40b3c5","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":75,"width":802,"height":11}},{"id":"5d55c1bb-1abd-40e6-b91a-ec7ec518c618","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":90,"width":812,"height":11}},{"id":"cbc0d017-38e6-4f06-9104-fb9fe459fff3","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":105,"width":838,"height":11}},{"id":"0ca22ed0-9892-46d3-8ee7-28cf33b6a45a","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":120,"width":806,"height":12}},{"id":"6a80887b-f8ae-4d0e-98de-a0bf7132264f","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":135,"width":828,"height":11}},{"id":"0ebc7640-cad7-417d-a526-45f0c539dbe2","block_type":"box","text":"Standby Commitment Agreements.","page_number":118,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"214ce764-16fc-4997-9775-6f4109c90a06","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":118,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"520a3acd-1b83-4147-8ccc-ac6c2813dcb3","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":173,"width":834,"height":11}},{"id":"1ac9301d-6b2e-4750-a724-d2f66fc8ed14","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":188,"width":834,"height":12}},{"id":"0b9083c5-eea4-4c9b-8250-755aae3f0bb4","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":203,"width":802,"height":12}},{"id":"9a47acbc-f74c-420b-9253-42cda2fd2ea1","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":218,"width":793,"height":12}},{"id":"21f7da64-d663-457f-8dcf-3973b6c348c2","block_type":"box","text":"advantageous to the Fund.","page_number":118,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"e8542e2b-b568-49d0-bc02-bf1cab306f5e","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":256,"width":800,"height":11}},{"id":"ff530ead-1c80-45f9-8f29-520c1bcc97a3","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":271,"width":816,"height":12}},{"id":"c83e8020-b65d-4186-bb41-5b2dd799b336","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":286,"width":835,"height":12}},{"id":"a4d105b9-04bc-43a0-b31c-2e61eafd742f","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":302,"width":828,"height":11}},{"id":"50bc9e43-5bd9-4a9a-9abf-2b04c53aa01a","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":324,"width":785,"height":12}},{"id":"2357e696-c73e-47c8-b934-c0ffd1b7ce40","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":339,"width":837,"height":12}},{"id":"40ced6f5-085f-4c6f-87c8-e1d65ca2a684","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":355,"width":815,"height":11}},{"id":"a652ea8a-26c2-4ce9-b5cc-c522286682ac","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":370,"width":792,"height":11}},{"id":"d05d5a59-eb4d-420a-ac56-a15ba67b5a92","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":118,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"bfe3466a-21b5-48e2-928f-8e8f45d4f03b","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":408,"width":789,"height":11}},{"id":"b34bc90e-8913-452f-ae63-6866b2540587","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":423,"width":814,"height":11}},{"id":"9708d2a8-273e-4698-b35b-ef59adeddaf3","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":438,"width":827,"height":11}},{"id":"7f91f952-5df6-4379-aec4-5f0dc8b515c8","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":453,"width":815,"height":11}},{"id":"8dd3cfc2-f3e5-40cb-a1bc-97bb89e1583f","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":468,"width":817,"height":11}},{"id":"be834c54-c03e-4954-9dbc-ef4e32369347","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":483,"width":578,"height":11}},{"id":"c58cb556-dff2-49d8-9627-3996ee0b99c9","block_type":"box","text":"Stripped Securities.","page_number":118,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"0d643e4e-64a3-46f3-87fd-d92e6ac6af19","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":118,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"371d6fa9-5099-4ab1-972d-4c3c9838fbd2","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":521,"width":839,"height":11}},{"id":"b0c0c754-3ace-4d6c-9ce0-5c4c62c7d637","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":536,"width":818,"height":11}},{"id":"57d4a82a-923d-42ff-a045-e714135450f3","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":551,"width":813,"height":11}},{"id":"8678cb61-74b5-4e4b-b9f2-10579b7292d3","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":566,"width":777,"height":11}},{"id":"d14a721f-aeb3-4f0c-90d1-9ce9e48ecd66","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":582,"width":802,"height":11}},{"id":"2bfee64c-4ea7-477b-b885-70ea939e3be4","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":596,"width":794,"height":12}},{"id":"2eb788c2-5b1d-4842-a8cf-ece90f131832","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":612,"width":837,"height":11}},{"id":"ffce74ee-df5e-4832-9215-548659573998","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":627,"width":823,"height":11}},{"id":"6fc3207c-2e81-44f4-99f5-17447fb579d9","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":118,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"b6b8c73c-c32b-414d-a8c1-51e55810aeed","block_type":"box","text":"Structured Notes.","page_number":118,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"07845b00-7f77-447c-aa3d-684eccdcd646","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":118,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"0c83a2e6-e270-4421-8888-630a8b89ebb4","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":680,"width":818,"height":11}},{"id":"2a51d5ba-5686-488a-9abd-79ba633de7df","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":695,"width":839,"height":11}},{"id":"c0e6d306-8ad5-453a-b487-99c05024f597","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":710,"width":821,"height":11}},{"id":"283654c6-b24d-40c3-a803-bd452f7df74e","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":725,"width":839,"height":11}},{"id":"f0452060-eb3a-4102-93a6-bfc023262289","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":740,"width":801,"height":11}},{"id":"e9d369a8-7248-42d4-a7af-26489cc690aa","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":755,"width":813,"height":11}},{"id":"b2fa8e1e-25f1-432f-944b-52f90ddefc1f","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":770,"width":673,"height":12}},{"id":"568359e5-a2b0-4dec-9a95-e6cfafc2cac7","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":793,"width":768,"height":11}},{"id":"0d6b60ca-9c63-4895-b047-cbae77da2225","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":808,"width":821,"height":11}},{"id":"f87c482b-50b7-4699-8b4a-978960ed0a29","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":118,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"86496346-260e-4b79-acb2-1f35f14dac17","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":118,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"8ebb8f73-b4df-4e58-94aa-62ddcf26ec26","block_type":"box","text":"the risk of loss.","page_number":118,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"22f3d16f-e25f-419c-817c-181f05e29a2e","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":118,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"2798e6aa-c343-474a-8f54-e4ece642476e","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":118,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"a6ef0ad3-c69c-4b8b-a4f0-7c7bf9d6c0c3","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":118,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"a0f15d4a-059f-4e0b-9425-417e75b6c456","block_type":"box","text":"II-75","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f525495-bda0-41e1-b830-d68af66852da","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df2826e1-8b1e-40fd-b95e-62ae2f4c2f2f","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":45,"width":821,"height":11}},{"id":"d4142269-2a26-4811-bc2b-de8cbef23724","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":60,"width":827,"height":11}},{"id":"d710c4ea-a86d-4115-bfd6-ed9a6b73d53e","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":75,"width":618,"height":11}},{"id":"c3058785-827e-4b1e-9d2b-e3fb6e285939","block_type":"box","text":"Taxability Risk.","page_number":119,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"24a95ca3-d1e6-407f-9565-b64433681af4","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":98,"width":644,"height":11}},{"id":"bf33cb18-c08f-4264-ba66-9af5b71bde4f","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":113,"width":817,"height":11}},{"id":"6c74ee5f-0fd4-4352-a82c-bf78cd9322c3","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":128,"width":827,"height":11}},{"id":"8226820c-dfb4-4588-94d8-388cc1522f98","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":143,"width":835,"height":11}},{"id":"073736ec-b12a-4ee8-a685-9f4c8c6a91a2","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":158,"width":809,"height":11}},{"id":"1a0068d9-d91e-40f8-a8ba-d3d14668469d","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":173,"width":832,"height":11}},{"id":"50fa5d79-6f42-4dd0-99f3-08e134000c6c","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":188,"width":816,"height":11}},{"id":"695331ce-b9c6-4057-b5bc-36d5fbd41ff5","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":203,"width":822,"height":12}},{"id":"e214227e-7f3c-44a2-8cea-271e635de9d1","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":218,"width":818,"height":12}},{"id":"130e6499-2948-45f5-bcf1-dd3738cea2b4","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":234,"width":771,"height":11}},{"id":"369bdb09-a346-4135-918f-26524d39f1e1","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":249,"width":765,"height":11}},{"id":"82d37437-f548-42a8-9c31-0f077049a71b","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":264,"width":834,"height":11}},{"id":"3a59c2a6-cac4-43fd-b1ad-4d588aa74348","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":279,"width":807,"height":11}},{"id":"3b653c1c-262f-4c77-bd04-cf02ed070bb4","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":294,"width":830,"height":11}},{"id":"8832ccd6-f525-4b19-8beb-9d58c60d0994","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":309,"width":838,"height":11}},{"id":"ee5c916d-8a01-44ff-bf88-269f7c78e103","block_type":"box","text":"the value of an investment in the Fund.","page_number":119,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"7f9d70c4-c7c3-4aed-94f6-9fd5a0b7a022","block_type":"box","text":"Temporary Defensive Measures.","page_number":119,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"2766a6c6-8057-4581-b7c8-25103615786f","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":119,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"d6331ba9-1704-4999-aa8a-b32d040c2e51","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":362,"width":811,"height":11}},{"id":"f63f8549-5079-4483-a52b-360b4fc32706","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":377,"width":813,"height":12}},{"id":"a7e26564-ca0b-4070-a90e-423e3a5d23a7","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":393,"width":833,"height":11}},{"id":"332b0957-7409-4b5b-9e34-a9c74881d966","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":408,"width":813,"height":11}},{"id":"c19e598a-9756-4870-b109-bdf0aa9244b1","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":423,"width":795,"height":11}},{"id":"78095886-a36f-4427-b8b8-455f1767d847","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":119,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"794f113e-0905-483b-8305-effaf817a443","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":453,"width":808,"height":11}},{"id":"2c3af7f2-cd8e-44a6-a346-36a0686a840a","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":468,"width":820,"height":11}},{"id":"e450ac25-74e3-4b28-aa39-4b01b68285ab","block_type":"box","text":"its investment objective.","page_number":119,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"b09f6820-1226-44a6-b1cf-fc24a817f7de","block_type":"box","text":"U.S. Government Obligations.","page_number":119,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"21d22f86-32d2-4c87-9601-671b671610fd","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":119,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"d0015278-2a14-4939-a5d8-0dad91e7d470","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":521,"width":810,"height":11}},{"id":"926c956f-685e-4cd0-94fb-88f82b38a9c7","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":536,"width":826,"height":11}},{"id":"78c0f3be-23b6-480e-9175-e6af11dd9374","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":551,"width":779,"height":11}},{"id":"4270f1ae-167a-4710-a71b-198c0a7f8034","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":566,"width":798,"height":11}},{"id":"f6943348-97fc-4a5c-8803-8982a4fb5f43","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":581,"width":822,"height":12}},{"id":"e94c60af-27ad-44ac-af5c-dcbf67ef9851","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":596,"width":809,"height":12}},{"id":"3886caca-285e-46ac-9693-d5f85b6f99c4","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":612,"width":805,"height":11}},{"id":"0f038425-3917-4d67-a4fe-a7ef14438d62","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":627,"width":807,"height":11}},{"id":"b268c646-78e4-4788-aa36-32b6e866e80a","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":642,"width":832,"height":11}},{"id":"34ea6013-0d44-47bd-9d2b-cf36a27971f3","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":657,"width":829,"height":11}},{"id":"4035c272-2307-4791-9ae3-e69d55f648fa","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":672,"width":716,"height":11}},{"id":"bbaa9fd3-ff81-416e-8d6f-f2a146b01b13","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":695,"width":800,"height":11}},{"id":"903105ea-6ab7-4bba-bd48-d29a7fe83e43","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":710,"width":785,"height":11}},{"id":"1005935d-d17b-44db-9992-bfa407e62301","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":725,"width":813,"height":11}},{"id":"f028e1cc-8359-4221-ada6-7e03cf9e33e2","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":119,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"9d8c3208-8770-4b56-929c-9772d13f4035","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":755,"width":835,"height":11}},{"id":"df68b416-3905-4d35-8a0c-0f283267f196","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":770,"width":818,"height":12}},{"id":"0902cd2c-0d34-49aa-8a53-b24a15c9678c","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":786,"width":777,"height":11}},{"id":"42c505ef-e42c-465e-9db6-a3600688916b","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":801,"width":749,"height":11}},{"id":"51fbf1da-25dc-430d-b532-1b3061aa14c8","block_type":"box","text":"U.S. Treasury Obligations.","page_number":119,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"840f994f-b234-4908-b689-b7d4f41b4902","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":119,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"3f43a48e-3560-4747-8d04-1ab40e7fdd48","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":119,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"f9e35220-f293-4754-a635-12c3f3e18fec","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":119,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"70604e19-947f-4e9e-ab47-e1e61aedf960","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":119,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"cd80d16a-6f18-49b3-968e-ebd985158b68","block_type":"box","text":"do so.","page_number":119,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"a1e36f77-0066-4cb6-b598-72cada82d6b4","block_type":"box","text":"II-76","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"76fd99f2-ada7-431a-9294-17339e6b88a6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"200a3877-de11-4e67-8da9-1ce208683e76","block_type":"box","text":"U.S. Treasury Rolls","page_number":120,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"aadbd1ef-0dfc-4528-8307-33d2c9fc6d87","block_type":"box","text":".","page_number":120,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"8bfb879d-fde0-4185-88e2-7b05ac8429c7","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":45,"width":656,"height":11}},{"id":"b2800091-ace4-4b41-898f-235eddec8f2c","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":60,"width":804,"height":11}},{"id":"cef9f297-3a42-4ff4-a9bf-1a0b01f56f36","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":75,"width":820,"height":11}},{"id":"b4b3fd92-65bd-446f-820f-ed82179ecb37","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":90,"width":840,"height":11}},{"id":"6d49185d-8373-4920-963f-475579ba025c","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":105,"width":828,"height":11}},{"id":"71619646-c7f7-474f-9eb5-937a0f7aa369","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":120,"width":775,"height":12}},{"id":"d3d394ad-ed14-45b5-9296-6274b4e60b31","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":135,"width":829,"height":12}},{"id":"9454b845-1f0b-4cf9-8dae-51faba94430e","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":150,"width":657,"height":12}},{"id":"a53b34ad-a078-46f5-a50f-ec4ea9e0838d","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":173,"width":756,"height":11}},{"id":"518011e0-eb9c-49a6-a5e3-2fb46d98b667","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":188,"width":800,"height":11}},{"id":"70a2a234-cb2a-4e29-beb8-578edb9da18b","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":203,"width":617,"height":12}},{"id":"301d09c6-ab70-40fd-b9b6-745342a511ca","block_type":"box","text":"Utility Industries.","page_number":120,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"4fdb29ae-1f2f-482f-8d7d-a43002440e30","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":226,"width":674,"height":11}},{"id":"e302bb0b-7a18-47fe-a91d-04588108ebad","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":241,"width":812,"height":11}},{"id":"8111aed2-c463-48a3-9e32-4cd63c3ded0b","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":256,"width":812,"height":12}},{"id":"7a36bd45-25db-4fd7-805e-29903aa3867c","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":271,"width":821,"height":12}},{"id":"e8135bca-acf2-4607-a2cd-792d83b8ed29","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":286,"width":815,"height":12}},{"id":"1617a208-fa1b-49dd-a177-478bb85a721e","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":302,"width":827,"height":11}},{"id":"2b8aaa22-6c02-4f89-aa7d-7580e5f06fda","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":317,"width":795,"height":11}},{"id":"4d1a1ec3-7f76-4e18-b587-ee0053fcac35","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":332,"width":774,"height":11}},{"id":"568acf56-87ce-4451-ae9d-354073ebd399","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":347,"width":817,"height":11}},{"id":"961bfa4f-af2f-4984-8ccf-28d43b4a88b5","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":362,"width":839,"height":11}},{"id":"4efba64c-8b5d-4d37-8785-6707941cc0fe","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":377,"width":827,"height":12}},{"id":"48ff852e-fb00-4582-8ba9-be284c1299ec","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":392,"width":761,"height":12}},{"id":"fc4ef078-ff21-42cb-b260-484060433bc3","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":407,"width":821,"height":12}},{"id":"d1f52f38-0a74-46fd-b5aa-6a749fed1ace","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":423,"width":777,"height":11}},{"id":"19932653-f7ea-448d-b5d8-c0b7b4e9403f","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":438,"width":820,"height":11}},{"id":"1030c79e-71a9-46f2-9e28-f7c9aa9038e2","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":453,"width":835,"height":11}},{"id":"3f927993-bd33-4e57-bad7-56a3b671b797","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":468,"width":778,"height":11}},{"id":"5c7ac622-3de3-4b9a-84e0-b3671bce0635","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":483,"width":808,"height":11}},{"id":"560642ba-82bc-4484-8730-55db4f524e42","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":498,"width":831,"height":11}},{"id":"c3faa0a0-0985-4182-aac4-bd5b08591e6a","block_type":"box","text":"utility.","page_number":120,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"81207d6f-461d-4a9b-a941-6bb5e8f9a020","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":536,"width":744,"height":11}},{"id":"1823156d-6420-4263-b876-e9e01f7be422","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":551,"width":828,"height":11}},{"id":"abadc44b-8622-4ef4-800d-611175020ea9","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":566,"width":817,"height":11}},{"id":"9013a873-ba48-447e-aa95-5589649e77a7","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":120,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"0ed5bd3e-0d5a-437b-b2dc-6ea6acd6e7fe","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":604,"width":789,"height":11}},{"id":"cda16d28-9abd-410c-aa15-d008bf01fa57","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":619,"width":790,"height":11}},{"id":"4479e1e5-d737-4616-9a8b-b97791fd2c53","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":634,"width":811,"height":11}},{"id":"83909eb1-a384-48ca-b7dd-968143125645","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":649,"width":824,"height":12}},{"id":"1c13857d-a27a-4087-bdec-d5478e75b2eb","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":664,"width":781,"height":12}},{"id":"32f19026-a248-4588-9936-19f17c4df44c","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":680,"width":826,"height":11}},{"id":"e90cbd96-3410-4789-8044-6fd68613d8e1","block_type":"box","text":"continue in the future.","page_number":120,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"5c739c01-d0aa-43ba-8720-53c701ee3eb0","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":717,"width":763,"height":12}},{"id":"0062a78f-aac7-4d38-a2a8-7288d46717d0","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":733,"width":820,"height":11}},{"id":"77d08101-7a3c-4802-8233-5e4b4f417e59","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":748,"width":834,"height":11}},{"id":"45128160-a22e-4aae-ad23-0b961bce5e56","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":763,"width":784,"height":11}},{"id":"5a5b988e-bea7-4205-806f-85f991383750","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":778,"width":830,"height":11}},{"id":"5f43a8cf-7968-4191-af1d-a5d78b81b771","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":793,"width":809,"height":11}},{"id":"dea9fa81-68a3-40a6-922a-f8d9ffd6aaa9","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":808,"width":834,"height":11}},{"id":"7ed649f7-36f1-443e-b1a4-ffe9102ee434","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":823,"width":825,"height":12}},{"id":"c3277070-723b-4747-bbd2-4e08fc74245e","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":120,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"19d922dd-db3e-426d-9791-07dddd88066d","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":120,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"cf5de56c-9bfa-4bf9-897c-981ea4eced56","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":120,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"fc78b822-35a5-4e1a-af67-ed4945ffe7fc","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":120,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"8d7c0902-46c8-43ed-9d94-62b7a670237c","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":120,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"09d61fa2-d4a2-4683-b97a-30da95160d7b","block_type":"box","text":"II-77","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f556f7bc-ccf7-4c39-90ad-4843e3aadc76","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b18df107-501a-4d5a-88ce-70dd5d98e5b4","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":45,"width":833,"height":11}},{"id":"ea16b04b-d83b-48c1-8298-54c0f69a7b69","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":60,"width":831,"height":11}},{"id":"5e73ad2e-72af-4d91-9cf0-0e253760b5a0","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":83,"width":720,"height":11}},{"id":"158aad50-4495-4d54-8650-a0e9695939af","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":98,"width":838,"height":11}},{"id":"4c615989-a7be-4f34-b553-11a5c7aef80a","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":113,"width":762,"height":11}},{"id":"1034f777-f574-46e8-a827-d869075cb0da","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":128,"width":815,"height":11}},{"id":"dfb827ac-a60f-4047-81ec-4ff11abdc62f","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":143,"width":801,"height":11}},{"id":"f4bddebc-696c-454a-a0fe-f01a12a92262","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":158,"width":828,"height":11}},{"id":"8f3dadb1-c746-4ead-a20a-b6dd38aa4c38","block_type":"box","text":"ways different from regulation in the United States.","page_number":121,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"16d7c607-dc23-4032-b07c-5e95e89be898","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":196,"width":745,"height":11}},{"id":"bfd4ca18-e49b-4cd0-88c6-11e0da4ac584","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":211,"width":790,"height":11}},{"id":"7103e952-18b0-4e41-a8c3-ab4d2d8e1aa2","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":226,"width":833,"height":11}},{"id":"d7a198af-5cc9-4601-b59b-08c9ed382bd3","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":241,"width":810,"height":11}},{"id":"fe7696ae-ddde-415f-ab2d-0b3fc92de346","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":256,"width":831,"height":12}},{"id":"f42d7fc7-4c5a-488e-850a-52f03216b51a","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":271,"width":828,"height":12}},{"id":"4093f6da-8f92-4192-a3b3-8aaa91b57c54","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":286,"width":832,"height":12}},{"id":"9c30c8c8-6daa-4d8c-8806-f2b1c4f0b8ef","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":302,"width":786,"height":11}},{"id":"3b292f21-426d-4732-82a1-973e27b2d4ef","block_type":"box","text":"increase.","page_number":121,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"43beb545-22fa-40a3-bc08-5b0283b8367e","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":339,"width":793,"height":12}},{"id":"94f2cdae-26dd-4f8d-b789-c6156764040b","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":355,"width":821,"height":11}},{"id":"997b9df6-2392-46ad-ac70-4b6109557289","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":121,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"dd2ddc01-f674-4034-8220-ad01f2707c14","block_type":"box","text":"Electric.","page_number":121,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"5f5b8389-3944-4c40-90d8-762deb3b12da","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":392,"width":684,"height":12}},{"id":"97e37ac0-21dd-4153-9b63-77e864912bdf","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":407,"width":793,"height":12}},{"id":"6c15ca34-f5ac-4f79-9b70-9593113cfcf1","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":423,"width":814,"height":11}},{"id":"a99ad0d6-8a8b-40a1-994d-8a4a06340982","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":438,"width":833,"height":11}},{"id":"45d61119-5eca-42be-b170-f9013e8b5455","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":453,"width":821,"height":11}},{"id":"535c3787-358c-407a-b7ed-2b4296034bbc","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":468,"width":823,"height":11}},{"id":"b37cb5f6-eb3d-4824-8294-e045a83f770a","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":483,"width":803,"height":11}},{"id":"ded8d506-5b8e-42bb-9666-136279733609","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":498,"width":778,"height":11}},{"id":"715ed27c-9109-464c-8cba-e1c35b50d239","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":513,"width":836,"height":12}},{"id":"5262bbcc-53de-4b09-aebe-109249460063","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":528,"width":793,"height":12}},{"id":"f9ae1e51-cf14-4675-a82f-d160012573d9","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":543,"width":786,"height":12}},{"id":"2efe4cdc-469a-4681-82ae-767f49b50e9f","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":559,"width":819,"height":11}},{"id":"15f8f487-c321-4384-a0da-38b73b215c05","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":574,"width":775,"height":11}},{"id":"5874ac02-ec88-40e0-8876-f3a2c791cded","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":589,"width":770,"height":11}},{"id":"66bceafc-2820-4984-9634-47a1f8e0aea2","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":604,"width":826,"height":11}},{"id":"35564aa6-0ff3-45c2-b991-a1c52f1e458b","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":619,"width":800,"height":11}},{"id":"24e79b8b-137e-4b1f-8e29-66dbf8af8373","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":634,"width":836,"height":11}},{"id":"d137475b-1fcc-44ef-8b4b-4c2346e4a3c7","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":649,"width":826,"height":12}},{"id":"7dfcac3d-d1f2-48c3-81a4-a443edf359fa","block_type":"box","text":"and for decommissioning such plants.","page_number":121,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"c819d9e0-7ab0-44bf-a3c2-97154beda471","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":687,"width":776,"height":11}},{"id":"2d36c601-0a4f-4c86-a0ab-bc56939f5339","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":702,"width":802,"height":12}},{"id":"73cf62a6-83a8-4134-88a8-2e95baa916be","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":717,"width":791,"height":12}},{"id":"6cd18560-92e1-4ae0-b9e3-d97f5907d901","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":732,"width":839,"height":12}},{"id":"5c9adad2-2da2-4260-8bfe-a331f0ced300","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":748,"width":838,"height":11}},{"id":"0577cf3e-154b-4e3d-9cea-590ea2f6cdd5","block_type":"box","text":"greater predictability of cash flow.","page_number":121,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"512d2c73-6719-44a2-a1d4-ce09383dad46","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":785,"width":801,"height":12}},{"id":"e9ba24d8-a2de-46e6-bf2f-ede3809c3eae","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":801,"width":821,"height":11}},{"id":"45ab7ef3-6854-40a8-90ff-2a7418491042","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":816,"width":835,"height":11}},{"id":"e5f0abf7-04cc-4c6f-981a-e6efe220ef33","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":831,"width":815,"height":11}},{"id":"d866273c-90a4-4370-8728-ec4a9041cb06","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":121,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"0cebc095-7fdd-4c7e-9dd0-317dd3e44551","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":121,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"4ed78721-8712-4ec0-bf08-93ee09a9a3ae","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":121,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"50dd7b9e-93e9-455c-af9e-9be623c6d5ad","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":121,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"4fe06b30-e73e-467b-b51c-0ed35231d16d","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":121,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"4a662d60-afab-4ffd-80e7-2d982b890be1","block_type":"box","text":"II-78","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e17f48a4-6c57-484c-85af-659ef7fe4fb3","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e9024b5-891f-4219-bf4c-365424141b44","block_type":"box","text":"Telecommunications.","page_number":122,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"ab1260c4-e5d5-4e99-b215-0ca8feab4ecc","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":122,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"5107f9c3-6639-4d83-b04b-9daab50da64a","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":60,"width":813,"height":11}},{"id":"42819025-0726-45c0-a8ff-fb2833f715e4","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":75,"width":782,"height":11}},{"id":"eeabed0b-c361-4440-bff7-0ad9d4192cbd","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":90,"width":786,"height":11}},{"id":"312be764-50b8-4ecb-ab28-a9ecf7b5f097","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":105,"width":784,"height":11}},{"id":"83b3c8cb-4b78-4aba-98b1-7424527ff988","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":120,"width":830,"height":12}},{"id":"0676cf38-5b30-4c0e-a00f-63d316bf5336","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":122,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"5135a1c1-30a6-4e13-a9d9-f9ac83e99d9d","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":150,"width":788,"height":12}},{"id":"57544a25-5e14-4491-8c9e-176d4b75aaaf","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":166,"width":825,"height":11}},{"id":"f036ac65-dc7a-4f2f-b1a5-4127c9391b93","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":181,"width":823,"height":11}},{"id":"a81d7723-af14-4834-b5c7-2efb2fc8b4b5","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":196,"width":821,"height":11}},{"id":"adce3e4a-d2c8-4537-a018-b51084225a81","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":211,"width":830,"height":11}},{"id":"18b17f45-8038-4493-a24e-77e8659611a1","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":226,"width":821,"height":11}},{"id":"8057878b-f28b-469f-9c31-2dd90cd176d9","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":241,"width":827,"height":11}},{"id":"13a44c36-ec8c-4933-9287-8037b8d75695","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":256,"width":804,"height":12}},{"id":"cc6103e5-f39d-4933-a67b-3ac64a4f3d78","block_type":"box","text":"residential, corporate and governmental customers.","page_number":122,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"999a7e9e-3542-4c9b-ad92-d6ead31976d7","block_type":"box","text":"Gas.","page_number":122,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"46bf4d66-9ace-4c36-9a29-80d629714518","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":122,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"a211369e-11a1-43d3-b70e-e6ca14a33be0","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":309,"width":834,"height":11}},{"id":"51ece62b-b4c9-465d-ae43-49ad50889065","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":324,"width":756,"height":12}},{"id":"580f7a60-6a4d-4c13-81f3-5edec7207011","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":340,"width":831,"height":11}},{"id":"70f87be7-e0f6-4566-8249-6367672a5b05","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":355,"width":801,"height":11}},{"id":"85bc775f-d023-412d-9ef7-86e5f191702f","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":370,"width":815,"height":11}},{"id":"375f1c7d-4b2b-4074-959f-f46e83bb6b84","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":385,"width":782,"height":11}},{"id":"c288e6a1-b06b-4835-822a-0b1780557655","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":400,"width":829,"height":11}},{"id":"f2b6b811-187c-46c3-97f3-fe6b0a5f4d91","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":415,"width":691,"height":11}},{"id":"1fe8c286-ff8d-4ee5-b5b4-bdabbe10d721","block_type":"box","text":"Water.","page_number":122,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"c41a90fc-abde-4d8e-a628-5cb76027c901","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":438,"width":754,"height":11}},{"id":"b5ef4572-6981-4b57-9c84-f59c9cf97a8c","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":453,"width":796,"height":11}},{"id":"eab85268-c734-4133-bf9c-df1fbcf55bed","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":468,"width":806,"height":11}},{"id":"10f6f42d-c4a2-45ad-b15f-ae17d89a02cd","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":483,"width":814,"height":11}},{"id":"a3224bb7-c795-4752-b789-01963667175b","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":498,"width":808,"height":11}},{"id":"d0c5e803-f787-48e0-a788-38944b7061f8","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":513,"width":832,"height":12}},{"id":"badb26ac-ff8f-4df9-891a-766951e9bfc5","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":122,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"15e88bd7-3387-4d6f-83b0-e50fe23fa625","block_type":"box","text":"Utility Industries Generally.","page_number":122,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"bd79f51a-0395-4be3-8bf6-6d3e530bd8b7","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":122,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"120a25fa-f4cd-483e-adee-f1e8f93b9f56","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":566,"width":837,"height":11}},{"id":"b3e5ff55-e0a0-444f-a8a2-7644493e78ce","block_type":"box","text":"not develop in the future.","page_number":122,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"bf47e858-4ab7-4c94-8c80-217d7d124452","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":122,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"f954f235-e1e7-437a-9efa-7e2c6172930f","block_type":"box","text":"A Fund may purchase or sell","page_number":122,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"d135c978-350f-4ed4-ba9a-9b1401ef0052","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":619,"width":795,"height":11}},{"id":"cc228fb6-a0ce-42dd-8a8a-7c93d2902f9a","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":634,"width":777,"height":12}},{"id":"a2d7a3a7-fe51-49c0-8ed2-ccc32f596807","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":649,"width":820,"height":12}},{"id":"d3446fd4-781f-45f3-9094-0d4a343670d3","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":664,"width":807,"height":12}},{"id":"cd785e8d-e42a-48b7-b314-a4d9eebc1219","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":122,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"5b9defea-5b7e-452c-8b35-5a4a0ecc66f9","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":702,"width":750,"height":11}},{"id":"cbba2ffe-fc87-4d3b-a7c4-06e02ecb75d8","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":717,"width":823,"height":12}},{"id":"dbee369e-34fd-42f1-9db8-1d0b016ac8fc","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":732,"width":788,"height":12}},{"id":"1563feca-a72f-40b7-9389-54ab4360d915","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":748,"width":755,"height":11}},{"id":"fba7e8b7-b33b-40e0-8c9c-9761f4387059","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":763,"width":799,"height":11}},{"id":"c04ac67c-554b-4e4f-a670-fb0c031ec7d0","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":122,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"ddbf84f9-d248-46bc-9b99-93d256e3bc4a","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":801,"width":780,"height":11}},{"id":"3a107ba7-acff-48e6-911e-b0f2a8f17e9c","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":816,"width":823,"height":11}},{"id":"3d1a918f-4ac7-4ee7-8965-e3f04001e8a5","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":122,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"6ee6b511-1664-4d68-8303-3b531c8b8f43","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":122,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"18a8f68e-349b-4045-93a2-2ea489857bce","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":122,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"472df503-3103-43e5-b6f6-3e37b923d4a8","block_type":"box","text":"II-79","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8abe6b2-f572-49e4-a189-f40107625576","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4627ee58-26ee-49a5-a0ab-854b8e2bce3a","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":45,"width":776,"height":11}},{"id":"b160b990-60eb-4217-8cd7-3c81d941a0e2","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":60,"width":795,"height":11}},{"id":"cda94321-0712-4ef8-af7a-b5668359760d","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":75,"width":799,"height":11}},{"id":"5247264d-e87e-48b9-bcb4-01274678425e","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":98,"width":784,"height":11}},{"id":"5d0d7372-ae79-4499-9395-28b915aa49f7","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":113,"width":772,"height":11}},{"id":"e0dadf41-0985-4208-922e-2d1fac5eff3b","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":123,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"8e4cb88c-ceaf-40a3-80ca-c1f114d173e1","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":150,"width":745,"height":12}},{"id":"47d94691-ccc0-4f8e-b5ef-0e47328d5452","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":166,"width":831,"height":11}},{"id":"c85a0803-d4a7-4040-98c5-35edd858008f","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":181,"width":823,"height":11}},{"id":"e3a155a1-9227-4067-bb67-8c41f0b9c18d","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":123,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"9b7c3091-2530-4b6c-9a01-97291c15c88a","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":218,"width":759,"height":12}},{"id":"d6a2393e-c2ad-48e9-90f0-dadcd50fb048","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"5515d0df-4249-4e1f-a49c-8362778f26ab","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"5dfa28cd-3fb2-4ad0-a61a-2b8aa01b89b4","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":123,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"a91a9999-a127-4e01-af80-518daf8ee37e","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":249,"width":813,"height":11}},{"id":"d26df15f-07de-4d39-a99c-f9b91bb31624","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":264,"width":822,"height":11}},{"id":"b0073b66-ce13-42d1-801c-8f4ff6d369d9","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":279,"width":802,"height":11}},{"id":"adf1ba89-6c4d-4cfa-82d5-65cb7822908b","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":294,"width":826,"height":11}},{"id":"0b250c67-fe58-4429-98f0-515ba5c06574","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":309,"width":816,"height":11}},{"id":"860fd987-8043-4f97-a73c-b9efbe5d612a","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"b21341f8-710e-4c45-8767-2562d203a116","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":347,"width":800,"height":11}},{"id":"9f6ce949-3294-4d21-9858-a1e4435b7c84","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":362,"width":829,"height":11}},{"id":"e532fa31-3a55-4126-9848-5edd3dd45d11","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":377,"width":814,"height":12}},{"id":"024d1215-bd4b-44dd-9849-da95507ef558","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":392,"width":799,"height":12}},{"id":"6e0969e0-8a0a-4aff-a65f-cbfc379bca8e","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":407,"width":836,"height":12}},{"id":"5d909b87-bbcc-4639-ba0a-043d8db02913","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":423,"width":824,"height":11}},{"id":"90b0f33e-e219-4780-8933-4aab199e73a1","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":438,"width":829,"height":11}},{"id":"d4b3923b-558d-4a71-9724-5463c127ca67","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":123,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"e69c02c8-9161-4746-8f5f-59db613aa23c","block_type":"box","text":"Yields and Ratings.","page_number":123,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"b3267820-afbc-4e2f-9fd6-5d574c721138","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":475,"width":628,"height":12}},{"id":"c1327623-d62e-40bd-ab4b-cfa939edebc4","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":491,"width":834,"height":11}},{"id":"1752e41b-73e2-4953-af27-5efc9b19ef24","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":506,"width":799,"height":11}},{"id":"e15f558b-9ff2-44d2-82dd-b08ea397e2b0","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":521,"width":824,"height":11}},{"id":"1c316360-e2c8-4f3e-b95c-93daf9bab1b5","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":536,"width":792,"height":11}},{"id":"7e8a677c-c82e-4896-b853-cf75aa9b9cbd","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":551,"width":827,"height":11}},{"id":"e679c05a-de84-4952-845e-b64fd5ccc6eb","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":566,"width":786,"height":11}},{"id":"5ac11eaf-25b4-4aa7-a8e3-b237cc329691","block_type":"box","text":"continue to hold the security.","page_number":123,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"bcafabac-5365-4b80-9f1d-a3db97610043","block_type":"box","text":"Zero Coupon Securities.","page_number":123,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"3536e2f9-df40-4a57-8c39-a0d256fd70a2","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":604,"width":601,"height":11}},{"id":"898a96b3-d323-47cc-b778-11d745f031d9","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":619,"width":837,"height":11}},{"id":"63a6b057-f619-41c0-8a36-38e1697375c5","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":634,"width":822,"height":12}},{"id":"32ae2d06-05b0-4475-9c9f-458664bc94db","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":649,"width":814,"height":12}},{"id":"a1eddb34-2dde-411e-988b-a26e51a326bf","block_type":"box","text":"security.","page_number":123,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"c85249c4-d342-483a-934d-02a0494f6657","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":687,"width":749,"height":11}},{"id":"1707412b-9691-4209-8340-4f252ccb9b03","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":702,"width":835,"height":12}},{"id":"aff695d2-ecde-4635-a31d-4d0852542812","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":717,"width":833,"height":12}},{"id":"99aecfc8-dada-416f-9dc7-53427cbec2ab","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":732,"width":836,"height":12}},{"id":"ac4c98eb-23a6-46c8-b850-efe8e9d10b98","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":748,"width":804,"height":11}},{"id":"100f2145-2e69-4211-bbd9-b3ba0c0609b4","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":763,"width":824,"height":11}},{"id":"024ddb9f-6a8a-4e21-9990-97797c56ae82","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":778,"width":805,"height":11}},{"id":"376d582c-65ad-492d-a194-a399af3a4197","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":793,"width":837,"height":11}},{"id":"1c72a2f0-6da7-4978-af39-187fa2ec969b","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":808,"width":791,"height":11}},{"id":"bf641f9b-13b7-446f-9160-8600a361e54b","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":823,"width":800,"height":12}},{"id":"6f43720c-568b-4627-a77b-2fd9e7027f8d","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":123,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"2020faf6-4b6a-4687-b4b2-a867d3cbad06","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":123,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"4a5e2954-904c-43bf-8666-dacc0d67237a","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":123,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"f0a1032a-df6a-4c3f-b3a0-7de6863161eb","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":123,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"1c4b31a4-154c-4490-ab2b-7d4c6269e2e9","block_type":"box","text":"intervals.","page_number":123,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"8898f34f-3f36-4e10-bc5c-8ace037af537","block_type":"box","text":"II-80","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d6aaeb6d-f994-43f8-b104-ef0f57adc516","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ac71482-2708-46c2-a288-6d828cfd45fe","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":45,"width":749,"height":11}},{"id":"3f51f3ca-83a1-49ef-8b5a-1c511e3aea02","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":60,"width":784,"height":11}},{"id":"81174e16-25ae-434a-9ce1-a6aeb226a748","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":75,"width":799,"height":11}},{"id":"0ecdb755-32e3-4e42-98c3-3d316415ac77","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":90,"width":799,"height":11}},{"id":"6b5f4be4-bf19-4cee-b1dd-414b5a9ca4d4","block_type":"box","text":"exposure to zero coupon securities.","page_number":124,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"8845bd5a-5d05-43bf-a953-2cfd0f2d31b1","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":128,"width":740,"height":11}},{"id":"0ea60f72-c715-4783-823a-0fa952cc1cb0","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":143,"width":829,"height":11}},{"id":"8aec787c-068b-4291-9a2d-16613fd31106","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":158,"width":829,"height":11}},{"id":"d29d8adf-8a9a-4a54-9293-8c96e86e5729","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":173,"width":741,"height":11}},{"id":"61ff7d00-a3de-411e-9a88-26a6a29a5ef7","block_type":"box","text":"Suitability. (All Funds)","page_number":124,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"8ca07921-cff4-42c1-8321-8f471ca6a915","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":218,"width":793,"height":12}},{"id":"a686aa2f-a4d5-40ce-9ee4-5f937a0d1df6","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":234,"width":811,"height":11}},{"id":"c1bc35cf-6ff2-467f-ac73-8739eee72cbd","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":249,"width":810,"height":11}},{"id":"aa1f0b31-bae5-436d-a141-55c5e00f3cc8","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":264,"width":826,"height":11}},{"id":"c5aa7db6-2705-4f0a-a6cc-7a66cb715c4c","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":124,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"22b6e0e6-c9a3-4dec-a652-5313eae777ac","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":124,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"aefb1765-91c6-43e9-b588-a9330d1d8d47","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":324,"width":745,"height":11}},{"id":"e7dd4a34-865e-462b-b32f-d96e50802fd1","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":339,"width":807,"height":12}},{"id":"f5788fae-c09a-4de2-8797-f03b723b9816","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":124,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"3bb0e957-f1a6-4f37-8957-67f66894a445","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":377,"width":735,"height":12}},{"id":"9a0181a1-0eb6-4486-b6f3-4ff2239fe819","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":392,"width":775,"height":12}},{"id":"d0f68145-029d-4be2-a71a-c47667576139","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":407,"width":837,"height":12}},{"id":"45b8c700-800b-4b17-9bd2-8d7c7f3d7b19","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":423,"width":799,"height":11}},{"id":"c2fcbc37-d330-4cf7-a078-94f1694594d1","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":438,"width":837,"height":11}},{"id":"608f8572-551b-47a8-b4a9-be040cffbadd","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":453,"width":825,"height":11}},{"id":"7d86aa03-30c0-48f7-ac85-d7beaee0c312","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":468,"width":802,"height":11}},{"id":"aff35390-7ffc-47b2-a7d6-a947b5e90f49","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":483,"width":837,"height":11}},{"id":"79d716fd-66a0-4a87-ac28-5049c72f4941","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":498,"width":819,"height":11}},{"id":"3c254e72-0c17-4b37-9ff4-5c55ff7e9c6b","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":513,"width":828,"height":11}},{"id":"1e93cdd8-f2fc-413f-ada3-905dc0c0eb12","block_type":"box","text":"(","page_number":124,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"d9ff3004-976f-4280-b887-5ae633d25e2b","block_type":"box","text":"i.e.","page_number":124,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"a79e996c-8181-40ca-90c1-44a2af327f67","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":529,"width":806,"height":11}},{"id":"d5f8b7d8-7b84-454a-9fad-68352770088c","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":543,"width":824,"height":12}},{"id":"99b924f5-f092-4b38-ab82-ec4b07ee5195","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":559,"width":824,"height":11}},{"id":"ba0e695d-7e47-48af-83f6-14bfee69fab4","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":574,"width":838,"height":11}},{"id":"1958bef1-c81a-436b-9170-6452db31cb26","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":589,"width":815,"height":11}},{"id":"7dff4284-0187-49a4-b61e-d59859aea567","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":604,"width":781,"height":11}},{"id":"1d7ab596-0958-4e79-9d6e-2f458ddd3c24","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":619,"width":810,"height":11}},{"id":"b06f0131-ab41-4896-9e69-ab5ebafe5d98","block_type":"box","text":"regarded as the sole issuer.","page_number":124,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"0256f1ca-c2df-4fb4-9e5c-329df09e9dbc","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":657,"width":784,"height":11}},{"id":"c76b0c6f-d228-4997-8aa4-a46d620cf262","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":672,"width":819,"height":11}},{"id":"9a9a3371-1cb2-4d4f-a751-d7026caee03c","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":687,"width":811,"height":11}},{"id":"a2bffa0c-f79b-47ec-873c-2ce502046797","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":702,"width":747,"height":12}},{"id":"2bcb7889-acd1-4408-9ce5-31201ff5f926","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":717,"width":834,"height":12}},{"id":"2899f341-a41d-4ec5-835d-0f62b398be50","block_type":"box","text":"75% of its total assets.","page_number":124,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"c92fc22d-35b1-4852-8980-e18325c680ee","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":124,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"6f033c60-e2c3-4e60-b65e-525ee8c4684d","block_type":"box","text":"Directors and Officers","page_number":124,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"affdbdda-51ea-474b-937b-092344c8c1d4","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":124,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"03ae02e3-4f25-4020-bd75-c585c281aa0b","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":124,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"9754c24b-f7dd-4f59-ad0e-554c735f9d6d","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":124,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"e0e2a04b-bfa3-47b6-9501-8ff2c75fa2b7","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":124,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"3cca807f-c5fc-4f49-99a0-85924a2e2a9a","block_type":"box","text":"II-81","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c8fd18fb-fe7b-4f13-acc8-33d8ba929304","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8ff81d2-86c8-43f2-8bcd-91cd5029ef40","block_type":"box","text":"Management Arrangements","page_number":125,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"6d2eef5e-be78-4294-a961-2cfb082a23b9","block_type":"box","text":"Management Services.","page_number":125,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"a967565c-0b02-43a9-a9fc-c8b83dc40a64","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":125,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"2661d609-cb35-4932-97f7-2e2f11c6bb0e","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":82,"width":836,"height":12}},{"id":"679b72a3-3622-4c1a-a9f6-2439caa196a5","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":98,"width":820,"height":11}},{"id":"7556bd36-c2c8-4d62-9f9f-9bb6e813dd07","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":113,"width":832,"height":11}},{"id":"46ea4471-b984-4bf1-92a2-d7280038bfba","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":128,"width":801,"height":11}},{"id":"f9f495d4-0147-4da6-bb43-44d60a762b40","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":125,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"8745038d-e986-4aad-a3b7-af8ddc53c2da","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":166,"width":778,"height":11}},{"id":"7aa3a08e-0052-4beb-86fe-ebb943eb8b9c","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":181,"width":800,"height":11}},{"id":"e5b72a27-bff5-47aa-b7ff-3ed05ea3e371","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":196,"width":810,"height":11}},{"id":"5442a74d-1307-43d8-91ac-52c3d54e24b0","block_type":"box","text":"Management Fee.","page_number":125,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"e75405bc-e133-44d2-b335-3f8921345395","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":219,"width":646,"height":11}},{"id":"e6f7dfca-664a-4360-9b77-c511aec81fce","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":234,"width":841,"height":11}},{"id":"205cd7c4-86df-40d9-9ea4-79bec5d3c167","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":249,"width":833,"height":11}},{"id":"f9a63706-607b-484c-8ee5-c25339afb497","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":125,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"f03cf0bb-fe20-459d-88be-cfd8d9cff05e","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":279,"width":825,"height":11}},{"id":"26292ffa-b8d1-4ec0-b7ad-18e3d3966fff","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":302,"width":774,"height":11}},{"id":"ea22d2ff-8377-4b87-8334-09d2e230e1e1","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":317,"width":826,"height":11}},{"id":"d1b85dc1-140a-4d83-918d-d8bf7c9ab9f7","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":332,"width":820,"height":11}},{"id":"db3a64c1-8af9-426b-9290-12a4e9693574","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":347,"width":797,"height":11}},{"id":"69585671-f3bd-43a4-89d1-f572a410a1f1","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":362,"width":830,"height":11}},{"id":"13a0a9a1-712d-47dc-9ef5-a40760ed495f","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":377,"width":802,"height":12}},{"id":"9809bca8-5156-4837-8428-8cb0b8a93faf","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":392,"width":809,"height":12}},{"id":"5b5209c4-0872-4fb4-828b-165c864529a0","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":407,"width":838,"height":12}},{"id":"44df5fd5-248c-4d05-b449-89b2d384c18f","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":423,"width":830,"height":11}},{"id":"797b56e8-8636-45a0-8df3-3708ea0f478b","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":438,"width":784,"height":11}},{"id":"b5e5f55c-54e5-412e-b7fb-108ee1de900b","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":453,"width":767,"height":11}},{"id":"36a60553-2d61-4ab4-afc1-58967570d233","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":468,"width":825,"height":11}},{"id":"58d7c4bc-09ac-491d-b423-c20b72d5774a","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":483,"width":830,"height":11}},{"id":"5beeebd9-294e-4b81-a703-682e62d495e7","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":498,"width":794,"height":11}},{"id":"bdcb9e25-4d3c-4d4a-bc3b-f94c0ed2353b","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":125,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"a2b9101f-d06c-4065-939b-83c68e44cae1","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":125,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"ffa3bccb-d034-4831-ae2f-d79eeda20bbc","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":125,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"a4e4ebb9-b6e8-46d5-8831-b8fea86809da","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":125,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"f4d5ce26-20e4-4d6e-bff5-a3d5eb59b76e","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":125,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"1823a7ab-42c3-472c-b17f-d84a9a748056","block_type":"box","text":"Sub-Advisory Fee.","page_number":125,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"670d3bf1-4f79-4613-9e30-d80135caa0a5","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":596,"width":643,"height":12}},{"id":"a20524e0-b0cd-443b-bb03-a79bb4cfb6ce","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":612,"width":839,"height":11}},{"id":"ba4620a9-cd60-44d1-927a-1dc63fca7a80","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":627,"width":830,"height":11}},{"id":"eb482180-dfc2-441e-99d0-098e29255b9c","block_type":"box","text":"Organization of the Manager.","page_number":125,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"e34e3684-0a31-447a-b2be-5beac6eb13a6","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":125,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"b5bc54ca-994e-43b1-9a81-751367372ea2","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":664,"width":819,"height":12}},{"id":"c9d4254a-b445-4957-b92d-a25bd4dcd8b7","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":680,"width":817,"height":11}},{"id":"54e5202e-3711-487e-af7c-065b075dddaa","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":125,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"66c0c01b-0bbd-466a-af67-b9bc1db6d1f6","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":125,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"cc3fdcb6-e541-449b-9be7-1e0b3aae91d0","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":125,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"c42f2980-841d-4812-b85e-2b50540921ae","block_type":"box","text":"Duration and Termination.","page_number":125,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"3df68769-f6a3-4d52-ad74-5ec32916642e","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":125,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"d59a04d3-fb03-4894-a3ad-3dc958964894","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":763,"width":835,"height":11}},{"id":"0ce2fa7d-f7ab-479b-8262-eac5134fde05","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":778,"width":803,"height":11}},{"id":"d20beba8-a6a0-4dff-beea-5119357063e8","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":793,"width":839,"height":11}},{"id":"bf35d6c8-d833-4b7c-85e4-32eaa2e4e1ff","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":125,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"a5343263-b831-441b-bb43-a6f9c393263e","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":125,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"2a20c7fd-df85-441f-ae6a-17632a00cc3c","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":125,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"e3c59ffe-46e0-4454-a38d-d2dabee2828e","block_type":"box","text":"II-82","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9b66269-8e2b-4e81-8d05-2e3836a50620","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88c54b35-0703-4a43-9e0c-02d198ec916e","block_type":"box","text":"Other Service Arrangements","page_number":126,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"df206f20-33ca-4018-9888-195e27451fe9","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":126,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"4d3e49ae-4156-415e-92d0-02c99adc614c","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":126,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"163f65a1-f04a-4c3e-bf27-2b6939904084","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":82,"width":818,"height":12}},{"id":"444a9dba-07ae-4885-9096-c29644ab4b19","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":126,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"a8bc933a-b02b-434c-81f0-6ffe9b646572","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":126,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"005e13aa-0b60-4eba-81ba-c2ac920f3bbf","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":126,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"014f27d0-979a-4de2-8f91-ab3c471fb636","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":126,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"a7599165-2cca-4216-8ddc-72bdfffe7485","block_type":"box","text":"that Fund’s SAI.","page_number":126,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"4d99e005-adbd-483f-b63a-9bdac1c66080","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":126,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"7debbfb7-9bbc-4545-baa2-b54d1bd22bae","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":126,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"6e1fb6c5-8955-4e53-b70c-a5fc62818eec","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":126,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"84549601-1683-4818-9b05-e53fcac314ca","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":126,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"58d1cba8-f996-4ff4-b2d4-910b6ae0d394","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":126,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"0f38c851-9783-4b33-9e70-990de38e59d0","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":126,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"084ecb54-7197-49b0-a750-b06b89328e2a","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":126,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"af09b0fa-4d93-4d58-8fca-c732a0a7a5dc","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":126,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"0fd3ddf9-2336-4666-b097-d09183afa673","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":126,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"9f168b76-5f9d-4e7b-ad98-6a8bfe4e182a","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":126,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"3f21789d-8310-425b-a8fa-a6d860af65e1","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":126,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"85e6b58c-ed6e-42af-b2e0-a6c2ad0a69e4","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":339,"width":805,"height":12}},{"id":"95f119fb-35a6-4bc6-abe4-197a55a15b8b","block_type":"box","text":"shareholders of the Fund.","page_number":126,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"498ec996-f9d3-4b0e-a7f3-97f4be8f8b89","block_type":"box","text":"Transfer Agency Services.","page_number":126,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"92b894a8-6935-4b27-825f-bf6fcecf8495","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":126,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"9c0b93cf-86f5-4746-8d75-99f8ddc73622","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":392,"width":816,"height":12}},{"id":"f2584f5e-584f-45f2-b887-3a06bb899832","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":126,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"426f349a-13e7-4589-ae08-5662761e2a26","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":423,"width":792,"height":11}},{"id":"c26c9a58-7e29-4a5a-98e6-a354cdf7bdd7","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":438,"width":819,"height":11}},{"id":"b8534c5c-851e-480d-b41c-9ec9b4791ba5","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":126,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"49050601-1843-4a8a-92a6-4e4f6de51a78","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":126,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"a08fc29c-5f04-4489-bcc7-d4387287d488","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":126,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"c5acdd33-29f1-467b-81c3-2e9fe08f4d5e","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":498,"width":836,"height":11}},{"id":"7d5db491-ea25-433e-b139-fa65f634bd01","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":513,"width":806,"height":12}},{"id":"2dba450c-b715-4f51-ac4e-8bbe85baf4fb","block_type":"box","text":"class on a recordkeeping system.","page_number":126,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"dafc94be-8c4c-4be4-848a-9f98153d7b62","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":126,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"bc0b41a1-24e7-4bbf-84d9-93b136cefe22","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":126,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"2d010f2f-fdfc-4eda-8da3-e6bfdba085b5","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":566,"width":840,"height":11}},{"id":"3ae671ca-7e09-4d85-9df1-010eef0bb596","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":581,"width":823,"height":12}},{"id":"dc41da4d-6faa-43d1-88e6-c2c3034fb0aa","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":596,"width":627,"height":12}},{"id":"8eb22eaa-9d5b-4c1f-bd8f-181a51ec8043","block_type":"box","text":"Custodian Services.","page_number":126,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"40b0e132-7f91-4bf9-961c-11b0775952b6","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":619,"width":654,"height":11}},{"id":"bd3cc0c6-b878-4b24-8ab4-f68172bccc53","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":634,"width":820,"height":12}},{"id":"2405d294-952b-49cc-9546-cfaeb8c47a70","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":649,"width":814,"height":12}},{"id":"91b803f7-9746-4faf-bb4e-d4f1c3bc0d56","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":664,"width":802,"height":12}},{"id":"67fa4c58-8035-49a9-9348-3ad082e750c4","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":680,"width":839,"height":11}},{"id":"05a80b44-b43b-4777-95d5-828d255ec1ed","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":695,"width":792,"height":11}},{"id":"a68a855d-31e7-409c-8c9c-1433be958296","block_type":"box","text":"cer tain assets.","page_number":126,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"d04bace4-3c41-4e2b-ba1a-a02ceff29a76","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":732,"width":716,"height":11}},{"id":"7c88d9d8-9bf9-47ac-bcd5-c6c0ac2a2015","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":755,"width":803,"height":11}},{"id":"40bce540-0d19-4383-8931-1d0e040eff58","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":770,"width":799,"height":12}},{"id":"4ef920d3-179b-4f17-8195-30a15cb3ff8d","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":785,"width":834,"height":12}},{"id":"44f0e560-c65a-4bbc-bebf-9838c2722469","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":801,"width":826,"height":11}},{"id":"3cb075bf-366e-4ffb-9289-2398b1f6abe4","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":816,"width":807,"height":11}},{"id":"13ea7c74-baa1-4b25-962d-8d8fedc0dd88","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":831,"width":836,"height":11}},{"id":"f3e84174-6c72-4687-a531-95bc35869f9d","block_type":"box","text":"Fund.","page_number":126,"box":{"x":70,"y":846,"width":36,"height":9}},{"id":"866e9078-ddf1-4b05-8d24-b2d16d973a2c","block_type":"box","text":"II-83","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6a3e3d22-be9d-4b4a-9981-e69d244dfa0d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c4315e9-aaee-4913-aa6c-5cb134e0c4c0","block_type":"box","text":"Accounting Services.","page_number":127,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"3dbdd6dc-dd76-4251-a0b0-a143716fa228","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":"08c00091-938b-4637-9ee1-4b64dbdfc48b","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":"46d88107-ad22-4b1b-973e-21a4bdac0ba4","block_type":"box","text":"Fund pays a fee for these services. 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Such transactions, par ticularly in","page_number":133,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"4c2af6ba-7f54-405a-a7e3-449568bc8869","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":133,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"a0955fd0-f4bc-409f-acec-afd7f5b6a14e","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":133,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"36710fad-1137-4b19-b5bf-b36f7d0cf1a5","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":133,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"d5902d5d-6a14-47be-8015-1d898b1e16f7","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":133,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"82c5e6ce-f7e8-40a9-baf9-1632676537c7","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":133,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"7e8c3171-8a95-46eb-8b1d-0d706a55dbbf","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":133,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"0a50dccb-aa20-4697-aaef-877cf504ddf1","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":133,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"f14c5a1c-1d8a-4dd8-8c8c-75b3f9c98edc","block_type":"box","text":"based on the information received.","page_number":133,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"7260a2ce-87bf-4cb3-a065-ebbb98c872e0","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":133,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"dbe14565-b724-4bd2-bebe-2333ed8a1cb3","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":133,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"f5172bb3-51e6-4957-b4fc-7c26568ba9aa","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":133,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"d232b205-ba7a-47e1-a74a-28494c279aea","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":133,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"bc4ff70b-44e8-4057-90a5-57ced1e4b95b","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":133,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"fc4ff36f-1a06-4be3-83c5-c76e20c71180","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":133,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"5c8bcbf4-c23c-4365-9982-f9cac50b21a5","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":133,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"e5731dbc-e081-4e6b-9d1a-753ee9adf897","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":133,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"a58ff206-ccd0-4147-821f-181ccdcd83aa","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":475,"width":767,"height":12}},{"id":"e8f9b723-1630-4eff-a11c-a4c33f76c99b","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":491,"width":802,"height":11}},{"id":"e4b4ca2a-ad62-4cc9-b24b-c469ff2221fd","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":506,"width":827,"height":11}},{"id":"47d462b4-9d40-451e-b737-7f71c5e27e8b","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":521,"width":776,"height":11}},{"id":"42589547-4d13-420c-bb9e-f25968f90418","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":536,"width":774,"height":11}},{"id":"137016d0-a8fc-4a08-9ce1-27a03f8ce8ca","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":551,"width":781,"height":11}},{"id":"6e8472ec-1456-4fcd-992a-0b2eda9fea91","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":566,"width":787,"height":11}},{"id":"ac28d007-6ff1-4405-803b-8fe406d67bbd","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":581,"width":809,"height":12}},{"id":"12933aa4-9cfc-445a-a53a-a985a129cc48","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":596,"width":805,"height":12}},{"id":"33324114-11a4-4dd2-a363-1cc0c8a0f161","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":612,"width":797,"height":11}},{"id":"2407fefc-4e14-47b2-b35a-b208ee5b1652","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":133,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"cd46ab68-6b4f-4d7d-94be-01398d716cfe","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":649,"width":797,"height":12}},{"id":"bd3fbd37-1717-41bd-8750-2ac84891a78d","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":664,"width":791,"height":12}},{"id":"5b81dd3e-8219-4a25-aa42-67002c862625","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":680,"width":835,"height":11}},{"id":"15a19c56-71d1-4779-8a70-eef711a31565","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":695,"width":812,"height":11}},{"id":"3fd4b331-c0e8-4456-8d73-0da288a22827","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":710,"width":803,"height":11}},{"id":"a3a50ce9-bb19-48cf-9f47-0a02a3c08f04","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":725,"width":783,"height":11}},{"id":"dc59bcc9-8382-4443-8b2b-504c69f8176d","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":740,"width":818,"height":11}},{"id":"869a92ed-cad8-4713-9eac-12e083eca858","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":755,"width":777,"height":11}},{"id":"a810b496-4606-4848-bd77-26cf1e88229c","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":770,"width":780,"height":11}},{"id":"4d4301a8-81ba-46b2-a053-d437ec5d0b4c","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":785,"width":802,"height":12}},{"id":"325e85fa-1921-4ffe-84e6-83f32cf72c98","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":801,"width":817,"height":11}},{"id":"16f0ba49-eb95-42df-8adf-c957916c3957","block_type":"box","text":"Funds.","page_number":133,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"d25fb64d-f482-45fd-8396-898a2a3018f2","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":838,"width":755,"height":11}},{"id":"39d17708-5609-4abe-9e75-a889e1b1570a","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":853,"width":836,"height":12}},{"id":"3e9ff0f9-150c-4521-8f81-d4c6dd753832","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":869,"width":821,"height":11}},{"id":"86e7eab9-20ab-42a2-adca-c554c3801e1d","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":133,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"f6972e24-d2bf-45c3-b589-23a98616e0ec","block_type":"box","text":"II-90","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b174b812-c628-4bdf-bf3b-78e7c6d28110","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff2cd928-62a6-40f0-aa86-24639a456b99","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":134,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"4c40a786-9d7d-48fc-9b6f-20c12f84ae75","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":134,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"6365c87a-170f-4919-b482-4f1b283bed3f","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":134,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"ccdb43a4-6826-4a9d-8526-98dc228a3cf3","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":134,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"4df40be1-1cdc-42bb-89dd-10474988f12d","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":134,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"606c6711-2912-480b-89f7-d6053e3d9cfb","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":134,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"7dae531c-9742-4af2-b4f4-f3d46e9c160f","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":134,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"f0b8b79e-e11b-4013-9194-419e23158f4d","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":134,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"2f7afb7f-0180-4d03-98a9-da7db15efb76","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":134,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"4421ffc8-3989-4494-a6b6-2d60ee18c4fd","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":134,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"174623a7-83af-4195-9ca8-16967dce8cb7","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":134,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"d6e29dd7-6a66-41e7-9cee-5f86d9992ded","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":134,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"298f7ed0-5370-44b4-bb25-7be66fdb360f","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":134,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"dccbcbff-4e3e-42f9-8519-40ac574b4e7f","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":134,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"d6da6e51-220f-4fa2-846c-05eba9e0e956","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":134,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"82b3a8a1-c22b-4e68-8cb8-89723ab7b1fe","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":134,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"cb04a038-5fa8-4c36-8366-f22ac41b65a4","block_type":"box","text":"case.","page_number":134,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"48e9a94e-ff71-4922-957d-975e2dc15d20","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":134,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"98887fe6-e445-42e9-ab19-c61d2334b30c","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":134,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"e65c81cb-e4d1-4c9b-82a6-774421a118fa","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":134,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"769a7190-38b5-4856-8071-880637beec1b","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":134,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"237b30fe-2d7e-4986-a1b7-3b579a77eb8b","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":134,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"60c8c074-b780-43f0-a644-d7144f329b65","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":134,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"5caca147-a661-4ec6-89ba-cdcfe59ec8ae","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":134,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"665c0d39-9739-46ef-bdc9-5002c6bdbbb1","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":134,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"b4385a3f-f417-45e7-89c0-2a40d4d70865","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":134,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"2e745969-e26d-4bfb-af46-660d28d023d8","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":134,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"554fa4ad-82f4-4d7c-9c7d-1e818ba51ba6","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":483,"width":825,"height":11}},{"id":"398bee41-e0dc-4ad9-8f93-0da38b16eabc","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":498,"width":790,"height":11}},{"id":"43ad5a7f-a50c-4514-b6cc-bd98cedbb043","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":513,"width":830,"height":12}},{"id":"691963b2-b709-4694-bb18-d0a0bc1c5173","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":528,"width":827,"height":12}},{"id":"1076d28b-5945-408e-9d80-43c7f3ea8105","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":134,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"1eac1d45-73df-432d-ac00-52c5e374416d","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":566,"width":792,"height":11}},{"id":"e819e831-a66a-47de-b07f-ddc66e6a065f","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":581,"width":826,"height":12}},{"id":"d8aae84f-3a3a-4bda-9fab-dfd2181ddb0c","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":596,"width":821,"height":12}},{"id":"635b2101-9f93-4d26-b9ce-7f5f829d0ec7","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":612,"width":821,"height":11}},{"id":"7821e922-5eaa-4268-8b5d-a4b1e4dea127","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":627,"width":793,"height":11}},{"id":"03af3548-f3af-4f51-99c8-0e68a9363ce1","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":642,"width":762,"height":11}},{"id":"926d908a-6871-497e-83c1-bcf6678538ce","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":657,"width":839,"height":11}},{"id":"2b815070-b184-4cd0-bb2a-45fab611b673","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":672,"width":795,"height":11}},{"id":"7adb1a4d-3c52-4be0-abb5-8787942049df","block_type":"box","text":"managing a Fund.","page_number":134,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"29483943-b7df-4735-bda4-b007bf74ff1b","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":710,"width":751,"height":11}},{"id":"de3fba46-d3c1-42b0-9058-bc2b6c3d1ae0","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":725,"width":830,"height":11}},{"id":"96c31ddc-02d3-4618-8ef4-a00f2f193919","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":740,"width":820,"height":11}},{"id":"ece7448f-3c60-4b1c-b695-457b582e3d97","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":755,"width":785,"height":11}},{"id":"a232da3c-77db-49d8-bb7a-4356c596d441","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":134,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"8d75fb96-044d-4036-8b97-e1968de9199d","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":793,"width":754,"height":11}},{"id":"5f3ec553-aefb-469c-8188-e9e4418bb50a","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":808,"width":804,"height":11}},{"id":"e3d89b58-1eea-4929-9bc3-794256e0972c","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":823,"width":831,"height":12}},{"id":"b09cd307-3484-4e0c-94e2-4eb1c986a5a4","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":838,"width":680,"height":11}},{"id":"48c6dc82-8a8d-4ac8-81d9-8b72a82d3cec","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":861,"width":791,"height":11}},{"id":"87cd6ef8-4aab-423f-969b-18759f9ebed4","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":876,"width":820,"height":11}},{"id":"facea466-c1db-472e-9b69-570560f2c897","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":891,"width":837,"height":11}},{"id":"1e5c08cc-0eef-40ab-9c56-3d3c84438a6a","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":906,"width":832,"height":12}},{"id":"a2cbf16c-95ff-4122-912e-f5f58afa5f24","block_type":"box","text":"II-91","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ff3efe03-12c6-4a86-85e5-ca0ca9284213","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"228312eb-fc29-463b-80c7-ba7fec660301","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":135,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"e80d088b-6916-4e05-a3b7-e5c7b6c4e042","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":135,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"c01c6a1b-4d75-4cd9-83d4-af65c9e2f216","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":135,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"b789c8b2-39f8-4d91-a778-e5ed62a66100","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":135,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"c282acbf-d530-4e94-b8de-733f185feb44","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":135,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"529ec6be-304e-4d7f-ac02-798165ef177b","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":135,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"a9e2c8e7-a212-4733-a1e8-c40ee85dd94e","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":135,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8cfed973-0aca-42ba-8f32-51343a4046c4","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":135,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"a87d1f19-acfd-420d-9483-29d70cfb36b7","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":135,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"30c2ed14-a770-4be6-97f0-51993d032d6c","block_type":"box","text":"under management for BlackRock.","page_number":135,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"e989d0fb-be99-41a2-a9fd-15bc87fcac59","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":135,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"50d52f48-8d6f-40c5-8059-dbc736214663","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":135,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"3f708eb5-2e19-4b2d-a245-c57da757d704","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":135,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"5cb3465f-135c-47c4-a1ab-6548ecf9537b","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":135,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"74abb44d-2f76-4f72-948e-4221096ff254","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":135,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"ad15791c-ddae-49cd-b095-b61a37b1512c","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":135,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"0bfbd294-10a4-448e-979c-094c82e0302b","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":135,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"fef78700-bba2-41cc-8a24-f5de55a63ce5","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":135,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"41453c32-3cb3-4dbe-9e05-382abf417499","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":135,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"8823c2fb-4a6d-419e-b7aa-aba758e65889","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":135,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"8563339f-4f3e-41f5-a171-55f16c791ae5","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":135,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"c54df9a5-c113-42f9-b728-ae94e5a719f7","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":135,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"567ce18f-940b-4784-bd6c-82051bd29262","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":135,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"36403a33-9e0c-4d41-8807-8b90fcc1f234","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":135,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"dfc09d78-1b10-42f3-924b-a8c83aa7cc86","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":135,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"473933bd-ad88-4db8-944f-17afde05381e","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":135,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"01c1c42e-41e6-43a1-baad-6d764f682cac","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":135,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"542a0f2f-a61b-4371-abc8-b3950f695ee5","block_type":"box","text":"any such fees or other amounts.","page_number":135,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"d69b5b4a-5942-4f89-900c-ccf0dd5852c1","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":135,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"ecc24451-9a4a-420e-af1f-3fd7f064519f","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":135,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"2a382190-12cd-48d8-8dd0-7b271e6608fc","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":135,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"6b868fbf-f557-4ebc-9afd-159d40001e03","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":135,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"1038bf54-6e59-4842-8d05-1e28771fb688","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":574,"width":835,"height":11}},{"id":"fe98de9d-3a93-48b6-a509-7b3aa1082a70","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":135,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"6f9ceb04-642c-4c9f-a673-c091326a0ac8","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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There are potential conflicts of interests in","page_number":135,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"f4d648e3-6bba-42c9-b049-0b2a9c216742","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":672,"width":809,"height":11}},{"id":"abf2d778-80e6-4ba7-9a54-4a6007e09ab6","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":687,"width":833,"height":11}},{"id":"aee547cb-f5eb-4410-83bb-8c0aa99d26b0","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":702,"width":829,"height":12}},{"id":"aa3700d4-6a16-4acf-a6b4-82c2821334ab","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":718,"width":783,"height":11}},{"id":"95cbc7b7-60d9-485c-95e9-298e74e722de","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":732,"width":814,"height":12}},{"id":"1ffc377b-a80e-4ab8-992b-561ad83dfc3e","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":748,"width":660,"height":11}},{"id":"099cd727-0585-40c8-9add-14ff65b1150d","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":770,"width":767,"height":12}},{"id":"cbce76f6-729a-41b4-bac4-c446a4376744","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. 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As a result, the management of program-wide exposure as well as","page_number":135,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"1d7bd274-42e6-4703-bfc7-5227389a851f","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":891,"width":796,"height":12}},{"id":"4c2ae79f-f380-487d-80ac-8f174db8dd81","block_type":"box","text":"II-92","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5028c51-0268-4388-a2c3-485212bc1478","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ebb0702-1190-434d-bc13-ce160772b9e0","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":136,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"d1b56cbd-443a-4568-bb59-e68b3843e111","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":136,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"cba923be-a23a-4ef7-a54e-50023d4887c5","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":136,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"e8c2db61-8ad2-479a-a7c9-52e6b48a215b","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":136,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"6e2cfd0d-e4ec-4296-be00-37d20888034f","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":136,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"db19eff0-31bd-48f0-9348-31be2491a806","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":136,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"d8415103-d6d0-4ff1-a034-be3fabf9a599","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":136,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"3f8289a8-86b5-4980-adbd-9b56327f298c","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":136,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"1a72ccab-a52d-460e-aad7-c77a731b65ef","block_type":"box","text":"regulation.","page_number":136,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"3d7bebdb-663f-468b-ab1a-69e3cfcd7e53","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":136,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"935aec10-a6f7-4a6a-9494-33c8b47b6d41","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":136,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"2c4cfd80-06e8-4e89-ac7e-18626dd74586","block_type":"box","text":"various program limits (","page_number":136,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"d1cd9d65-7e05-4273-96e6-91773c90c47f","block_type":"box","text":"i.e.","page_number":136,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"52cd1d4e-c841-45e7-9992-673bd7de14c4","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":136,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"bc873104-b741-445a-bdd5-43f930b5b3ed","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":136,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"bc25b33f-d4f0-40d9-9552-4319fde65363","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":136,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"bb6bd27c-71c1-4ed2-ab83-4c8a4fe3c4ba","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":136,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"f999e9bb-5f2a-4da5-9561-2e4923ecf2c8","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":136,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"ca3c46eb-8d1e-40ac-9a3a-64d1f500e610","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":136,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"9378bb9d-59d2-4959-bf65-7729c2c46493","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":136,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"d9ab0161-4ca2-415f-96ca-f9712bb45eac","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":136,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"3a4704c8-8c93-4450-9c10-725e6a839120","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":136,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"7219aab3-957d-4741-949f-8139d7d82fe6","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":136,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"7ba31883-1d1f-4c7b-a35b-f4352dd77894","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":136,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"0ae1d9cf-7789-4123-8d5e-7d0bf47244e8","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":136,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"096f95f9-3f2c-43da-8551-54067d99c7cf","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":136,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"07a4be8b-0d9b-4356-a1a1-173d05ea19cd","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":136,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"b124dda1-418a-4c6e-8105-e5b8568cd190","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":136,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"8aa3aa25-83a4-4267-a17c-ef0b511c0f79","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":468,"width":828,"height":11}},{"id":"30be48db-0b6b-495e-9234-6f85cb986823","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":136,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"8a612e6f-2de0-4277-b013-8d54fdd2601c","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":506,"width":767,"height":11}},{"id":"fd6be9ce-26d8-4148-ad7c-81db9ad1bf4c","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":521,"width":832,"height":11}},{"id":"f1508435-7dc2-412b-af5a-7599c48bcb2c","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":536,"width":805,"height":11}},{"id":"fb7047af-ddf7-4637-9b67-da2d1bd2ddc8","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":551,"width":836,"height":11}},{"id":"fadea922-42ef-461e-b1e8-5128c9e97220","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":566,"width":831,"height":11}},{"id":"06a3b670-5063-4f8a-9c53-d0dbb55b8c54","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":581,"width":812,"height":11}},{"id":"aa01e3d0-d308-44de-8e3c-1d28fc3af6f0","block_type":"box","text":"than through client commissions.","page_number":136,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"955116e2-775e-472c-ba29-073cebc86e3e","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":619,"width":770,"height":11}},{"id":"f8d7ec1f-6a71-4a72-8f60-4310e79c92d2","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":634,"width":797,"height":12}},{"id":"63b0e80c-e3d1-4623-9fdd-f306ea9b2bac","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":650,"width":830,"height":11}},{"id":"5589ac07-88e3-4cb6-86e3-acc2e5a50eff","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":664,"width":780,"height":12}},{"id":"21aa2c01-654f-487b-9607-f750b445dfdb","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":680,"width":795,"height":11}},{"id":"b240e6ab-f193-44da-92c8-966698b06884","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":695,"width":815,"height":11}},{"id":"2c934900-d49c-4662-baab-41c0864bafcc","block_type":"box","text":"research-oriented software and other services and products.","page_number":136,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"e95faf47-421e-496a-899c-4460b1412925","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":732,"width":785,"height":12}},{"id":"0b47af1d-3b4a-4a83-ae93-ef516a6532ad","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":748,"width":768,"height":11}},{"id":"e9f1f383-a4b8-45ef-bb4e-319b096a74bc","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":763,"width":826,"height":11}},{"id":"01f2ac37-14eb-4873-94e5-09b529cba4e5","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":778,"width":818,"height":11}},{"id":"db31816a-26d3-472c-98dd-a573c39b073f","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":793,"width":821,"height":11}},{"id":"29ee46eb-dddc-462d-abec-041e14f9df89","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":808,"width":815,"height":11}},{"id":"3f221fce-6fdd-4d9a-81d8-a46b46979077","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":823,"width":824,"height":12}},{"id":"c4118405-9b58-4d8b-8d31-4304fb45df9f","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":839,"width":804,"height":10}},{"id":"7630b66f-fb84-42bc-9ac6-c24220327f28","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":853,"width":819,"height":12}},{"id":"67f71533-f48a-44d5-8482-65b618e5df03","block_type":"box","text":"and services itself.","page_number":136,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"37f8c613-506a-4991-a051-1c38b6697752","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":891,"width":793,"height":12}},{"id":"285469e4-68c0-4276-b2e6-b718dfe457e1","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":906,"width":805,"height":12}},{"id":"17523f00-559a-4b5c-a08a-54a8416292cd","block_type":"box","text":"II-93","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"66475bf7-4571-4d5a-9eb7-d7322447346d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2217852e-3892-421c-8ead-bd804741b3ee","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":137,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"c775012b-f66c-46e1-8536-e696b981df65","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":137,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"a99e9500-f146-4e50-93b9-76b36f976e20","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":137,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"1a987a97-5187-44c1-a817-bcda008719e9","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":137,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"2aabf04a-80c2-4940-b00c-dead1120af63","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":137,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"321067a3-e642-4ed9-b4df-fea3b83932ee","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":137,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"d23322fe-7b34-4048-9cf7-aa7016c8edd4","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":137,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"1f5b76fe-d0cf-4601-a0d6-1f81d0360f1b","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":137,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"5562e0e4-cdef-4c77-99f0-34d1e1d7b9d0","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":137,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"8fe1829d-a11e-46cd-a964-f6ac23402403","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":137,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"40860f4b-6268-42bd-bf3d-f4f5f35899ef","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":137,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"28e37a38-c53d-452a-87ec-8782e139e5cd","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":137,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"df065452-17bf-4bbd-b4ac-a17aa552968a","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":137,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"50144f50-3c73-407b-8198-80ccb4ad630e","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":137,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"121d916a-5726-40c5-becf-b1713336a4e6","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":137,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"1cbc77aa-f7fa-4071-a284-00babf4fd410","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":137,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"a2a8de17-a1ed-4aa9-bb86-6c73740e40c3","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":137,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"5079e76b-9df1-4c52-a98a-409f4479c52c","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":137,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"2a2d9f84-53bf-40dd-b91b-333a71d56ddc","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":137,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"725d1f0d-6609-4412-8891-0fd9c6e68ae9","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":137,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"364cf57c-7e04-43e9-b9bf-9b26b37e01cc","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":137,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"67001120-ccb1-485f-beb3-a34cbb34854a","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":137,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"80cdf752-2ed5-41b3-9d32-457b9f1bbbf9","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":137,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"246780c8-9113-44da-8e9c-43dbd710a030","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":137,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"ba0f1428-4253-481e-8513-4fa5ee53c240","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":137,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"d96e8d87-ec9b-4bf9-8b10-f0a5f82944ab","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":453,"width":757,"height":11}},{"id":"c0fe5c4d-b160-4aea-91d3-4b674dca3716","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":468,"width":825,"height":11}},{"id":"27d87fb5-eeba-43ed-a607-f6939521f955","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":483,"width":837,"height":11}},{"id":"c86b2213-6276-4f80-8d35-46ed922d5542","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":498,"width":774,"height":11}},{"id":"bf4cddd3-3fc7-4bec-a07a-b9e70b541158","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":513,"width":796,"height":12}},{"id":"44b2a11f-0a4a-41ee-9020-0268fca6fdd5","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":528,"width":830,"height":12}},{"id":"c6162caa-b327-4c22-bbfd-5449d60db1bf","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":543,"width":831,"height":12}},{"id":"9b0b46f6-c076-43d8-b613-40be1cc835e1","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":559,"width":834,"height":11}},{"id":"407ece02-b991-4329-aac5-932a00c8b8a6","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":137,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"2112b305-5985-4a4c-8ff3-51eb12e7706f","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":596,"width":742,"height":12}},{"id":"68725b42-6adb-4b25-9113-3f1aa406d79f","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":612,"width":838,"height":11}},{"id":"673dd799-9413-48be-adb4-d75be280dfcd","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":627,"width":788,"height":11}},{"id":"806615bc-7924-415f-99f0-3a1debbc069f","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":642,"width":816,"height":11}},{"id":"2cb6645c-fa8d-4080-b734-10ec2ef796e1","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":657,"width":806,"height":11}},{"id":"024f5de9-9a89-4f7c-a290-9603c1a95953","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":672,"width":822,"height":11}},{"id":"225d85e9-395a-4fea-b582-f410be3029e1","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":687,"width":766,"height":11}},{"id":"d7a8ad2a-5eb4-4b5b-9314-98f7ca21a146","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":137,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"723925d8-8423-4eab-a191-f38c1d29e48a","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":725,"width":789,"height":11}},{"id":"b4f280d5-30f4-4598-a8b3-72156d478f86","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":740,"width":805,"height":11}},{"id":"1562fa91-7449-46b8-accb-2ef9da46731d","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":755,"width":813,"height":11}},{"id":"a3eb7552-1fad-4178-9e20-97d57503b32c","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":770,"width":814,"height":12}},{"id":"6e899880-dfc5-46db-bfad-cefad8257284","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":785,"width":788,"height":12}},{"id":"ddd47628-36ab-4a08-9fe8-9c38393904f4","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":801,"width":745,"height":11}},{"id":"36907a29-d096-43d1-89c8-9a46a5942832","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":816,"width":822,"height":11}},{"id":"c6b8ac92-48ab-4b53-8909-ffababc962d2","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":831,"width":801,"height":11}},{"id":"22c9a7fd-cc36-4ab5-a395-77602fcc1896","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":846,"width":711,"height":11}},{"id":"e9e8e3a2-9388-4356-b54e-9fef96a7999a","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":869,"width":741,"height":11}},{"id":"e00dbaf8-fdc8-4067-98c4-3be78fba7d78","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":884,"width":823,"height":11}},{"id":"ec4d5a71-e8b6-4c6b-a432-51508e737625","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":899,"width":829,"height":11}},{"id":"d047eb5b-a884-407b-9142-a5b3339e1556","block_type":"box","text":"II-94","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8496e0a-d810-4ef0-95bf-c94cace872ee","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb5556da-a63b-4890-ac57-3e3d265a0e38","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":138,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"54e0c88c-887c-4878-bbb3-a3a5c78e40fe","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":138,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"a8fac336-e16f-4fc6-8234-474819c0e724","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":138,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"eec18d00-d508-4b69-95d4-fdd854609bbe","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":138,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"f852f029-9a94-4fa7-b991-89a3ff470eb3","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":138,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"0451b935-b127-46a1-b3e0-a8b6e672eab4","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":138,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"d11a55cb-e3f6-4b0b-9c80-be1fc0ac8ac0","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":138,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"89969e81-27ad-4569-ad7a-f90ec372c1a2","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":138,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"20bd4b60-d82d-4092-ad58-dba28cd5cc00","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":138,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"e5544bab-cf1f-4dba-8c16-591860bf1364","block_type":"box","text":"(the “Valuation Procedures”). 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The fair value of one or more assets or","page_number":138,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"0a212703-9cb9-4da4-ac88-e5d6524cff1f","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":138,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"a92fe3c2-70d6-488f-8d31-c5c6739e106b","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":138,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"0cca9e0c-3ec1-485d-aa68-a427f3c4670a","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":536,"width":828,"height":11}},{"id":"25023627-b5fd-41ab-8037-8671c76fa5c7","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":551,"width":825,"height":11}},{"id":"bc5e7b55-0ca5-4e22-8ff2-ba0831106857","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":566,"width":816,"height":11}},{"id":"1b7110e5-3ef4-46b4-a6bb-032cb348086b","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":581,"width":836,"height":12}},{"id":"73132597-5c0a-45e1-be2e-889551aa9e5e","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":138,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"5fe74b1b-f6ef-45ca-851e-4e7e6328c1dc","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":619,"width":768,"height":11}},{"id":"a762c20a-9eaf-456c-aacd-26e70ee77806","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":634,"width":836,"height":12}},{"id":"b6584b8c-7689-4e88-a520-edcefccc32d4","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":649,"width":839,"height":11}},{"id":"7e98ee2e-3fbb-4dd7-9f39-c53d1d099338","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":665,"width":824,"height":11}},{"id":"e6f1dbbc-7928-43cd-82c8-376a54bf1f03","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":680,"width":824,"height":11}},{"id":"0dac1449-aac6-41b7-96c0-e5149f0b229d","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":695,"width":826,"height":11}},{"id":"eb3ea749-3257-41ea-9dbf-9acae3de7516","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":710,"width":810,"height":11}},{"id":"532a25b4-d865-43c0-9119-2fe12181e308","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":725,"width":834,"height":11}},{"id":"d1a10eda-1b7b-4310-8378-ba26a2b57427","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":740,"width":782,"height":11}},{"id":"5ff51d63-9661-4870-9ab4-9083da66d6e5","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":755,"width":807,"height":11}},{"id":"a1d719d7-c1fd-40dd-89d0-b00f63d7d85e","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":770,"width":804,"height":12}},{"id":"a428799a-3c2a-4e78-a6b6-7bfb2ea2f1c8","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":785,"width":799,"height":12}},{"id":"83617c2c-d584-4cf8-ae2a-ba748c198642","block_type":"box","text":"services or has proprietary positions. 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Cer tain por tfolio management teams within BlackRock may","page_number":139,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"1843c9cd-a117-4e40-bbfa-502761dff3ec","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":139,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"078b891d-f810-42a7-8f3c-7aff3029a81c","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":139,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"0b9c34b1-56e8-4fcc-9752-730e8e795f76","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":139,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"42463b31-a7d9-4c01-b736-ba342048db1d","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":139,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"7595937b-b461-4389-b4b1-89916b0f57b4","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":139,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"0ff2a54e-d2f6-41b1-af4d-6490c6fd803c","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":139,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"96e0fa12-1503-498d-abc5-527edc710ded","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":139,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"82a393c1-439c-46f1-b619-c2cc3a582c75","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. 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Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":139,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"fe742c41-f9c1-4209-b310-f8f447f7239a","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":139,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"a6b3b369-506e-4379-9f1f-9cf5935014a9","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":139,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"0d53703b-44a8-4d46-8f13-35c70824856e","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":139,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"74d94870-4d4b-4eb2-8269-85263e217d93","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":139,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"f7fa5e46-7c06-45e5-a8ce-55ca8e063330","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":139,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"a4fa5404-bf05-4e40-8faa-8e451fa14f3e","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":139,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"c1723a17-a9ac-4643-a4d7-282be0650825","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":460,"width":812,"height":12}},{"id":"8da6933b-8e13-4e0a-882d-f31ebe129364","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":475,"width":803,"height":12}},{"id":"7998ff16-2d9e-43ba-bb4e-ec45d15692f0","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":491,"width":813,"height":11}},{"id":"a19817e0-413f-45bd-a4ae-c484d0381c9d","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":506,"width":829,"height":11}},{"id":"6180dc2d-2d70-4e1e-81cc-81280ba2944b","block_type":"box","text":"a barrier.","page_number":139,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"6f246161-6749-46c9-8175-9f529daf9a3d","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":543,"width":788,"height":12}},{"id":"3982a11f-eede-47b1-9009-66c87e59389e","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":559,"width":827,"height":11}},{"id":"ec66c091-4875-4ad4-a545-48b2b254bfe1","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":574,"width":805,"height":11}},{"id":"197a1842-6f94-4ce2-ad43-80fe7c2c2b04","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":589,"width":840,"height":11}},{"id":"d21aa4c1-1533-4b5c-be3d-b63143ed9e4c","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":604,"width":806,"height":11}},{"id":"429b9e09-2aae-4f83-907d-e50b199966a8","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":619,"width":818,"height":11}},{"id":"0c122f2a-ef10-41d3-93db-38a821dc7acb","block_type":"box","text":"that operate in cer tain industries (","page_number":139,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"d5792f85-ee4c-44d0-8b06-0d87b84e61ec","block_type":"box","text":"e.g.","page_number":139,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"433db8a7-56b0-478e-8e5f-5cd13c23a118","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":139,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"701275ae-b7be-4696-a59c-de2d13f3e94b","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":139,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"d974ba6d-6da9-4249-84f3-1161b48a51a6","block_type":"box","text":"e.g.","page_number":139,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"0cd0e8f3-e866-433f-a1ff-ee00bc769ea9","block_type":"box","text":", with mechanisms such as poison pills","page_number":139,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"f94519fb-5a3a-40d5-9902-0f6dfefb2459","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":664,"width":816,"height":12}},{"id":"75efc790-f707-4337-bc1f-48b78d9e13ed","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":680,"width":825,"height":11}},{"id":"7b50a962-4be6-40bf-8946-19d5f7373fed","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":695,"width":837,"height":11}},{"id":"a331ce78-7892-4d19-aac4-8b2d2b081225","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":710,"width":769,"height":11}},{"id":"c64cee08-a448-4240-b2ae-66a58ef876f9","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":139,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"a23aaeaf-264a-4107-9b21-204977e9376b","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":740,"width":839,"height":11}},{"id":"d6b7280d-6763-4636-8c0a-b7eaaddd46f9","block_type":"box","text":"seek to make indirect investments (","page_number":139,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"9e2021bc-9145-4aa2-801b-f21bec9049b2","block_type":"box","text":"e.g.","page_number":139,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"a3f55e40-8d34-4d3c-888b-070f7e5c8206","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":139,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"6c4ac4b8-8c39-4c32-8ee8-02f78f00d957","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":770,"width":817,"height":12}},{"id":"44851143-a591-4303-b0bc-8c491e58c1fe","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":786,"width":795,"height":11}},{"id":"0f6e9684-0c24-41be-bc30-df76307e9331","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":801,"width":799,"height":11}},{"id":"06ac66ee-9aae-4aa1-9f7e-77ac7c20535e","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":816,"width":767,"height":11}},{"id":"53563665-31dc-4b8a-a643-9eca0b55047d","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":831,"width":829,"height":11}},{"id":"3ad81784-ef76-4fdb-a4b8-326600d7cce5","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":139,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"a5eb47da-bd99-48a9-ab49-5bc7a5f23fcc","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":869,"width":783,"height":11}},{"id":"469dee60-b2b3-4761-90e6-d1ee63a812f3","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":884,"width":808,"height":11}},{"id":"ab67a374-8f1d-47f7-a0af-28e001c31edc","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":899,"width":837,"height":11}},{"id":"46a594e8-d730-48bf-a020-b83ab577b392","block_type":"box","text":"II-96","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9630068-b588-4a39-8cd0-7f778e6adae0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"573a5636-60b7-400f-a5b9-ef077ac6b1b6","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":140,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"4256e112-f72d-45ec-b8fb-e46cdd718ea8","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":140,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"c4332231-6cd5-4e94-a5fd-3a8c15233bd2","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":140,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"30711a8b-05a4-4ec4-b6f2-a09745a0a822","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":140,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"879e3e56-6efc-4a3c-a334-7062ddc56979","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":140,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"5477e7c3-3396-4365-b5e9-3961edb1e658","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":140,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"e568f46a-8dfc-4d17-9c24-fb9d08c69218","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":140,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"f991817d-37dc-49de-8aba-e3c14d2e62f8","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":140,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"ac6f5089-8091-4ad2-8c79-a8b28219f5a7","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":140,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"d2e3b511-9853-4217-b5c6-ba66d7fe4f7f","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":140,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"46e3ef38-0996-49e3-8b15-df00ffec1939","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":140,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"f8546ff3-3e8b-4541-b25d-18b8e520bd70","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":140,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"5048e6e5-8d40-4053-9cf6-a5ca0b4400bc","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":140,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"c60787f0-be04-474b-b762-c74670b585e0","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":140,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"572da599-43f7-4506-9db1-01767a18418a","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":140,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"ce65f8fe-3d94-45ca-9c3f-4d3a3a19fb08","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":140,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"5debb4f3-fa14-40db-952b-6a8d3b9abdc5","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":140,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"8f1a39ce-1ee2-4a48-aa1f-f4696497794a","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":140,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"c70571d5-6ca0-4604-ab90-b6d2b7bb9d24","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":140,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"86941f0b-f347-43ce-8e39-8c1437bfea0b","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":140,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"d516cd07-91b2-4d50-8a84-af17890e8392","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":140,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"40a8d7b9-6a7e-438a-939c-4f247f178d25","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":140,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"a9869839-bb59-4ac7-9f74-8f75b4bbd3a8","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":140,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"a9595c98-b78d-4a1b-aa7b-43d3982c7356","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":140,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"1fe5431a-9e33-432b-bcda-4abf3eb11af2","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":140,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"2b9833f3-0858-42f1-abce-c06e3bc2a2b9","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":140,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"8e8a75e1-ecf5-474f-a646-0559e141fb58","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":140,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"4aec39cd-fca2-42af-9bb9-3e12a3dedb33","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":468,"width":795,"height":11}},{"id":"5e6c458f-9318-46ee-b85d-08e7ec365130","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":483,"width":831,"height":11}},{"id":"0e989210-9c58-48a6-b4de-6cf2b864b125","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":140,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"84c692da-4194-49f7-afe3-1023738009d2","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":521,"width":798,"height":11}},{"id":"164e1385-1ded-44fe-974c-f1c5685f4d09","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":536,"width":823,"height":11}},{"id":"32cb8c21-26d7-4449-84ef-4baa9445a723","block_type":"box","text":"strategy with respect to such security or asset.","page_number":140,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"f0f0c802-0962-4fa5-ba04-2d95d7d3e19a","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":574,"width":785,"height":11}},{"id":"fc3ed7cf-ef75-475c-9939-8965ad0e28f1","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":589,"width":760,"height":11}},{"id":"cd0b10ea-1bb4-442e-8266-61f3a196c122","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":604,"width":796,"height":11}},{"id":"66e428b8-0d63-46b6-aabc-3f77eaa42414","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":619,"width":830,"height":11}},{"id":"98c0fb10-c663-4c85-8367-c299093210ca","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":634,"width":788,"height":12}},{"id":"f1d34954-ceb8-4335-a556-3c9ea4c5330a","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":649,"width":829,"height":12}},{"id":"5a6b1dab-f490-4e5c-8cd6-901e9e2aa342","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":664,"width":784,"height":12}},{"id":"3e78619c-1eab-407d-ba0e-556d58c88637","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":680,"width":797,"height":11}},{"id":"98d26a15-ff99-434a-99db-1c56ed45a995","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":695,"width":837,"height":11}},{"id":"bf77dbfb-9412-4258-8307-ad9d5e7fa6f0","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":710,"width":746,"height":11}},{"id":"d4101156-a116-44d1-bd73-d69b78001ae9","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":733,"width":686,"height":11}},{"id":"27e3f9b3-a77b-41dc-93c6-965fa400bf07","block_type":"box","text":"e.g.","page_number":140,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"4af72623-5324-4cf2-b82a-1c7fcfe3fe25","block_type":"box","text":", custodians,","page_number":140,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"777db001-d55b-4a14-ba76-fd787b5c0c4d","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":748,"width":756,"height":11}},{"id":"1c170885-c06f-4afa-aa39-f6b97964dfb3","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":763,"width":836,"height":11}},{"id":"4cc2b4e4-f6bf-49a9-9421-b26eccf10558","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":778,"width":772,"height":11}},{"id":"1831b5d7-14b6-4c5b-9feb-8a83567188a7","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":793,"width":800,"height":11}},{"id":"86e22b78-b419-4a25-b06b-79e3997499f0","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":808,"width":771,"height":11}},{"id":"78cc05c6-2747-48c1-acae-af2ed3819967","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":823,"width":839,"height":12}},{"id":"abd1dde6-60fe-44da-9922-419df787c7e7","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":838,"width":785,"height":12}},{"id":"c71614ed-7041-4f3d-89fc-405f9aed8df2","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":854,"width":786,"height":11}},{"id":"b1426b52-b7eb-43f5-84d9-6dda887d37aa","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":869,"width":837,"height":11}},{"id":"c2fc0be1-256d-4a25-a012-04e7daa0cfa7","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":884,"width":809,"height":11}},{"id":"be2a18d1-c0ef-4c49-a524-cf5805154fbd","block_type":"box","text":"II-97","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5594d00f-6255-49ca-9604-e1634c52b8ed","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4411d0a0-bf53-44b7-8d1d-a27bb3134c1e","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":141,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"f2fe1ca1-7d65-4dca-813c-8068e951a9f8","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":141,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"c51aa069-b9b6-4591-9513-97c15c8518c5","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":141,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"613c8b19-b41b-4e47-b835-9626de712fb0","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":141,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"4778a28c-76e7-4c40-902f-017cf1ac4b60","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":141,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"a6f93731-9acf-4077-b614-a42b7c274852","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":141,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"62d51b3e-abb9-4ecb-85c6-736571b6e067","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":141,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"25e1b98c-03d7-4101-aa06-a1d6968ecb71","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":141,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"a4416e98-6f74-4313-8a7f-fb0192a759c3","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":141,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"2fd151d6-d370-4ef9-89e9-b65b2f81793e","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":141,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"b8b6bf3d-fa81-420f-994e-765f4175eaca","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":141,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"929025fd-b97b-40a3-bc88-e6e7543e7b0b","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":141,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"3023472a-73f7-40b7-8a08-a5888f87b265","block_type":"box","text":"provider.","page_number":141,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"53bbe3e8-92d8-4399-bd46-78de5d5204e9","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":141,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"006ba43e-d1fa-4327-b6af-22ef2d55cc3f","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":141,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"ebcb0226-96db-4ae1-8be5-50a9ad08e89e","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":141,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"bd648590-7b06-4021-addc-09cd9bd0dd20","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":141,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"0fd9a9bc-7833-4ffb-b1a6-2694c46d666e","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":141,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"53fc4a21-7af9-4577-aa22-777dc6e43814","block_type":"box","text":"PURCHASE OF SHARES","page_number":141,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"a58ea861-96bb-4f39-a9d6-cde5e7539068","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":141,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"abcbb63e-d78e-4d58-af30-73630b458b6f","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":141,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"acf7f71c-ced8-4430-a0b9-1369b1e1166a","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":141,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"22720ddb-f0a3-4fdb-88e2-cc8e5c648749","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":141,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"616d5a30-1f65-479b-aed1-6fe352c73ba2","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":141,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"a21fcbae-bb90-41c9-8c3d-50611e29cfaf","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":141,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"4fc5b75d-73d3-4d6b-bc00-ec7a7b04b1c6","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":475,"width":833,"height":11}},{"id":"0416bf13-f878-4cd8-ba89-a9d0bcb89da9","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":490,"width":835,"height":11}},{"id":"36957b20-607b-4bc1-8478-44917a9d2e02","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":505,"width":804,"height":11}},{"id":"bd63a422-0c8f-4c30-a98a-bdf9e9def776","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":520,"width":816,"height":12}},{"id":"66541534-859e-4734-a613-7c4e6e9261ed","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":535,"width":835,"height":11}},{"id":"375ddc84-5cea-4e63-8b9c-514cd6c5feaf","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":551,"width":834,"height":11}},{"id":"8198eac4-ad68-42c3-bd1b-31ef76b8fabc","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":566,"width":757,"height":11}},{"id":"1fb7ef4d-52b4-48e0-9f74-7e065aca75ab","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":141,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"26edf20c-5d6c-4c9e-acd5-3e327470af77","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":603,"width":799,"height":12}},{"id":"8a40bd55-4264-4b2f-b044-35cc29f0ee69","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":618,"width":798,"height":12}},{"id":"ab7451a8-0c60-41ac-a7d2-f45ba22b21d0","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":634,"width":795,"height":11}},{"id":"d35a1ee2-c581-469d-bf65-79ee859e128d","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":649,"width":786,"height":11}},{"id":"07dffac5-e791-4efd-81ce-dafe33d5d884","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":664,"width":839,"height":11}},{"id":"a1809118-a88a-4eef-af39-a4526e27ae2b","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":679,"width":795,"height":11}},{"id":"18086c9b-62e9-4e49-aba6-ca00d6fc805e","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":694,"width":819,"height":11}},{"id":"b95f985e-e0aa-4964-9d7f-a0f6147cf663","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":709,"width":808,"height":11}},{"id":"c7cecbf8-c043-411e-b701-b0638d2a4a49","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":724,"width":803,"height":12}},{"id":"a258686d-9ae4-4ada-9ab5-602794794062","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":739,"width":812,"height":12}},{"id":"3c6b36d7-2c95-4f07-b3eb-bb1c5a337b2c","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":755,"width":828,"height":11}},{"id":"62565f52-4770-4a6d-8386-7ce83cc78af4","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":770,"width":788,"height":11}},{"id":"70de1869-6191-4b65-b8cc-75d09db13696","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":785,"width":779,"height":11}},{"id":"2a7a31b2-b7b0-4575-9e9c-e42b3b9d8add","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":800,"width":830,"height":11}},{"id":"97d1926b-a2bd-4927-930c-e7721126047b","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":815,"width":828,"height":11}},{"id":"6eee929a-4192-4c1a-a4b4-0874f7c2a774","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":829,"width":762,"height":12}},{"id":"32ff1ad1-f042-4971-a678-d9a0b1299db9","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":853,"width":768,"height":11}},{"id":"9b53947b-c127-4c58-b880-be57188be8b0","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":868,"width":819,"height":11}},{"id":"034a229a-3b20-4651-972e-e697cf38ce00","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":882,"width":769,"height":12}},{"id":"a4443b28-397c-4870-9f93-9feabe1273ae","block_type":"box","text":"investment is $25.","page_number":141,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"d74489e1-6fbf-41aa-a794-b9723fca3e9f","block_type":"box","text":"II-98","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8bdd2a67-2afb-4af9-b402-98f4110b7fd3","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"051a7e38-208c-4814-805d-bdbd49272918","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":142,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"a30d4ec0-a786-4d27-965c-1444f2724f29","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":142,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"6d19ab9f-d93d-48c4-baa8-c6359d946ed3","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":142,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"796a6955-4046-4039-bcf5-748fa0bdfeba","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":142,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"b9ba0f02-390f-490b-bfcf-44cfbf075ef4","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":142,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"a9ba31e4-8b29-4d6c-8e04-01e486ec8319","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":142,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"352b7574-8f11-4702-9c96-8f873f23bf1b","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":142,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"21a459bd-9380-456a-9928-15228307f4a1","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":142,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"027619e4-97e5-4309-bc16-d2925abd5e48","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":142,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"f8061739-928d-4a2e-b169-bb00a7a816f4","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":142,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"1416ebc2-d329-44a8-b79a-5f70b10b9556","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":142,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"4fa19b84-6b9b-4155-af04-120404a68bce","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":142,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"7bf6e4ff-049a-4b6b-9437-9d52caf70fb0","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":142,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"718c6aea-d3d4-4bdb-a206-375d06f15a8c","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":142,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"6bd2d835-8858-438a-8895-978955314532","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":142,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"b6b44d3b-e03b-447c-a03e-d8ea70417f79","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":142,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"aaff1c57-f507-4010-8d5f-a4a8a88b00b4","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":142,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"106d4157-5a58-4f70-9227-a5823db4f9a6","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":142,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"48bd3238-bb15-47d9-9807-2e16bdb5db3c","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":142,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"63139217-bb0a-4e30-baed-26cb265ec0d1","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":142,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"e2865b4d-1972-432a-838e-78799a8780ef","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":142,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"08a5c7f6-bc0c-42b6-9134-6e6cc42896f4","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":142,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"7b7ce92a-de20-49b8-8ddd-fa1049ac9f40","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":142,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"c5ce8512-1c57-4320-863e-c5978ecdc9ec","block_type":"box","text":"adviser.","page_number":142,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"6bb8a784-3d8d-4819-b728-238f67d5f88f","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":142,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"76f91cd0-52df-432c-9e3d-ec72ee96c2c5","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":142,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"be8642c6-0464-4d41-b673-64b640a33d39","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":468,"width":803,"height":11}},{"id":"d35c949b-ae25-4690-8842-1f7a60700c0b","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":483,"width":834,"height":11}},{"id":"c171cc7e-4fb8-489a-8dcd-bceb94f22258","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":498,"width":747,"height":11}},{"id":"888181f6-7f97-42c1-a9c6-b6fa275f39a8","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":513,"width":809,"height":11}},{"id":"8c348531-75a9-4aaf-837c-61cd3b1d4063","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":528,"width":819,"height":12}},{"id":"1661304a-b8b0-4495-9c90-32d96a218abd","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":543,"width":840,"height":12}},{"id":"02d707b7-412c-4fcd-8ebe-c0095c0f6ac4","block_type":"box","text":"also be restricted from making additional investments.","page_number":142,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"d4988b27-b303-4d82-aa35-7dee6f25c410","block_type":"box","text":"In-Kind Purchases","page_number":142,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"264b397d-58c0-4e76-be43-909831e0d392","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":581,"width":649,"height":11}},{"id":"a28acd8f-bf43-44cc-9445-c374513d016f","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":596,"width":779,"height":12}},{"id":"b6c9cb8b-4f86-4667-9355-78a186d508f8","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":612,"width":820,"height":11}},{"id":"77f90710-610d-4aef-8374-56d218c6df72","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":627,"width":827,"height":11}},{"id":"e68438be-d803-4dd2-af5c-92669442930a","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":642,"width":831,"height":11}},{"id":"296404dc-080b-49dd-b7d2-427a18e11b47","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":657,"width":817,"height":11}},{"id":"85302000-b8a6-45f3-a9b3-d930cca9fa58","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":672,"width":837,"height":11}},{"id":"923d439c-ac90-4ab6-8614-87fdd227a296","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":687,"width":835,"height":11}},{"id":"3c2b7646-33e0-42c7-9b1f-91b7a471952b","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":702,"width":795,"height":12}},{"id":"85e3b571-6ec5-4e80-9355-d5f3cff94f9a","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":717,"width":833,"height":12}},{"id":"046eab2c-cfa3-4294-a7a3-cb5958c1b6c6","block_type":"box","text":"has settled.","page_number":142,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"3ecaaac0-ecae-4c08-850c-464bb74ac641","block_type":"box","text":"Institutional Shares","page_number":142,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"9a841f74-adef-4f92-9fb7-8f4d5952e2d3","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":786,"width":759,"height":11}},{"id":"35b042c2-b0e9-4ccd-ae8b-11f2003d8992","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":142,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"95fac89a-049d-4505-b771-aa8ca764f714","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":816,"width":775,"height":11}},{"id":"ed8dcbf9-9624-4ec1-8c0e-9b35c9b8c818","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":831,"width":839,"height":11}},{"id":"cc93d6ce-57d4-48cb-b32f-9b81b88aeb58","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":846,"width":807,"height":11}},{"id":"b43af201-c3b6-4199-83bf-5275104b0309","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":142,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"15150f31-6906-44e2-bafc-528d751ab5d3","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":142,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"fe1a0cc1-c4cf-4474-b47e-a051d60ea8f5","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":142,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"02d21cd4-de47-49cb-a499-0236d6631633","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":899,"width":826,"height":11}},{"id":"18199aca-1d66-4ef3-815d-6ebb2498bba1","block_type":"box","text":"II-99","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d83c8ef5-cfd5-4265-aec9-1d95abc1bd0e","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ee61bca-fba8-4e61-9a1f-3ff0ee9fc2ae","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":143,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"0a024131-316d-4958-a5bd-dbc34f617b19","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":143,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"bcf11b88-9d07-47c1-9461-edcd81c3ad3d","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":143,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"2c593e16-95fa-40bb-820e-bae326b1e758","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":143,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"05ec6ecf-f08d-4ffd-b3c7-bd43b48c1d64","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":143,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"c317d04d-be31-4049-93e3-46e7489b92f5","block_type":"box","text":"these fees and conditions.","page_number":143,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"10ba8e3d-2693-4111-bc28-b80c140cfdb0","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":143,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"f15053bd-7e93-4408-be93-cf32ab454ee8","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":143,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"7c0267ba-4894-4851-b592-d994364292c8","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":143,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"5b9fe4c9-f3b5-4b15-a01d-07d80b259876","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":143,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"271b4392-40ab-42bb-b965-fcfa9f52fb5b","block_type":"box","text":"incurred by the Fund.","page_number":143,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"8b012569-8aad-44ab-98af-02e6e239fc33","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":143,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"bb515028-0b85-4ee3-a8f0-392f1cd9ace9","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":143,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"ed8a9fb1-62df-4434-974e-ce3bcf4496a9","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":143,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"ff2a282f-ccbc-4526-9ea2-581a2b2e04bb","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":143,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"2cc115fa-a6b5-4080-8d87-a17941899532","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":143,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"253795c1-4dc2-4ed8-a00a-9cc6b9b69735","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":143,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"e3e8a6e4-68ec-4485-b03a-4b8aba1b74c4","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":143,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"d746b41c-6ce9-403a-bcf9-6d1f6ce7d0b0","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":143,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"c6ced072-e588-406b-a27e-7630aab9a112","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":143,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"e1585682-1bc5-4050-87c8-314ebcdd3e58","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":143,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"e935999e-3320-4166-8933-820255847caa","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":143,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"af4b7008-ce7d-4937-94e0-275925088fc7","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":143,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"45632df0-53f2-48af-a7ee-b423fd20f40c","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":143,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"e156a75e-a994-4b49-b7d0-4eead87f3098","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":143,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"9a2d1c5d-32f3-41d5-9c07-77d7eaa86f07","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":143,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"373f8071-312a-4710-b12b-881105147e38","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":143,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"2bd8faaf-e765-4336-95af-f9409b34d212","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":468,"width":831,"height":11}},{"id":"5e55ef2c-6100-434b-81ba-b4f511cf15f0","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":483,"width":751,"height":11}},{"id":"fc024375-627a-4e0f-b550-b8cfb3dbb224","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":498,"width":817,"height":11}},{"id":"4fe5fcbf-8dca-4f1d-bfc8-55a3745b7910","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":513,"width":773,"height":12}},{"id":"6e3fc480-efb6-4636-a713-ff08b8d1edc2","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":528,"width":771,"height":12}},{"id":"7eba6e73-3dd8-46c0-ad33-2824eb605611","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":543,"width":822,"height":11}},{"id":"487165cc-33cc-412d-a4e2-8f718116d16b","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":559,"width":771,"height":11}},{"id":"d28a9f2c-056c-4221-b16f-83113d9f0d77","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":573,"width":801,"height":12}},{"id":"6d90f605-7d8e-4466-bf21-0a8ad59ecd7a","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":589,"width":770,"height":11}},{"id":"b0ee1ed0-2f07-4a39-9765-4bc655c1b526","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":143,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"978da7ad-b2cb-4b97-a4c5-45a5d610c7ef","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":143,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"3195f515-91bb-4bbe-9993-0bc54b1f2ba5","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":627,"width":812,"height":11}},{"id":"0d1bdad2-3cc2-46f7-a776-9b8882b6c331","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":642,"width":828,"height":11}},{"id":"30d48df5-ff9a-4ee9-9124-195f1168d64e","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":657,"width":838,"height":11}},{"id":"78fb851d-200a-4e16-987b-f9c61bc0e079","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":672,"width":826,"height":11}},{"id":"15c05c7d-8ce2-444f-9a3a-48b53dc4ca68","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":143,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"ce3fdb6a-973d-4d60-ae4f-fdaf7d68f69d","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":143,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"8a721794-be67-4626-a288-91bdc86737ff","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":740,"width":770,"height":11}},{"id":"5c63421d-21f3-48b9-891f-4b28fe1befed","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":755,"width":837,"height":11}},{"id":"283a6a43-b9ae-457a-a897-0b4d1c84333f","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":770,"width":819,"height":11}},{"id":"ad29032a-0234-4728-9c7a-3832ce02222f","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":785,"width":840,"height":12}},{"id":"550c6334-f6aa-4d24-afdb-88151e5f8098","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":801,"width":815,"height":11}},{"id":"6f240c55-7da1-4f26-879c-2152dae9340f","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":816,"width":791,"height":11}},{"id":"f7172403-810a-4683-b1a0-c467a8e6d7da","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":831,"width":727,"height":11}},{"id":"1fedb118-e946-4aba-aa9c-f732d14483bf","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":853,"width":770,"height":12}},{"id":"0a6924b7-82a4-4070-b15d-bab1492371ef","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":869,"width":812,"height":11}},{"id":"f3dbb197-53f4-4e41-88c6-b8037c3bf744","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":884,"width":791,"height":11}},{"id":"8b8332e6-c734-414b-9d7d-f03b8cce9d7d","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":899,"width":826,"height":11}},{"id":"811ab37c-b2f2-446b-a1c8-56cf925fc66b","block_type":"box","text":"II-100","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a25c1e25-da33-4f34-9c1b-e39857086fc6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"889cb63b-44d1-49d8-8ad0-469df5bbcdf7","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":144,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"0dcdac80-2f87-4a35-8554-5c61bfe74400","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":144,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"d23910bc-a5af-41d4-b51f-0f46078372fc","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":144,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"112c50af-3573-49fd-86cb-a2d82474d502","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":144,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"bcf72fc2-04bb-4dc2-9986-034e8811b6f0","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":144,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"5bac9b0e-cf42-4625-9f7f-b5895cba3315","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":144,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"be670801-4b00-4ce8-8230-89e7eb4a00aa","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":144,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"ebbfb308-0b6c-41e4-a0a6-b9904483ad75","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":144,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"ea58d3d8-3b6d-48ff-a761-0a5c35c22df2","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":144,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"675ff4e3-74d7-4ac6-841a-93e642630a59","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":144,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"8bb43779-3bf7-4b84-94ba-1d5fba82d7e5","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":144,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"1caa597c-16d3-4c27-a719-a8a0e9e917aa","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":144,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"8e388363-a062-4555-94f0-c888082be430","block_type":"box","text":"periods indicated.","page_number":144,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"7c7b2f7a-db4a-4033-baa2-421a5fa744cd","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":256,"width":806,"height":11}},{"id":"5532504e-a3d5-466a-a41b-97a1cf198e03","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":272,"width":830,"height":11}},{"id":"f8f32952-14e5-45dd-b60b-db7b0dac2bc3","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":286,"width":832,"height":12}},{"id":"ebd28d54-a4ae-48db-a484-aefd840cc5b7","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":302,"width":714,"height":11}},{"id":"0a09521f-7e33-49a0-9896-b5ed1d4addf4","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":144,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"6819de00-5a2f-4742-a812-20de3c6eb21a","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":144,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"50a700d3-ee2b-4455-a345-93346680ad71","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":144,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"a2371359-5736-454e-8b96-9495c266a63a","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":144,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"18e727db-40c8-4c2f-a586-62d7ee820e29","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":144,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"c97c3581-8007-434c-a842-9f901a683b11","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":144,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"0b0a007d-447e-4d6c-833c-efdba2c97dbc","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":144,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"e0ff5796-acfb-462c-83dc-04c5f9a7c23c","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":144,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"837911f8-a571-4684-a183-3bb9c7390f06","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":475,"width":806,"height":12}},{"id":"5dd5c7b4-3bfc-4ba2-84f5-d02410619b6f","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":491,"width":830,"height":11}},{"id":"b614dab8-e33c-49aa-8df6-9b857dcab8b4","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":506,"width":832,"height":11}},{"id":"2c8bedce-6dbb-43cc-80ff-8525ca5140a3","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":521,"width":714,"height":11}},{"id":"964bf0af-16e5-43c1-bb02-e5e4361d1749","block_type":"box","text":"Reduced Initial Sales Charges","page_number":144,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"1531563b-ef9b-46a7-851d-d1ab52f8d5d7","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":574,"width":782,"height":11}},{"id":"8b388866-52c6-47e0-9377-5638d42e4991","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":589,"width":827,"height":11}},{"id":"498b0663-3e4d-41b2-8979-be38f76ee8de","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":604,"width":809,"height":11}},{"id":"bcab7131-c2ab-473b-a894-032e29291dff","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":619,"width":823,"height":11}},{"id":"c2a21a4b-056e-4695-ae65-933824ff4520","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":634,"width":812,"height":12}},{"id":"be06d318-3633-433e-a7d2-1e236b3beefb","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":649,"width":813,"height":12}},{"id":"9f504716-c703-4efc-81a0-390fe1eef512","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":664,"width":793,"height":12}},{"id":"21e6cc10-11f3-4670-bd8f-c48f33c21099","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":144,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"e6460b59-7668-4259-a53e-a68e94cbaac1","block_type":"box","text":"Reinvested Dividends.","page_number":144,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"ea2c94de-5873-4407-b598-aff4c5a7fed1","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":702,"width":566,"height":12}},{"id":"aa32a3db-a965-4c8f-83ec-1092f04c3c29","block_type":"box","text":"reinvestment of dividends.","page_number":144,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"4312daea-c5c1-459f-b92d-2c5a42fa9b6f","block_type":"box","text":"Right of Accumulation.","page_number":144,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"0dde13fb-920c-49f3-aa1b-d77f83cb6176","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":740,"width":574,"height":11}},{"id":"595ffcbd-49f5-4f7b-bacb-db2260606afc","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":755,"width":826,"height":11}},{"id":"58877ae6-4cba-48be-9123-ed639b4c3deb","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":770,"width":810,"height":12}},{"id":"dd1ef4cb-1e11-4e83-93ef-113bc10bcd8b","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":785,"width":825,"height":11}},{"id":"d33b3064-4b34-4228-989c-4dc21d1a1c5d","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":801,"width":780,"height":11}},{"id":"faaf4349-0c21-4149-86b9-b5f1fae8453c","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":816,"width":828,"height":11}},{"id":"af7148d8-3e72-49c8-bba3-e39d8973758f","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":831,"width":804,"height":11}},{"id":"332a6c71-0321-4f0f-be28-de2f9b0d4aa4","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":846,"width":794,"height":11}},{"id":"7c82ea19-125c-41b7-8682-7893ef9bc4ae","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":861,"width":814,"height":11}},{"id":"1878590f-446f-450e-a020-84b1824fb865","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":876,"width":828,"height":11}},{"id":"682d6af3-f813-45d5-94e4-6757655e42b6","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":891,"width":838,"height":12}},{"id":"c9a0c83b-e78c-4f8c-8d54-3777d7c7eb0f","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":906,"width":776,"height":12}},{"id":"f9b8e9ef-497b-4277-97bf-6a562c442e83","block_type":"box","text":"II-101","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a941b2a9-2a68-439e-8fc1-8df261701ea6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81e45675-8665-4551-afa2-1cd07c2ab99a","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":145,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"9068e4c1-061a-4ae4-ace4-a8d9d5869037","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":145,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"7e610c4d-913c-48e1-85fb-5942365bfc00","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":145,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"d0b74121-5f49-486a-9242-72296789497a","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":145,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"b002c4dc-d897-441e-8f28-87a5bfd54dbf","block_type":"box","text":"Letter of Intent.","page_number":145,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"bd4a0627-fe3d-4c6f-bc85-45e12048481e","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":145,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"38da8c38-c197-4639-a2c2-cb151ceb8d59","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":145,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"24136213-5541-4ecb-a230-0d412518cfbb","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":145,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"32b323af-8ef3-496c-b5d1-af2a4912bd73","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":145,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"7ec49a9c-4d24-43c5-a2da-3b63a1816c54","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":145,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"77bf8c80-7d7f-4d2d-819b-6a348f1dd5bb","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":145,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"77ef2ce5-27ed-4a20-960e-9f26ee417df9","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":145,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"01ae1516-98a5-499d-9bba-f1e6c856b74f","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":145,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"6cc1a8b6-3c06-4ccd-822e-63038c040ed2","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":145,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"4a6d3e75-ff3b-458d-8413-982a2647b3f7","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":145,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"cc806085-4b4c-48cf-a8cb-bba49c637d1d","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":145,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"4087bfb1-3a7f-4640-a071-e7b54d0a0204","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":145,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"72d1fd0b-77e2-4347-a224-c3df9a6f7d79","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":145,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"5cab1d01-2e15-437c-ae8e-f8be9b4e70c4","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":145,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"caaf8090-2376-4d4f-a62d-b2c7986bbfc4","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":145,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"dedb4211-58f8-4d77-bfce-53fcc47ca801","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":145,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"b3d58366-4837-41eb-880d-15243dfac6d2","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":145,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"fd46a83b-cf9a-4893-a464-d0b64b10acfa","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":145,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"45ae1191-6a52-461c-8ab8-9fc9bbfc5030","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":145,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"7f68d287-4d0d-41db-b08a-0a267883f8ad","block_type":"box","text":"Placement Fees.","page_number":145,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"f8b6ac17-0320-43c2-974d-2256b80d6a3a","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":145,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"6c75e9b1-b827-47d6-afa5-6203c786ae12","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":145,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"f983ca9e-d210-46c9-8e83-a88fe05fe7e7","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":468,"width":741,"height":11}},{"id":"6973efa8-475d-4f38-94af-1065c9cbc483","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"59f8848f-95eb-4003-9249-506a48d7296c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"a00fd155-9833-462f-937b-382cc8d8980f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"e0d44231-9d3c-40ee-bd85-6f4a0bfb277c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"ae60111f-24ac-4ab2-80d3-33708f1eeae4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"6ed3e992-97b4-47b3-9c76-a5adbaee6b44","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"c74fa301-95ef-4637-b427-36e72941ea6d","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":550,"width":776,"height":11}},{"id":"136b5937-e4e0-4729-8ae3-e4ab2d33dc12","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":565,"width":774,"height":11}},{"id":"c35ab82d-c611-4796-8fb1-1bf9b6f727c3","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":580,"width":824,"height":11}},{"id":"9b7a9279-de0e-47e8-b045-18f513d1d490","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":595,"width":695,"height":11}},{"id":"3e57a682-4734-4d80-8e87-106793e65e53","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"9660e242-9cef-4fb6-bd4e-b95f6144c1ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"c7650b90-84b9-4a08-b690-9eff6c6b1698","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"7b33870e-81ff-4008-8aa6-2d4db6fddb05","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"8610bc46-daa0-4ff2-b8d3-2233632c0696","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"6f185c12-e54a-477a-8651-23a04b3f9da4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"df8fa458-e77d-49d6-bbaf-46c0be6de316","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":677,"width":806,"height":11}},{"id":"28b0f2ed-5f7b-422e-9889-3f9e90a55d68","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":692,"width":821,"height":11}},{"id":"859cbacb-6165-4564-bf66-a77b96fe4ac6","block_type":"box","text":"SM","page_number":145,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"a8627e4f-3578-4790-b78b-4c3a4888bd0c","block_type":"box","text":",","page_number":145,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"7abcd8f2-72ba-4bcb-b1d9-7e6704c51f0f","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":707,"width":816,"height":12}},{"id":"a73aaf96-08e4-4ef2-864e-79dcc8bdcdff","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":722,"width":835,"height":12}},{"id":"364dd35c-9a58-4b60-bab6-9edc2fc4bcf3","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"e5ef8187-1de1-4d1e-a718-510b9d618ae4","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"46971e5a-8989-411a-a17b-ab02e2835dc3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"231c5e62-a059-487d-94a5-cfc4b51b29d7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"20ec0126-6c4c-4bb6-a6d6-3bef018e3b65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"0fa77a56-dc5f-4a37-b6ef-0529526aa8dd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"ecbbf7b5-5dab-4d8c-85c1-28e29adc99d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"cf54c1db-0e4c-4e1b-8ee2-a30bf598793f","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":819,"width":743,"height":12}},{"id":"d1697bc9-2a83-4a67-848d-9710b58770d7","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":835,"width":674,"height":11}},{"id":"dc5f3371-c1fa-4bfc-8acb-884915c60980","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"33f7cc2a-cfb9-4cf7-8a5f-71084b24d372","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"520f0aef-42a8-4805-a8b7-b9750dfa987c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"0bb14d8b-38e8-4a4b-b337-a1235f544ba2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"cf2338aa-10c4-4bd9-8f64-21e59782d875","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"f57abc54-693e-47e5-8c53-fa183be630f9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"731f8a4a-2741-45f3-9c9a-5e7fc25d7eb1","block_type":"box","text":"II-102","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"128f099a-2e94-4804-93db-0f4812f3efea","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32d6d2b1-6052-47d3-8d4f-21657b0e721e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":146,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"247ea5be-b1d9-4c4e-8ae6-130d54c6b81c","block_type":"box","text":"may be up to the following amounts:","page_number":146,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"535dfd59-2666-46ff-9c53-dfd103dcf887","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"b7d377c6-526d-48a1-994f-6ff12fd00ca8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"9160ee90-d22d-4ee8-bbc9-1e4f413411fc","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"3d389dd3-b4cc-445a-84ab-8de03cf9e08e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"536e25ea-681b-4a89-8aa7-c6a33eec9b5d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"f7170c7d-e9d9-4065-9d21-9499043a75f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"727328a7-deb8-49a1-a780-46c6c0c06810","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"7a085ab0-5e78-422a-855d-3d5f9361e23b","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"d96f982e-5c31-4a32-b372-010e91b8ad6f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"3b61776c-fedf-4d68-9b14-e961415ae15e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"81aefbf9-21ee-4bcc-b66a-ef6ed10c2730","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"4d3b04a0-e4fc-443f-adec-3f376cdd9ef0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"6d6b6915-8cbf-4ba0-aaaf-5caafafb3883","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"9dda6b24-5750-4c8d-94df-858968137e36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":146,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"dcf637ad-58ce-420e-9d87-1e165f49c0b7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":146,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"d2ffd8b1-9d4c-435a-bd77-ab8690b81e1a","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"e04bb727-f3a5-4d94-b063-c4e9cbaf9b19","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"2e9eec6d-857f-4e7c-9c8c-ca6abd020224","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"a94607ef-22d7-4187-8395-a9ecebe2bec7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"89cec1b0-00a1-495d-b747-40508debb570","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"02424044-abe7-4e37-9907-da9a852d1c49","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"7533aa86-f324-46b4-ae1f-61937729c401","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"20575810-3a5d-4ee0-9bab-bdddbc38bc6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"b16a1e4e-6069-4732-8cd5-acd7197bb5ad","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":351,"width":779,"height":11}},{"id":"13fe1c35-9236-406a-93ee-1f3da64d065e","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":146,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"93585d00-6f51-4555-a03d-276e9263f201","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"76dccf06-050e-4c87-801a-221436fd2d88","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"83a89279-c7cd-4f8a-af41-78efd9f4b65c","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":418,"width":779,"height":11}},{"id":"3b052d58-ac36-4121-a8a8-404158fa43e1","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":433,"width":819,"height":11}},{"id":"2e264586-e7bd-447b-9154-bdc30fd2480c","block_type":"box","text":"the following amounts:","page_number":146,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"ec8d4e26-4634-4241-b2a6-42eb10f58b93","block_type":"box","text":"$100,000 and above . . . .","page_number":146,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"7ce6562f-076f-4774-9545-e4b9bc4dfd24","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"63a62c23-4d51-4b2d-a3bf-6f53fec516a1","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":499,"width":779,"height":11}},{"id":"e7e5df53-99ee-47b9-8b01-778eb8a9f2ce","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":515,"width":775,"height":11}},{"id":"ba2a968c-79c4-4189-9b34-cfe1cb326206","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"000355c3-afe5-491b-9dfc-6e4959e312ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"a6f711a5-6141-41e4-af16-01b599847326","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":566,"width":788,"height":11}},{"id":"21101fed-a7f1-4800-9d95-e0aad99f07bd","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":581,"width":792,"height":11}},{"id":"c45d191d-5055-4680-8cb3-2be57604dd1e","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":597,"width":787,"height":11}},{"id":"62375237-72e9-4f8c-b641-749bdb1dbf6e","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":612,"width":834,"height":11}},{"id":"82f3981a-b2f8-4abf-a2a9-60864c902feb","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":627,"width":729,"height":11}},{"id":"1e21d0e6-e2cf-4cea-9c0e-42dc68cc80ba","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"68830079-6a08-447e-a920-0092011ae0da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"63d3190b-c06d-40c1-a507-10a28d7b5870","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"214d992e-7e9f-4bfb-b4d5-eb75b81a6eb4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"c6dd0adb-6f66-4ad8-8a0c-13c98e176226","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"82badf99-5dcf-4dd8-8b47-fc91a3e1b7a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"d97dca7a-2765-43de-aa35-df83fca5e6d4","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":709,"width":801,"height":11}},{"id":"034437d4-d519-4592-a955-cbe44eec4b61","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":724,"width":769,"height":11}},{"id":"00f6a62c-a619-45d0-b77f-0cdb893b813c","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":739,"width":818,"height":10}},{"id":"b43b4961-952d-4c82-8321-72e0771d7242","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"185b0287-e97e-404e-84a0-caf54a3ad95c","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"6170e8d3-eb3e-443a-a8b3-a4ea460e7284","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"614bf7f6-c636-4c9c-b586-818f86de06d2","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"dbe7e4a0-1579-4ca1-ab3f-8a5812515636","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"c4bed65f-2c77-4e67-bddf-9c6e693449a4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"1e0a008d-da45-4d62-b9a0-47c49f8b19d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"aad400f3-0bd9-41c6-ba01-93a421fdd054","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":146,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"0f2204e7-0289-4c40-938e-d2d9ef294f58","block_type":"box","text":"®","page_number":146,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"145e5c04-0528-4cf2-8a16-0b9ad9fd40b4","block_type":"box","text":"Index 2030 Fund, BlackRock 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LifePath","page_number":147,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"a95e9803-f05e-468b-8b2e-77662fc51572","block_type":"box","text":"®","page_number":147,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"8c1e6660-acc6-4137-a84a-0187a55974fe","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":147,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"3e732cfa-f825-4ae4-a59b-90ec79847828","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"ac41e30b-58cc-4020-8fce-d02e51e7b244","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"ad504858-ea26-496f-9828-ccd327eb997d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":147,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"97e73daf-c91c-4f25-ab92-5d6ba6c48087","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":147,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"078f91dd-fed9-4f3d-af1e-fa728a9e9d8e","block_type":"box","text":"SM","page_number":147,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"cbf03a58-ed33-4cf1-a51a-b7814a079279","block_type":"box","text":", the placement","page_number":147,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"6a7b44e4-ad9a-467e-8b4f-5725953e278e","block_type":"box","text":"fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"a1d3a5d4-809c-4cec-93fb-f4cd1dfddcde","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"17c556cf-2db0-4b50-bd3b-86114b953937","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"af8be7ec-a553-4737-8bcc-c572228d6ff6","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":147,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"b15f2b07-99e1-484e-aaf0-fbffbf835fed","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":147,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"595a1b09-fd9a-437e-9b7e-4e77c76e3a4c","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":147,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"ce7267a0-4395-4445-b0e0-7d8ae37b26fb","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":147,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"87402f9b-603f-4bb5-9f6a-3e622435b6a1","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":147,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"630bc824-a7d0-4c23-9b22-b5a00ddbf98d","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":147,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"6779d69c-8f40-4d6f-912c-e034c55c73b1","block_type":"box","text":"$1 million).","page_number":147,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"f31eadd5-bd5d-4a41-9978-a3d997eb9cd5","block_type":"box","text":"Other.","page_number":147,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"cf4ad177-eef7-4a49-a045-ec74834fd669","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":147,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"8b3a5175-5f72-4066-9cce-57d46ee3d577","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":147,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"e0b07c40-b5f1-4f54-a05c-e37a7d40d9a8","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":147,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"c4f591b3-0191-48a6-af7e-76acbfbda294","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":147,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"7f6f4deb-6c89-4382-8b4b-d01907372ba3","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":147,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"04592914-d791-45b6-aaa7-2776ed47f739","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":147,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"9dab6ec8-722c-44b7-aafe-67544fc5d9b6","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":147,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"fadbe34e-f9cd-45f9-8a99-275216799802","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":147,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"4f25a0cf-98e0-44e9-9951-9bab05c1edf2","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":147,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"0a251a8c-a7dd-4774-aa7a-4f07ef841713","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":147,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"65b46140-0878-4543-9a0b-4d8afd8678bf","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":450,"width":827,"height":12}},{"id":"31bf79bd-5bf5-4df2-b6c8-18cf7dbb7485","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":465,"width":782,"height":12}},{"id":"3f1b85ad-f767-462a-9cae-a7bf0f833822","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":481,"width":830,"height":11}},{"id":"6a0f68ff-7f89-4e01-9466-c3c8cc65e3b2","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":496,"width":815,"height":11}},{"id":"8d08e3a0-0f00-4ad3-94c2-36f07792362f","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":511,"width":799,"height":11}},{"id":"9b8594ad-4415-4c72-9631-a1aa445746b5","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":526,"width":752,"height":11}},{"id":"5573bc87-cf87-415b-8e8c-25e016f0fe62","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":541,"width":836,"height":11}},{"id":"34bc4d88-20ce-49ba-8be9-33605e735d56","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":556,"width":812,"height":11}},{"id":"21626429-0671-4681-87c1-35b502c3b31c","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":571,"width":839,"height":12}},{"id":"6f54acb0-6c36-4a09-9d4e-7afac42f00d5","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":586,"width":788,"height":12}},{"id":"82ecd159-960f-41d1-af36-dcba90fcad0d","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":601,"width":838,"height":12}},{"id":"5a338ad2-88d4-436b-a7e9-056e6dba5d0c","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":617,"width":810,"height":11}},{"id":"f5a81fdf-7068-49e6-981b-5fbf1b149ff4","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":632,"width":787,"height":11}},{"id":"347c8920-2305-47ec-8862-f5f4c3a02f73","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":647,"width":834,"height":11}},{"id":"683fca3b-9d5d-4666-aa38-56b91b9ff928","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":662,"width":808,"height":11}},{"id":"6d126e5a-7734-4fdc-ae0b-1e494128c4ff","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":677,"width":837,"height":11}},{"id":"44aab1b7-5c06-4a4f-9b9d-dba60f621303","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":692,"width":820,"height":11}},{"id":"68cfc61d-5032-408b-b417-4c099d11c7ce","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":707,"width":813,"height":12}},{"id":"2f6a982c-5f18-4197-a6c4-5a82962ff215","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":723,"width":831,"height":11}},{"id":"d931f6b6-854b-41b0-bf90-6815725b1e62","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":738,"width":783,"height":11}},{"id":"666c3233-66e2-4318-a298-776c4595156d","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"57a76591-90bb-4f87-85ad-905040a8bb7c","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":775,"width":754,"height":12}},{"id":"e2d85689-6668-4eac-be05-b4f40670a05f","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":790,"width":823,"height":12}},{"id":"6ae30b2f-8edd-4652-8c79-0d9525e4756b","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":806,"width":833,"height":10}},{"id":"164b1cdb-897d-4b42-9db5-a82ef69dac79","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":821,"width":802,"height":11}},{"id":"9b06d208-49f9-4cdd-a13e-548acbc999bd","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":836,"width":781,"height":11}},{"id":"248160eb-7186-43af-9332-26c8c7eba7b9","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":851,"width":819,"height":11}},{"id":"c3499890-e3bf-499c-a73f-020cb573b550","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":866,"width":835,"height":11}},{"id":"dbd7fc6e-77ac-4193-b752-97d8e59913a0","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":881,"width":813,"height":11}},{"id":"fb2f7978-2a4e-4bf9-b29b-a89cd6c98ca7","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":896,"width":792,"height":11}},{"id":"1af0234d-9876-4506-b41e-ed59d7b64ec6","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":911,"width":813,"height":12}},{"id":"1d3bf87b-2714-4b25-9e6d-c048f86683c4","block_type":"box","text":"II-104","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ab225b3e-575f-4106-9924-51fa5a222f9c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d06a849-be9b-4e88-916c-2803509f9bff","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":148,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"e86e8c3e-5425-4fb6-88bd-72a49797bf56","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":148,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"d0770fa3-9471-440e-b89b-5d0f70e06017","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":148,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"969d9987-8868-48fc-b74f-72e4194e1fa8","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":148,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"308e388f-bda4-421b-a360-e512ff2bc425","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":148,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"4d29a1d6-b1e4-46c6-bc62-9cf445603876","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":148,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"1c57f242-e5c8-4af3-b345-151f15f67eee","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":148,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"9458fa6f-e205-486b-a220-a2eba205f8e3","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":148,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"1a2a06d9-5129-4fa8-921d-8daa6f33562c","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":148,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"8172d3cf-b686-49c9-9485-14262b732ea7","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":148,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"e74479ce-634a-4771-9aae-d177a2045e8f","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":148,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"5c985921-ca53-475f-a4cd-21c53d2febca","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":148,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"0eb3bcdc-8ee6-4adb-8989-73a0932c9055","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":148,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"5ceb3e9a-cd61-4c31-b693-a376a403a9c1","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":148,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"a595f6f0-5a46-4e60-a1b7-5ec71a722455","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":148,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"cabf874f-af28-4ae2-8f72-45f2f19f6c26","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":148,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"43612e0b-4658-42e9-8e0f-8992e50651f1","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":148,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"8dd5b10d-cc2c-4661-b4c8-caec3b6ff581","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":148,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"76329af5-439e-4545-8563-f2cbd1f3f19e","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":148,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"af8dcbf6-6c81-4aa3-b516-5eb4e6934bde","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":148,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"971f9e1b-56af-4929-87db-f7deb0c14ac2","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":148,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"0da25d2e-639e-46ee-847c-cebadb3ab8ed","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":148,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"81cb90ae-b5bb-4026-9fa1-02acca303077","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":148,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"25eef1c1-2aed-43a4-bda2-1b4c8ec4c12c","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":148,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"7f748918-c36b-46db-8648-16a933a2489a","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":148,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"f661af21-a647-4948-aa45-dbf97dafcfae","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":438,"width":817,"height":11}},{"id":"75661b37-45bd-41a0-a427-b483c1e632e3","block_type":"box","text":"the absolute discretion of a Fund.","page_number":148,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"f2db765c-f3fd-4d15-a0c0-896fd5a2c682","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":475,"width":794,"height":12}},{"id":"39ee4b63-eeab-4f2a-90bc-8edf32a397d0","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":490,"width":776,"height":12}},{"id":"fef2fab5-f1b4-4c19-bf00-2a9e45e2cc0c","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":506,"width":821,"height":11}},{"id":"dc84ff3f-b636-4641-a6d0-9d91768c04a9","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":521,"width":800,"height":10}},{"id":"a46cc35e-f6df-4a35-80e1-f3e42ff0214b","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":536,"width":806,"height":11}},{"id":"feafa8b3-d960-4459-8b49-b8a6c18e2a86","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":551,"width":823,"height":11}},{"id":"19785fc6-99a7-442f-9387-f65f21535762","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":148,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"4d257c20-2b8f-40c6-be29-8db8892c9cfc","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":581,"width":766,"height":11}},{"id":"7dd6a538-8b7d-4988-b558-6cf348702784","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":596,"width":837,"height":12}},{"id":"d8c3f932-59b6-48c8-aa5d-9224297435c3","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":612,"width":805,"height":11}},{"id":"262c6ed5-4ed0-4c7e-b5b0-5565ffe72fe0","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":626,"width":832,"height":12}},{"id":"0208782b-1087-4aea-99b7-4134ee22cec8","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":642,"width":828,"height":11}},{"id":"1b0d573b-1437-48e3-8c76-8b9ca92fcb87","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":657,"width":746,"height":11}},{"id":"1eb1cbcd-8a18-4465-8b45-4c04eec3758d","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"717a6581-8065-4a3a-88f2-cf2707700bdf","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":695,"width":799,"height":11}},{"id":"1a0453d5-7e47-47e8-b023-ff818f1020ff","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":710,"width":829,"height":11}},{"id":"ab5c9e0b-a43b-4255-b188-3395fbd3c7bc","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":148,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"e5dd6d95-4dcf-43a2-b7f6-16783e386bd2","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":148,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"fafdd935-d083-460d-b559-9f52cf79c340","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":148,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"d28e5f39-986b-4ba0-977b-922c591e825e","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":763,"width":811,"height":11}},{"id":"be3150fb-4b85-4bd4-b61a-8a1e6d979874","block_type":"box","text":"public or private investment company.","page_number":148,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"f76eca20-748b-47b5-80d1-f44962e740cf","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":148,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"db21ea71-78e1-4ee9-aa7f-37475e19c5c2","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":148,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"fb0b719c-ffe0-44e1-83b9-43725b20a2cd","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":816,"width":825,"height":11}},{"id":"a27ef6ff-083a-46e4-b0bf-0c73fdf22329","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":831,"width":830,"height":11}},{"id":"c2873693-ff83-466f-b639-5ac315ca6c70","block_type":"box","text":"II-105","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ec58a71a-e3e6-402c-a7f0-cc71c2089892","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0118bbfc-48c8-4bdf-868e-20b92cfbd46e","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":149,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"b0cb6ce4-eb3d-4a27-9d67-7b744dd21bf6","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":149,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"29acf88e-537c-4572-981d-cd32f1a36a2f","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":149,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"c7585848-53e3-4ad0-ba8c-f9cc7a71cae8","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":149,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"5cc46bae-272d-40f7-bac7-bed3a3273b7b","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":149,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"b796ba0f-9407-4556-9496-35f9e15b4fa0","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":149,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"a30ad035-fce1-4225-b79c-234372e68e9d","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":149,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"742f7206-b012-4190-aa1b-1c77c05ad4ca","block_type":"box","text":"intermediary associated with the account.","page_number":149,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"52835f41-6d82-497c-a0c1-f788f53b063f","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":149,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"936f9130-b29c-44bb-9a7a-e1b88a5a81f9","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":149,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"a483e1c4-812d-4108-bb50-584f4dfaf9e6","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":149,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"067dc1c9-651c-4e1b-9fa9-5dc2d5cde1d5","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":149,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"f01e6f84-a160-461b-806e-9561f92493ec","block_type":"box","text":"CDSC shares.","page_number":149,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"817e07be-a26c-41e8-ab6d-1213634a2a90","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":149,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"8e32b0c0-a2f9-4ba5-a789-1ca76baba330","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":149,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"946b0332-e8c8-4a6d-bf7a-3a212207073a","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":149,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"b22da8f0-3eed-46f9-96f7-479664caa29c","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":149,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"9cbbb9a5-9469-46aa-b054-8f31bb2dc5fc","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":149,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"fa11289c-83fc-4fda-9f4e-a246863844d2","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":149,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"a44a3af9-e146-432b-bb4a-ecfeb3248c0f","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":149,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"7154ebb4-02c0-48c1-b1d5-825b05dd5299","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":149,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"f2fe89a1-4ca5-4d84-a265-72c4a081f1cd","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":149,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"b276c021-b9ae-428f-a47a-0f03a96ba4bb","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":149,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"ed21c93b-3a0c-4ba8-9f65-217ca94b26ad","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":149,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"82f09549-1606-4727-bfde-545147163e72","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":149,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"a01c3eb8-0d97-4e33-a98b-6928f1252bc3","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":149,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"c93ea791-06ee-40c9-b8b8-3a753b259f04","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":483,"width":811,"height":11}},{"id":"fe20167b-0365-4b70-a3f3-253cb44d40e3","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"857f0a22-b589-474d-9bb6-b33bedb83edf","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":521,"width":783,"height":11}},{"id":"c16bef13-af79-4786-96e2-f738c8aae0e8","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":536,"width":808,"height":11}},{"id":"72eb1e32-8799-4c9c-80b6-35c16d48ed5d","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":551,"width":797,"height":11}},{"id":"d76145ec-c98b-4855-8fc0-c5e20d074ea8","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":566,"width":837,"height":11}},{"id":"dd295fee-4ea0-4d08-8aea-b3e4a6192f51","block_type":"box","text":"Investor A Shares.","page_number":149,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"6b6d0c5b-019b-4d6c-b0e5-d1713649e32c","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":149,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"8717d749-ad2d-475b-9147-2bd786ac84aa","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":627,"width":804,"height":11}},{"id":"ff7ed19d-24e1-4cb3-a61b-3f4722c3166d","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":642,"width":794,"height":11}},{"id":"ef2291a4-d40a-4e0a-981e-cdf45e0a2575","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":657,"width":794,"height":11}},{"id":"71d4ae27-4d84-4add-b071-624b3ff50d75","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":672,"width":806,"height":11}},{"id":"0088e006-202c-4a1c-a228-7b607c58b9f5","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":687,"width":793,"height":11}},{"id":"75e968d1-759f-4824-9d62-c9a56fe30dac","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":702,"width":796,"height":12}},{"id":"7d7daa0b-6dec-44de-a7f0-877ba4b9c06c","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":717,"width":802,"height":12}},{"id":"3281b059-6f72-4c1e-9318-dbb1c8744bd0","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":732,"width":793,"height":12}},{"id":"37691c22-a59f-4959-91d0-8f094d786b23","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":748,"width":817,"height":11}},{"id":"19e39511-996d-4b2e-9fef-38b174763d74","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":763,"width":814,"height":11}},{"id":"982a4010-2e46-4a3f-8e37-d6817252c514","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":778,"width":828,"height":11}},{"id":"ef031800-19da-4783-91a0-e6e8157a4e92","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":793,"width":832,"height":11}},{"id":"39314b6f-ed9a-44ae-874f-2a15dbd23a03","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":808,"width":718,"height":11}},{"id":"188db2a6-6318-4520-a8f7-bb84e4283c34","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":831,"width":764,"height":11}},{"id":"6f4df249-f50c-489f-970d-eeed8adaa0e0","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":846,"width":816,"height":11}},{"id":"c3f0b1fd-4ce8-4e36-819b-97783d6da456","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":861,"width":772,"height":11}},{"id":"6ada6fec-c0c6-4773-a710-1dd97c8539ef","block_type":"box","text":"“Investor C Conversions”).","page_number":149,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"46f9f0b2-1c19-4642-8a24-13aa67eeb537","block_type":"box","text":"II-106","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5ca83828-74fb-4566-ac7d-257a6cfa9db8","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97247c71-dbb9-40f4-84e9-96e6afa85692","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":150,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"8dc36ae8-be09-435a-99c1-1d32b317c9c3","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":150,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"bc949e06-f2d7-411b-b854-fb2a8af42ca9","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":150,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"7681804a-a4fe-4f89-be6c-48f1236ce67e","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":150,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"7beab68d-bad9-43fe-8196-7cac79bed861","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":150,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"ce1b2625-3a6e-4a1d-b826-f33c2c87d84e","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":150,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"f8eb69fe-c2e6-4009-bcca-d69ea3b6b04a","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":150,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"6729e575-f98e-43a3-8553-b515e19d7736","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":150,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"fba18e27-2dc7-4f2f-af7b-5be422c62621","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":150,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"3a25e4c2-a29f-4d21-8774-77c24057e842","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":150,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"f25606a6-3dd4-48d8-aec2-53721c9ce5d3","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":150,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"08c03e63-d015-405d-be20-a0a8267b84d2","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":150,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"e5361588-389b-468d-8b23-f9b2d20687a1","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":150,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"f722f1b9-c2e8-47c8-b466-f7cb6fa3a698","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":150,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"306689a8-508e-4a47-95aa-0babc68b1fbd","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":150,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"297f2b48-55d6-4db2-b242-890b8e2bf105","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":150,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"abf4db6d-1312-4bef-92d8-d640ba19d9d3","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":150,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"87f8e908-5afc-4204-afac-6538d95654d0","block_type":"box","text":"redemption.","page_number":150,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"4b059d39-a738-4600-a0c6-d43e0785331c","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":150,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"5d26984e-1f62-4a31-af69-272c9dfc7f6a","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":150,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"83739b7a-da35-415d-b48d-96b053b6e445","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":150,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"fbe645af-1f0f-4d65-8e63-0426e795ae0f","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":150,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"551ae27e-026e-4841-81ed-447589bc98fa","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":150,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"087177f3-8225-4927-b3b5-ce7d113dd8c4","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":150,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"c04fcfc5-1f90-456b-9cd7-0a3809be6ff2","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":150,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"266dd923-0138-401f-b32a-3d3767c4351a","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":150,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"ac2b103f-5995-40d4-abd5-0635215eabf2","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":150,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"26976f97-98f8-4359-84cf-fa67e25e665b","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":150,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"34905490-c8d7-4bd2-8ce8-f9e4b14c7e29","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":506,"width":836,"height":11}},{"id":"1785099c-f6ff-4f1f-b84e-37599571cf15","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":521,"width":806,"height":11}},{"id":"3924d0fb-4519-4179-a1f3-1f4b7299b385","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":536,"width":786,"height":11}},{"id":"c162db3b-ded1-4596-9256-4c716b6e8624","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":551,"width":834,"height":11}},{"id":"626f773f-4c8a-4871-962d-21f160372ee3","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":566,"width":809,"height":11}},{"id":"b8c0a5f9-3a18-40a0-a9ce-6c636dfdc025","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":581,"width":791,"height":11}},{"id":"273505d4-cff1-4e65-baad-fe14b6f95325","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":596,"width":784,"height":12}},{"id":"25436445-1d14-4e67-996e-8e6309007871","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":612,"width":824,"height":11}},{"id":"45d2159a-cf69-4440-bf36-bedfc16435f6","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":150,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"b428b496-7723-4c7d-9031-4df6e194a93f","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":649,"width":781,"height":12}},{"id":"9dcc79ae-7678-4324-b569-192a277a24a9","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":664,"width":813,"height":12}},{"id":"b3a3560c-dd09-4d7a-a437-284ae41997b8","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"ca6dff6d-d576-4bfd-8a4a-e481f5880875","block_type":"box","text":"Class R Shares","page_number":150,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"4d8e52c6-b657-40b3-93d1-63c623c35895","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":732,"width":775,"height":11}},{"id":"77b997a0-0321-45f9-822f-f2eb06333868","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":748,"width":799,"height":11}},{"id":"61ddbc1a-7671-4612-a66d-25fa878eb4e3","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":763,"width":801,"height":11}},{"id":"1660606f-6704-4ba4-8688-b2c0fa756f8e","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":778,"width":772,"height":11}},{"id":"eaf0cb65-b1b6-44c0-b3b0-d487e7945dd3","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":793,"width":836,"height":11}},{"id":"7399762d-48b1-4804-b714-1f6383289fb3","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":150,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"9647ae40-3048-49ba-93d8-0ba90dc79c15","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":831,"width":791,"height":11}},{"id":"f3b363be-6edf-48a9-b589-5da1202aab56","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":150,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"d3fd92b9-a709-47a9-88ff-8865def2326e","block_type":"box","text":"II-107","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8afe99b1-0185-453c-9db8-18a87b3c68d9","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"602e6ddb-822b-490c-8f6c-3cc27cb35bcd","block_type":"box","text":"Class K Shares","page_number":151,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"5fb486f1-3f57-4b45-89a5-622eaf3dff36","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":151,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"f98bcd66-a10c-41d0-81ed-c0361d73bf6d","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":151,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"28a681df-1318-4eb1-8c2a-791a455f5ae8","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":151,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"6f86f2d7-7aa2-4b17-b29e-6bb072669ec4","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":151,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"72719613-c712-45fa-93ae-fd49f706718d","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":151,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"e6e5657a-293c-4132-b361-f77c854e8ccd","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":151,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"7d2b3555-384e-4b98-98ff-d242eb61c0f1","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":151,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"4a1892f9-6dd6-4a6c-a767-4a939c056770","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":151,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"2811a7a8-d132-458b-871f-f9de412fc6f8","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":151,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"40943ed1-9f3b-44d0-8cd4-cfc894e6c959","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":151,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"bc397cdd-d529-48f2-b923-5285b60dc18b","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":151,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"d7fcba94-c8b6-474a-bff3-815dec3654f4","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":151,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"ec826fc0-2bac-4db4-8505-7e42ab6a4fb8","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":151,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"02889ef6-811f-4185-82c0-ad5ce9cc053c","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":151,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"be710f49-6cc0-4823-ba84-15e568c8e781","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":151,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"69153381-ac60-4ae1-b0d7-b40b03fef78b","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":151,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"231bfed3-a865-4f79-9720-8c5d042e66e1","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":151,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"67990e80-e82b-4a41-9f88-54a08478be65","block_type":"box","text":"distribution and marketing agreement.","page_number":151,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"334af3d0-f677-4020-a7c3-c4e71437fdd9","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":151,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"01dc9360-5619-4d16-9862-dcdedeb8b999","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":151,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"56696812-6b07-4e15-be1e-d9dbff4b170e","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":151,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"1b90530d-5ddf-4dd6-83bb-1c38679b3ed1","block_type":"box","text":"Class G Shares","page_number":151,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"f80ef962-2b2b-4337-9c92-a962bff0b053","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":151,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"d4d8de37-5162-46f4-bfd9-47d672a8af8c","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":151,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"b2f831fd-afd1-4000-bfcc-6c4ebb5e7e46","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":151,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"1e04aff4-f9b9-4be4-8996-64d2809940d5","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":151,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"bb0eb9c8-9a2b-456d-8d6f-f35d8c67b54d","block_type":"box","text":"eligibility requirements.","page_number":151,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"188b9692-7bb6-44f5-9f4a-134bff109ec9","block_type":"box","text":"Service Shares","page_number":151,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"54f28098-0c42-490e-a4d6-8859c9e9cd21","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":543,"width":788,"height":12}},{"id":"778ca880-3bca-4ed8-933d-c00f63e49a6b","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":559,"width":815,"height":11}},{"id":"b8abfe1a-7e58-454a-b3ea-dfc1de971d10","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":574,"width":693,"height":11}},{"id":"32a5377a-bf96-4e7f-911f-363ee9f63a8a","block_type":"box","text":"®","page_number":151,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"604e64d4-ba61-4d8c-888d-d9262295cfef","block_type":"box","text":"Fund in 1996; and","page_number":151,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"50be6b84-bf68-4a44-8063-03069f1f3299","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":151,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"a42dd901-626a-4bd3-b710-fc4f48428228","block_type":"box","text":"SM","page_number":151,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"e610aebb-eb29-4adb-953d-db3b5e72a726","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":151,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"6c71eca4-8be3-489c-a4f7-2c71e31d3475","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":604,"width":776,"height":11}},{"id":"75b0ef80-a2d3-49a9-820a-a651fc6c3c48","block_type":"box","text":"BlackRock Shares","page_number":151,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"ed4cbf21-33de-42eb-8112-9c4440323dd8","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":657,"width":760,"height":11}},{"id":"77c3d330-1a95-434c-929e-7b0c8797a94e","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":672,"width":813,"height":11}},{"id":"908860ca-e92b-47ac-a1e2-f6ca840a9558","block_type":"box","text":"fee-based programs.","page_number":151,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"f9228c1a-60ad-4ea8-a1af-8191caf9390e","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":151,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"571d30e5-3705-4a6a-8de2-e484e52c9f24","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":740,"width":790,"height":11}},{"id":"faf99cf6-ee6c-4ac2-8da1-2d7a2994e41c","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":755,"width":761,"height":11}},{"id":"83799d8d-5acb-4aef-bcec-1d68ae1b1854","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":151,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"2bdd4054-5ae2-4003-8d77-028cb57ce414","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":793,"width":803,"height":11}},{"id":"f9cee325-8029-49a4-8afb-1dfd42e7d287","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":808,"width":783,"height":11}},{"id":"2fa00431-ca0d-480a-924f-f78ec4e3197a","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":823,"width":809,"height":11}},{"id":"bb30b1d3-91f7-4b6c-a0a8-6f6015327a96","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":151,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"f49d93a9-fd95-4a25-9cf2-775c8d2ad244","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":861,"width":770,"height":11}},{"id":"bbf3a4d2-47e4-468a-a0d3-7969fd96db1f","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":876,"width":824,"height":11}},{"id":"6275141b-0f32-4497-8235-8940c168291f","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":891,"width":812,"height":12}},{"id":"a57dd128-c76b-487f-a774-0aa6eb1427d6","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":151,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"4aea541b-0b35-48b9-94ad-d0fc08aa5a0b","block_type":"box","text":"II-108","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5682cb42-6fe6-48a7-b946-6892cd5c0ac1","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c52ff13d-15a5-4c5c-bdaf-c2b2a930320f","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":152,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"755ecbc1-2d15-459b-b4f4-01fa08439f46","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":152,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"b99d64d5-1273-46af-896f-dad2026f3e61","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":152,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"f2557440-dbf4-478e-aed1-8b84f4831236","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":152,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"59eee221-bb82-49fb-bcdc-ca9a84ef4d3c","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":152,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"aff11296-267a-40f3-95db-7f06bf7fde80","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":152,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"eebca93c-5d39-48ce-a091-72d334364007","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":152,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"6ef52dda-6421-4c1d-ac2d-7ea7483fa14a","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":152,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"7731fd59-dc7c-4168-8ddf-cfc32ede5692","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":152,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"df30d479-28b6-4504-b20a-680ff8093f5b","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":152,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"48cc980c-6691-43ac-b4f8-471ecec43c98","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":152,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"d798eb5b-fe9c-4de2-98fe-3321d9b797a4","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":152,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"74f74dd8-7ac5-4dc3-bbd3-6bae2b241248","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":152,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"2fb0298a-65bf-4803-9173-bf4a7b97f336","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":152,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"b2f6085b-3721-4e84-b165-0441553ca654","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":152,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"8f3e1d57-9405-4e54-ba67-407ee764557c","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":152,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"04d55ba7-1018-4b0a-be5b-2ce746f205ea","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":152,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"4fab3e76-c2ab-40ee-a31f-55b3cce892bc","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":152,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"be596682-3db9-46c7-94c4-ec326524e70c","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":152,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"b98d7491-566c-4c76-b8c1-7758ff6c48dd","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":152,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"f87402ad-6dad-4730-a04b-cd365d268a77","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":152,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"85fb3bba-38bb-4dc9-946d-63c1987629f4","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":152,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"b4d6c90f-c34e-4708-bfde-b03e6d5c7dd0","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":152,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"d11d3d14-1016-47d9-8d29-89a379ea0cc9","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":152,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"60878a48-b201-44d9-a965-b485dd8e36ed","block_type":"box","text":"compensation for selling different classes of shares.","page_number":152,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"a971438a-377a-456a-94c9-9509e0d20790","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":152,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"e853bbad-ddb7-4e53-8456-79bae4e9696c","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":152,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"cbb4d176-8516-4db0-80b0-8325ca93274a","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":152,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"8f6aa511-4437-4dbc-a601-04644e8137a2","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":152,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"17c05d0f-b4eb-499f-970b-87a7cdc9e1d7","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":506,"width":824,"height":11}},{"id":"a21ba456-0c82-48eb-8705-b46ce92a5bd9","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":521,"width":821,"height":11}},{"id":"ac75aecc-9fda-44ef-a0aa-bc6a35cf8775","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":536,"width":778,"height":11}},{"id":"0d3d323c-7b9f-45ba-9a56-ddfcbf74e1d4","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":551,"width":773,"height":11}},{"id":"7e1c5085-6e8a-4b27-8e77-960d31577e24","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":566,"width":796,"height":11}},{"id":"5daa7019-24a7-43ea-9d24-8e05d7ce7ea1","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":581,"width":837,"height":12}},{"id":"044d7098-1dbe-4a89-9270-8d06507c37c1","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":597,"width":801,"height":11}},{"id":"c60444b9-1139-44e4-8bf0-3ba46afecb5f","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":612,"width":787,"height":11}},{"id":"c1bd910c-ab18-438f-9bff-02d2f662a922","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":627,"width":802,"height":11}},{"id":"c7a7fb83-3b6b-45f6-a281-00efb5c872cc","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":642,"width":826,"height":11}},{"id":"09beaed9-c6dd-4d35-901e-98eb7e8eda2c","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":657,"width":836,"height":11}},{"id":"81083a45-9d69-4c2e-82ad-06479552ada2","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":672,"width":836,"height":11}},{"id":"fa559e6c-37e0-43fb-8048-ac91f07d7198","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":687,"width":792,"height":11}},{"id":"30572953-9163-467f-832d-c41c8e0ee3ed","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":702,"width":831,"height":11}},{"id":"68a2780a-165b-4fc7-8422-1865995cc055","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":717,"width":807,"height":12}},{"id":"06fc713c-b92a-4949-8c7d-286a17aa18cf","block_type":"box","text":"easily accessible place.","page_number":152,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"1c923f05-9cf4-4ce6-98ca-c2ad6b7a1cba","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":755,"width":804,"height":11}},{"id":"ee03fd13-1229-4a28-b2b3-00a94ca27ba5","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":770,"width":542,"height":11}},{"id":"dd3e8cf7-1278-41de-ba2a-d0a248737151","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":793,"width":734,"height":11}},{"id":"86f71c17-59d6-4225-9bb9-0dccb1442a2c","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":808,"width":814,"height":11}},{"id":"aa3f4386-9a74-48b6-9ad4-7fccb045c53d","block_type":"box","text":"fiscal year.","page_number":152,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"10b4aa5c-fbb6-4be7-8d8e-e45c9c11ae7c","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":152,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"8b616517-a1b3-4e94-8ba4-23c2fe168ff3","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":876,"width":777,"height":11}},{"id":"1fb1bebd-7365-4210-9824-7e735077b1b7","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":891,"width":835,"height":12}},{"id":"97c53490-36a7-48e9-94e9-2f6bbf847fd7","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":906,"width":822,"height":12}},{"id":"6bad2c34-eb0e-4395-b91e-0685e125b649","block_type":"box","text":"II-109","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b5f05256-d2f7-495d-a9f9-3f589bbdf172","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"066c1d28-1171-46a5-9f0e-cc70666cc2f5","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":153,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"d3b633ea-7f26-4836-98d6-29e44d143912","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":153,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"56daba3d-6a65-49af-bc21-bb2f3aa05d83","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":153,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"92440e4a-f64b-478d-a630-fbdeddf3ed60","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":153,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"3d552b7e-4342-438a-be7d-95aac5aca4d3","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":153,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"127d6ec5-d6b5-4c3a-9d1f-bd7b3933e8f3","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":153,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"4184b8e3-8cd2-4391-b520-443056338c6d","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":153,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"f21fca8d-c3d9-4240-b6c0-591d10ab5f03","block_type":"box","text":"and Class R Shares of your Fund.","page_number":153,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"30f3148a-cf1f-4283-a977-566c3e4e0730","block_type":"box","text":"Other Payments by the Fund","page_number":153,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"f67a81f2-0a8e-48ba-ad1a-4714d7a56c25","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":153,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"c59c731e-2196-451b-a4b9-21597d5834ec","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":153,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"a60c54fc-3175-4f27-9c35-23d5553c3402","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":153,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"62e10b5d-9ed8-4098-b8a3-22f1530a7dec","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":153,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"2de2b441-b3f4-4c0e-b034-023600fbda3c","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":153,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"92a0f252-a99c-4467-973c-b5fb688c9e2c","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":153,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"d0131fe7-a4a5-4488-8fe1-285c9b6eb9fb","block_type":"box","text":"of these payments may be substantial.","page_number":153,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"df16f7a9-f525-4c81-9ad8-9d96915eca13","block_type":"box","text":"Additional Payments by BlackRock","page_number":153,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"fdded8ab-7cf6-461b-831c-508e10c6319a","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":153,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"557a00ba-305e-4ec8-a26b-e1e3a25bfc9a","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":153,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"23030d15-81be-402f-88e2-55c938a1234c","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":153,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"1f6ec725-06b2-4164-825b-f69867c0738f","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":153,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"ee5012bc-0aaa-4c1e-a549-3b8b056f04b1","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":153,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"8a23df3c-a83d-4c79-900a-8bb556ebc3a6","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":153,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"2afbfb8c-57a5-462c-990e-2cd87da2b10b","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":153,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"dfa12738-91c4-4632-9897-31c1efeea980","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":153,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"7986580a-7a92-47b3-bc50-0ee248b22d64","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":153,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"3fc699ac-cf88-4a7b-84fe-042526077166","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":153,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"42d71b03-92c9-4c02-b7db-7bbac4f1ca3e","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":506,"width":796,"height":11}},{"id":"b494c689-f951-4311-b55f-9a2f51977d9a","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":521,"width":836,"height":11}},{"id":"6ca4bec1-5194-449a-b280-853b0510c95c","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":536,"width":828,"height":11}},{"id":"9b211515-c3ee-44d0-bc6c-c10577a3d104","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":551,"width":837,"height":11}},{"id":"a04addd7-e92a-442d-9031-19367299f86f","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":566,"width":818,"height":11}},{"id":"e3e0835d-08c5-4d02-9c2f-25a1d7b1e9d0","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":153,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"2669119c-e6c4-4084-9b16-267b7164adbd","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":604,"width":803,"height":11}},{"id":"eb4153a7-e3de-499a-8892-7ed6de43c58a","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":619,"width":792,"height":11}},{"id":"7d2625c2-d88b-4447-b8ba-6e017cbe1468","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":153,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"29bf0c24-ff07-4300-9e77-5df6f29b55f5","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":153,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"655cd8c7-c5f3-4dba-a306-aae5be5722e3","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":672,"width":841,"height":11}},{"id":"7bdb04b3-ccd8-4ad2-ada5-752aa671a77f","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":687,"width":806,"height":11}},{"id":"fea191c2-7245-4f31-8790-a8b7e6e8b280","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":702,"width":776,"height":11}},{"id":"11201158-75c6-4fe5-af34-ab9c338b1e90","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":717,"width":802,"height":12}},{"id":"b417a556-b8c5-47bc-8776-de6c27254a3d","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":732,"width":811,"height":12}},{"id":"d0c18d3c-3972-4a14-b1b7-cf29a86d99d2","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":153,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"baf601b5-626a-4786-94c2-122a0a06c93e","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":770,"width":795,"height":12}},{"id":"9d3a2bdc-1c58-4e14-abcd-f386e0c3b88b","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":785,"width":807,"height":12}},{"id":"ea1178d3-8bb3-422f-b812-368892b70a54","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":801,"width":823,"height":11}},{"id":"d27e4f75-b903-40f5-9a4d-a83ac8949c78","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":816,"width":819,"height":11}},{"id":"d7ab18cd-e6d7-4adc-b7e2-32de2edd217f","block_type":"box","text":"Funds.","page_number":153,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"ecc26359-5e6a-47f4-831e-b25a2417e6ee","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":153,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"d6133a72-f74e-43e3-b9a4-035cac691380","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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These payments","page_number":154,"box":{"x":68,"y":150,"width":805,"height":12}},{"id":"fc23f1e2-956a-401a-a5b1-0707ff11199c","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":154,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"94040953-61f1-485c-8c7a-cfd16813b007","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":154,"box":{"x":69,"y":181,"width":523,"height":11}},{"id":"bb9f17c6-2396-4298-a694-fd5acad96cc5","block_type":"box","text":"B. Shareholder Services","page_number":154,"box":{"x":102,"y":203,"width":172,"height":9}},{"id":"4941cdea-cc1e-48d2-aa4d-69701fe5a4ce","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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Conflicts","page_number":157,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"914253c2-b39d-4eb8-a5e9-1bf77f323abe","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":157,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"75439090-9b5c-4237-bdac-0534a5cd3e5e","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":157,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"f3dc1ac7-7498-4624-a9e5-4083078f7e75","block_type":"box","text":"II-114","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fa08614e-a512-44a8-bf9a-aa67c4cfb429","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d41f5207-0254-48c8-9ab7-ec7207532f51","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":158,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"48ebd50f-05b0-489c-b44b-cba33428d335","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":158,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"25824e1e-fdb3-45af-878a-fb474a8a7031","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":158,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"6030e148-fea6-4f44-92e8-85bb801c959f","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":158,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"32944719-bfda-4b9a-8922-7b7b88ef49c8","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":158,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"76d10fe8-3c42-43d8-a66e-048b44998f91","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":158,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"3fd07f0d-eb3a-4070-b66d-4e2a35ecfc5e","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":158,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"c2714d9e-75b6-4466-ba39-9e6a61ddbaae","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":158,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"c304db1f-8a82-4e5c-aa9f-42a6d2497168","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":158,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"73063798-8f18-422b-a80b-fa6cfd915cca","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":158,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"ba36186a-6cfc-46de-b41a-a1119357da97","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":158,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"e2d0fe5f-81fe-48ab-b99e-aa866fe8e481","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":158,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"83529544-aa6e-4954-baba-95361d04353b","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":158,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"2d76ff19-9406-4e43-b41a-686d822daf50","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":158,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"5b311f77-df4f-4029-96d4-52ce1241f329","block_type":"box","text":"appropriate.","page_number":158,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"7b8c2f13-842a-4c33-8a49-b03fc29fcd1b","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":158,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"2240291e-9e2d-4335-9d01-c1b19d040348","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":158,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"3618d3e7-d307-4f12-a0dd-ac6f93250c66","block_type":"box","text":"described above.","page_number":158,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"451cb062-f87d-4ddc-8ffb-c06a6c057d2f","block_type":"box","text":"REDEMPTION OF SHARES","page_number":158,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"56e3490d-85f1-476c-8079-f1867f578cfa","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":158,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"f9d35e11-da63-4c39-970a-5ce8e67a9294","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":158,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"29fe046f-13f8-4a59-bb38-99e04f8f27f2","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":158,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"03a0958c-412f-41ad-a60f-ab3e18c69a2b","block_type":"box","text":"or to accommodate a request by a par ticular shareholder that does not adversely affect the interest of the remaining","page_number":158,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"fb8eaf18-cce5-4cc0-80f7-5f02669b20fc","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s por tfolio holdings at its discretion.","page_number":158,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"ecfc8580-d91d-4c29-8b3d-f51012e3410f","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities and other assets rather than cash. If this occurs,","page_number":158,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"66849785-11c2-4db3-bca4-e1d241af0b8d","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":158,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"d680468f-5fb2-4817-a809-e4c4ab638431","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata por tion of a Fund’s por tfolio holdings will generally be distributed","page_number":158,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"9e0dd60e-3b3c-49bb-8cb8-623ba74b0f1d","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":158,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"29a6dd34-0b59-4303-a69b-71d43c6d71d9","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of por tfolio holdings and","page_number":158,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"38cc8ff0-b2b1-478b-9214-56d705523e72","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":158,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"a8e8f35f-be23-461a-a894-6e0fe2bb8e75","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":158,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"ae554636-b103-4da7-987d-e71852e7bfc6","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":158,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"79762f60-277f-483d-9d52-9dd36dee420a","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":158,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"d2a082e9-963c-425b-9a88-f9e84628b415","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":158,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"b88ffde4-4672-4a67-8976-4177aeca1d7d","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":158,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"6a4ad133-bc9d-4be6-9e17-f9c68b47a047","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":158,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"10536564-3efa-462f-95d2-45b3acff2a5e","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":158,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"d3f69485-ae57-44e1-a77c-124541c4700b","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":641,"width":807,"height":11}},{"id":"50d30cad-b889-4fb5-a7bb-007b4d027169","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":656,"width":835,"height":12}},{"id":"46971f41-c693-49ab-b90d-217f34f696a1","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":671,"width":811,"height":12}},{"id":"e8e1b9ef-921d-4ed1-bfb8-944853695324","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":686,"width":741,"height":12}},{"id":"560b08ad-7378-4f3d-aa7a-5d8089d123ee","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":702,"width":813,"height":11}},{"id":"19ddf9c4-9f63-4bba-8919-a75e27a04adc","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":717,"width":787,"height":11}},{"id":"d0b525e4-a2d6-40b2-90de-3adfbc11938a","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":732,"width":685,"height":11}},{"id":"bd26cb95-ba1c-4595-890f-09f5835a93fd","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":755,"width":798,"height":11}},{"id":"b21fb4be-9792-4fe5-b30a-2ccd6a08c75f","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":770,"width":820,"height":11}},{"id":"1ceb58ef-cdda-4ded-8b1a-013015ef33ba","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":158,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"877d4d95-00ae-4129-86b5-9e0b8b18d84b","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":807,"width":803,"height":12}},{"id":"8a763d76-48b7-439a-867d-06a547f9ee2a","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":823,"width":827,"height":11}},{"id":"8ea88af4-37d6-4053-8734-c09889c3ce9a","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":838,"width":824,"height":11}},{"id":"33abf7cc-506d-4df1-91f6-9731e9ea7644","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":853,"width":825,"height":11}},{"id":"dbe84a57-35d7-4980-8beb-fffcf1eca74d","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":868,"width":825,"height":11}},{"id":"98a0b3cc-4ebc-4542-980e-edf4cbae3b8c","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":883,"width":823,"height":11}},{"id":"c431aa20-84e5-4c2a-aa2d-90c0689a0729","block_type":"box","text":"II-115","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3b230877-a447-4362-8061-44a599cf27c2","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22ec13f0-93bc-4ca4-916a-c7902d9b46f5","block_type":"box","text":"Redemption","page_number":159,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"c596f5c6-2491-4cc2-8399-633321026aff","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":159,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"c6c2ccff-7640-46ed-a8df-cf2eaacd7d0b","block_type":"box","text":"Redeem by Telephone:","page_number":159,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"48dae76e-d078-4c97-b70d-9e28d9fad939","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":159,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"d380681e-3312-4b91-be51-dfdc17bc197c","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":159,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"7720cd07-c6b2-4b1d-b7b4-ab8cce759ac7","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":159,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"62a7d7e6-f91d-49bb-aef9-dd2e71c24483","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":159,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"7b887dde-034a-47df-a70e-523f76672821","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":159,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"1424b1f5-d247-4eab-b8a4-97cbd8ab718d","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":159,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"0e20f406-950c-48ad-b60f-da9d3d8a06eb","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":159,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"e76d5185-5714-4108-9391-92985ac91de2","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":159,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"c5edf7b9-e4b4-49b6-a17e-15ff5d4a618b","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":159,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"2fc61df4-b241-4d58-a345-fe7b0a294ca8","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":159,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"9fe5c770-ab09-42c2-a552-2aa091a124a4","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":159,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"7878eae3-1b02-4b4e-aac8-8eccd025e262","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":159,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"d2f637a0-e9ab-4dbc-bae9-fac6acc844d4","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":159,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"e5418251-8716-45b5-b6af-87c219cfa59e","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":159,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"c7a148f9-7895-4e88-bce9-ebbf4cfbdbe4","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":159,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"65107672-6fbf-403c-b6dc-3c69cf083ae0","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":159,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"b949f035-b259-4f10-ad37-13dfbfe2621a","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":159,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"d3c2aa4f-d6a0-41ce-bd31-b583ad59b1dd","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":159,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"08ec8907-5291-4ce3-b6e8-0a18f27e9cd4","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":159,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"55139614-0fb2-47b9-b9ed-53fbb05c0e3b","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":159,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"0ff27fc1-2ac3-47ab-bea2-74349e4c5875","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":159,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"8599448f-5f44-4c29-bb72-9acc9c67a5ed","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":159,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"f5193de6-c3e6-4e2a-b9e4-9c7850ba0e34","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":159,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"22b2779a-5da5-4298-90a7-aaedc49f18ef","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":159,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"59a2ae8e-90b7-4755-af47-062ffb6b0d4b","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":159,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"62c26b3d-4a96-4cfe-8a06-07ae8d1cea20","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":159,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"3e7d1e07-79f9-418e-9927-e750cb3c1ef1","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":159,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"141bfb24-71ca-4cbb-ab3d-1014e4f16951","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":506,"width":782,"height":11}},{"id":"3c463e33-17f5-4669-a963-e07d1b23a18b","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":521,"width":838,"height":11}},{"id":"56be28c3-0089-4dae-bd0d-a83e4fae4d7b","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":536,"width":837,"height":11}},{"id":"e9757901-8817-4d9f-bba8-5c45f1df9d39","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":551,"width":800,"height":11}},{"id":"71581c21-3b31-4cec-aa47-42feb6cc53d0","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":574,"width":776,"height":11}},{"id":"c1eb3e77-cb20-45b8-b39a-490c8220ac53","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":589,"width":823,"height":11}},{"id":"62a3ea4b-443e-4af7-a7c6-34d21aa4fc1b","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":604,"width":820,"height":11}},{"id":"3639054c-5763-477b-ae3d-e86a0f9f302a","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":619,"width":826,"height":11}},{"id":"9c63c05c-8a25-4da1-95be-6aa4001466ca","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":634,"width":817,"height":12}},{"id":"ee64529c-ceb8-49d5-91a8-0eac368879c9","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":649,"width":648,"height":11}},{"id":"86d57a94-ba6a-4b09-9db9-eee3234e4a77","block_type":"box","text":"Redeem by VRU:","page_number":159,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"1694ccfd-dcd9-42f4-8996-a023bca64bb9","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":672,"width":667,"height":11}},{"id":"8889941c-3fbc-428b-846a-dffccedba99a","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":687,"width":820,"height":11}},{"id":"f7ce612d-5b41-4feb-92d6-13172016418e","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":702,"width":644,"height":12}},{"id":"769fdd2d-a692-48c0-81f3-ff94348473e2","block_type":"box","text":"Redeem by Internet:","page_number":159,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"0895df7e-e0cd-41c9-ba60-09b9f49bc5f5","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":725,"width":637,"height":11}},{"id":"f4d566d9-76b4-4490-940b-6a9952ebf391","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":740,"width":836,"height":11}},{"id":"30270463-c379-46d9-ba03-ec62e62413d1","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":755,"width":823,"height":11}},{"id":"22d23c22-9902-448c-9002-889e72573614","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":770,"width":789,"height":12}},{"id":"5fc4e8ce-05ae-4c8a-897a-d6180a4a8b70","block_type":"box","text":"institutional investors.","page_number":159,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"a6b9f72d-7b0c-4696-96f6-9efda8438b3e","block_type":"box","text":"Redeem in Writing:","page_number":159,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"cfc831bc-81e9-40ea-a00a-856b2142b3fe","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":808,"width":639,"height":11}},{"id":"43750b25-a462-406b-815f-953af8e5ab62","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":823,"width":831,"height":12}},{"id":"152266e8-71d1-480c-8ec9-59c8a59e6ffa","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":838,"width":745,"height":12}},{"id":"fd6645bd-f305-465f-888c-dcb8f9002aba","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":853,"width":764,"height":12}},{"id":"c7b89c97-b99d-440c-beba-969495c400f1","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":869,"width":831,"height":11}},{"id":"8fee1a1f-14b4-4957-9795-1659bdfc5e28","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":884,"width":794,"height":11}},{"id":"f0159e27-7aa9-4ea5-9616-3908df9a7f6e","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":899,"width":782,"height":11}},{"id":"47716527-04d5-441b-8cad-0d9311d0eff0","block_type":"box","text":"II-116","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9a15e423-d699-4a8b-aed1-a8ec4fce1218","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b71b859-b9ab-4c22-940e-cc071c13b0fd","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":160,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"4a1045a8-4a55-402b-98ec-2f27d92407a0","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":160,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"841d84e5-4891-4496-bf80-cced6fc11ed4","block_type":"box","text":"or wire to the bank account of record.","page_number":160,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"3210b962-476a-481e-babf-104a3bfc9bb8","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":160,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"1fbde477-5b62-4e90-afb5-06c476345bc0","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":160,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"897e7ee0-00e2-4b11-b768-e4e29ae89613","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":160,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"f6d1d9f6-18bd-468a-8b54-dda05574dde9","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":160,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"aca3b9de-9143-48ef-85db-eb8d5a9ba545","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":160,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"c9a98a82-dd2a-484f-98cd-175a92ed4f48","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":160,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"ea5ba859-124f-46d3-a281-8551404a9e90","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":160,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"f1e12afb-c1b8-4cc4-aae5-8ea741bbcff0","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":160,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"d0fa1e4d-de2d-4a1d-ad0a-1d02d24b6365","block_type":"box","text":"redeemed by the Fund.","page_number":160,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"520551c8-5f72-4c2c-9d36-b33a7d727e3a","block_type":"box","text":"Note on Low Balance Accounts.","page_number":160,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"e7ee78ca-497a-42ef-b4a7-57b28548eb42","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":160,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"71c48573-0070-49c4-bf0f-729c71b3bba8","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":160,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"5cc5788c-98d6-4636-9f59-a8b74a56c84f","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":160,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"05125d4a-efda-41fe-98e8-8ed2cc17e875","block_type":"box","text":"for any reason, including market fluctuation.","page_number":160,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"0b17cbcf-db18-48b7-a6ff-76047c49698e","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":160,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"6479e366-bedd-4d99-b13f-84ad075881cb","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":160,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"e0bd956d-7ef4-4782-95b0-1bb962f47f4e","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":160,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"7105e172-04ad-4385-b328-c8237f20144f","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":160,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"2f442146-b115-490c-846c-0de58e4cee69","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":160,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"baa121d4-9cf0-48e4-a3e5-badb5a57699d","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":160,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"310e615a-4481-42f0-a17a-064ca3e56a06","block_type":"box","text":"Repurchase","page_number":160,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"eef3fa38-8296-4b18-bdc2-a80f7a1ac6c1","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":453,"width":800,"height":11}},{"id":"c3c1a278-9f0b-45d5-8706-fa2aad2233fb","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":468,"width":833,"height":11}},{"id":"dd19322c-268b-49d6-a629-cce8b9f3e15e","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":483,"width":822,"height":11}},{"id":"5296f80e-ac7a-454f-91ec-5e75dfda555d","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":498,"width":809,"height":11}},{"id":"092c5540-af1a-4619-9294-aba4ebd55088","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":513,"width":831,"height":11}},{"id":"df238b2e-f23a-4a1b-8cd2-7bbe51802103","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":528,"width":796,"height":12}},{"id":"08d80e93-57e7-4936-b319-077716625069","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":543,"width":812,"height":12}},{"id":"497d209f-67f3-4e1b-b5dc-3270590ae5e4","block_type":"box","text":"next business day.","page_number":160,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"554d34c1-2ac2-4e14-a2d9-3964331a7d4d","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":581,"width":783,"height":12}},{"id":"4a3b5a60-2820-4edf-abd8-66687c3c43a1","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":596,"width":813,"height":12}},{"id":"895c1376-7a14-40dc-93a2-3d584b300835","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":612,"width":832,"height":11}},{"id":"cc4147b0-6cd0-4294-bbac-38d82cdd53e5","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":627,"width":814,"height":11}},{"id":"0e3c97bf-a08d-46d6-9793-a8424f852b12","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":642,"width":788,"height":11}},{"id":"9d528f8e-c605-4aee-9b60-d29919e3c7ea","block_type":"box","text":"redeem shares as set out above.","page_number":160,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"ce4abd00-b2fa-4c7a-a546-4314bb5718ba","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":160,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"2f8d73c1-8feb-460c-9b01-591cfea904e4","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":160,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"a08d3cbf-60dd-43de-99db-bc4225184fbf","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":160,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"da8eabde-5607-448e-bf6d-a85206686cec","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":160,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"b9a3567a-6bd1-4134-874a-051e289c5c0a","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":160,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"69289aea-fea0-41b4-9dd8-51e293b4857f","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":160,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"b9eb811e-dd9e-4554-8694-d1864a2a9f7e","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":160,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"ca681748-6865-49d6-9e99-1465cb468a69","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":160,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"1633c618-aafa-4aca-a52d-69fc9fd8206f","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":160,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"a530de72-500e-44bb-9899-693fe6a5f4f3","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":160,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"14fb065d-44c8-4fee-99a2-3ee871efb014","block_type":"box","text":"II-117","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5acdaa20-0d8b-42e5-98b6-7ccff7da4eb1","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e96e99f-1ccc-4429-ba87-67cfcbea9c4f","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":161,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"bc7631f1-2a8f-41b1-b226-821ef4c0c89a","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":68,"width":747,"height":11}},{"id":"53d67294-6104-481d-a12d-b0db624002b4","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":83,"width":781,"height":11}},{"id":"3b5c2de9-e200-4e2b-9fdd-d6a3741e494a","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":98,"width":836,"height":11}},{"id":"8362fba4-3aee-4073-80cc-1a344f06e04c","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":113,"width":641,"height":11}},{"id":"0b5f0f65-51a0-4529-b6e4-ad2a9496974b","block_type":"box","text":"Investment Account","page_number":161,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"e4cb584f-33c9-4224-9402-b453c55c7c94","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":166,"width":774,"height":11}},{"id":"21dffae0-d189-42ff-b9f2-f6c6dbc8a758","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":181,"width":796,"height":12}},{"id":"4524c56c-40ba-4e9a-ac55-4a47bfef8c6d","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":196,"width":807,"height":12}},{"id":"bfb9276a-7bbe-4dce-8cf4-b2ebdfe9bec1","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":212,"width":830,"height":11}},{"id":"6276b614-adf3-4861-a80c-820dd439bf20","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":227,"width":829,"height":11}},{"id":"29379453-750a-4670-a85c-8ec54b002737","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":242,"width":815,"height":11}},{"id":"f46c5cc6-80e9-4827-88d2-f11a13b58750","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":256,"width":781,"height":12}},{"id":"0b07151b-1a2c-4470-be9c-4627074f1fb0","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":272,"width":825,"height":11}},{"id":"8c39c7ea-50de-4245-b5b3-6b0349dc0715","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":287,"width":785,"height":11}},{"id":"79b19750-989e-4857-87b5-bf6ad9af1244","block_type":"box","text":"automatically at the Transfer Agent.","page_number":161,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"649ce7f4-ea95-41ce-8052-1b9c7d0ecf8d","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":325,"width":750,"height":11}},{"id":"6701aa32-ca54-449c-a260-4eb848ee1441","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":340,"width":797,"height":11}},{"id":"e31ff8d6-edbb-48b1-9946-7b33423e1734","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":355,"width":797,"height":11}},{"id":"814c674c-3f23-4801-affa-a3021884f6b7","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":370,"width":826,"height":11}},{"id":"710c2458-1007-435b-8c0f-5e361c5c0301","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":386,"width":792,"height":11}},{"id":"94bbdd0d-027b-4d43-8ef9-957479ed1f2e","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":401,"width":824,"height":11}},{"id":"34382029-1ecd-461a-9753-839d079c448d","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":416,"width":820,"height":11}},{"id":"c34336e8-5d64-415b-b572-0bc71108f770","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":431,"width":833,"height":11}},{"id":"42d9ca66-8393-4f03-91e9-62cdf750cf8c","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":446,"width":795,"height":11}},{"id":"f2a7a002-06af-417d-b0be-9217c090b614","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":461,"width":822,"height":11}},{"id":"f590e456-5a63-45e8-8ec8-7685c6ba441c","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":476,"width":814,"height":11}},{"id":"9044e55c-5533-45de-a9fc-b0c13aa9e954","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":491,"width":822,"height":12}},{"id":"8bc6b88e-91b2-41c9-9d75-8411a077af0b","block_type":"box","text":"issued.","page_number":161,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"8ed99dd7-504f-4a5b-a26c-7b192742d0c9","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":529,"width":785,"height":11}},{"id":"56020d80-af23-4f5f-b0d3-1f79aa4a85e6","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":544,"width":830,"height":11}},{"id":"6cbc2163-0a25-4e86-afbb-2344b42272c0","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":559,"width":790,"height":12}},{"id":"66149eb2-bd21-4ad3-8055-cd315f35fede","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":574,"width":831,"height":12}},{"id":"023a5936-4c35-48b4-a6dc-45984000cee6","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":589,"width":652,"height":12}},{"id":"6709ff0b-a126-4062-8090-1104198b0653","block_type":"box","text":"Exchange Privilege","page_number":161,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"50ddd4c3-810d-43f2-8d4c-943d7fbd12f4","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":642,"width":797,"height":11}},{"id":"86793864-aa9b-40ae-a52b-e5196a340f36","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":658,"width":832,"height":11}},{"id":"4e6a2aca-f275-4b06-bb58-d758756f5678","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":672,"width":788,"height":12}},{"id":"3297bd60-01d3-4d6f-bb6d-e3eb8ccd6594","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":687,"width":796,"height":12}},{"id":"740525f1-b758-4464-851b-4b277c35fce7","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":703,"width":824,"height":11}},{"id":"e787b3c9-94b1-4c9f-9199-d9e301483c02","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":718,"width":835,"height":11}},{"id":"fefdc77e-212d-4458-8494-5480a9c46348","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":161,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"de0dd191-04c5-4f52-819b-2409138a5e30","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":161,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"1025a759-563c-4355-b508-03f0139f6a16","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":161,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"5aadb5d6-b1e7-4049-983d-3798cf4caa8b","block_type":"box","text":"Institutional Shares","page_number":161,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"5c882eed-bb1f-4310-be04-178f47f9d7eb","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":161,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"dbf5b0eb-573b-451f-9021-d725739a5526","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":161,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"a172e5eb-6327-4c20-8e5a-23596159a4ca","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":161,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"75f9c054-4356-44be-b886-879798fa12e9","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":161,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"d75f3a71-cb45-4971-b1b0-a89494a06f74","block_type":"box","text":"for Class G Shares of other Funds.","page_number":161,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"1684af45-fcd6-414b-aeb9-2000e622dec9","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":161,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"071c7e80-e7c2-4c05-bb0d-bbe3efd0e5b7","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":161,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"5568c97d-dbaa-420c-a6bb-53e9abf25616","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":161,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"8f5a069c-f858-4dfe-a54e-ea3c4655c31b","block_type":"box","text":"II-118","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"64ecc592-583c-4f73-8a9f-ffdea1761838","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fdcee99-3f20-4399-9946-f83145e2e541","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":45,"width":797,"height":11}},{"id":"995fe074-52e1-4438-b0bd-0c8c609bcf3c","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":60,"width":814,"height":11}},{"id":"e06cfa41-5584-4c8c-8669-6d4bd4c1e1eb","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":75,"width":796,"height":11}},{"id":"32cb5c97-ecfc-4c65-9511-365c26c3dbbc","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":90,"width":828,"height":11}},{"id":"e8ff16a1-4c2f-4e43-8ff4-b29ee4f40efb","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":105,"width":561,"height":11}},{"id":"1fd87f58-d779-4345-998a-00d6cc22f797","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":162,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"f9b3e738-52fe-4603-89b5-3f7a1d0a08f3","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":162,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"85bb116f-7518-4c39-b5c4-7439169f9b80","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":143,"width":827,"height":11}},{"id":"b724c39c-617f-4519-bf82-7075e517a1ca","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":158,"width":839,"height":11}},{"id":"28d7db43-f057-4de8-af4c-43828f92127c","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":173,"width":811,"height":11}},{"id":"e3340175-b339-48e5-b70c-f224126b0d7d","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":188,"width":827,"height":11}},{"id":"b046809b-73e0-4b71-9d70-003468df82b7","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":203,"width":781,"height":12}},{"id":"aa36b09d-13a7-413a-9d93-a952a1c4111c","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":218,"width":654,"height":12}},{"id":"b4a3a3e2-ff18-4b65-b038-aafbeeee2d89","block_type":"box","text":"Exchanges of Service Shares.","page_number":162,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"81294d4d-472f-40dd-8949-fee14971a03c","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":241,"width":588,"height":11}},{"id":"8c41927a-c626-47a8-a5a5-99a72f1a59e6","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":162,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"f8832902-06e2-47a5-ab32-e4a1cce1c622","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":162,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"d323acc5-98b6-4663-9ba2-bf5df513e28f","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":162,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"009f0c73-cef0-419b-bf72-98508b8a191b","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":294,"width":788,"height":11}},{"id":"97b330ff-2bf9-4e18-815a-e15b9b1cb707","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":309,"width":793,"height":11}},{"id":"0fd7b49c-3479-4851-a5ca-24fa1613a9e6","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":324,"width":802,"height":12}},{"id":"0eed0c6a-bac0-49bd-97b9-7c5f1b1ae2c3","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":339,"width":824,"height":12}},{"id":"b6979c1b-5a9b-4ad6-bd71-960ed5d1f5b0","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":355,"width":805,"height":11}},{"id":"448fc3e4-a279-47a7-983f-6c787c57ab83","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":370,"width":827,"height":11}},{"id":"cfa3c0fc-e2c0-4242-9d46-1fe8f5099ce9","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":385,"width":758,"height":11}},{"id":"0cf1da6c-f535-44c5-b967-a644ef8d6c40","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":400,"width":822,"height":11}},{"id":"d7299d1d-78a0-4e81-9bf8-310c48d96168","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":415,"width":782,"height":11}},{"id":"e7a084a0-342d-41b5-bb80-043e7244ed2e","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":430,"width":814,"height":11}},{"id":"d3027bc4-858e-45b3-8cd8-d36755006293","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":445,"width":830,"height":12}},{"id":"d27c815e-36e2-4a47-923b-034af3d0d93d","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":460,"width":821,"height":12}},{"id":"52a904cd-ef0f-4146-85ba-bdd1050d1ce9","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":475,"width":823,"height":12}},{"id":"c7b59058-a5af-46d6-a816-5621501bf228","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":491,"width":781,"height":11}},{"id":"f412f165-ebbd-4412-bb7e-2dd3987f4d0e","block_type":"box","text":"exchange.","page_number":162,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"82d98818-773b-44a2-9499-af972483c3ec","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":162,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"6193e389-af37-493b-9101-29da8f91d3f3","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":162,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"906d2b4a-52da-434f-9eaf-48cb2095291e","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":543,"width":828,"height":12}},{"id":"b60b6752-0367-4bc2-b0e5-31c9fa6a0414","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":559,"width":796,"height":11}},{"id":"34fe4995-b206-4f8d-8dd9-dcabf0b01030","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":162,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"d88a73a4-da18-438d-b09d-d61da313ba87","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":162,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"8499c069-f82c-4e1b-bd90-edc04163f0d7","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":162,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"2daed04d-3cca-4956-87aa-8be9087485a6","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":612,"width":794,"height":11}},{"id":"014b12b7-b852-4d67-9847-7875ffc940b6","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":627,"width":795,"height":11}},{"id":"1907e6ab-aa50-4d1e-9b5f-6d0f9da127a0","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":162,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"4c1f6f26-94be-4c6c-916b-2b433526a81d","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":665,"width":772,"height":11}},{"id":"c87b944d-9a23-4065-9d1a-c6f5813a3790","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":680,"width":824,"height":11}},{"id":"7a282425-cf24-4639-8681-322dcd8d7686","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":695,"width":801,"height":11}},{"id":"ea0aee0f-8313-43d3-a25a-36af1ab0c31f","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":710,"width":817,"height":11}},{"id":"89f7a1f6-6b32-41b2-b542-04bdd8fc6c40","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":725,"width":826,"height":11}},{"id":"14ee99f0-831e-49fb-b2ee-3376f344c832","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":162,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"58ae12ef-db65-4a53-928f-3ab5958a664f","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":162,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"92a00e1d-7a79-4cea-a401-6228596e7cfc","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":162,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"19b6c6c6-0696-4eed-ad01-b773ea14c99e","block_type":"box","text":"Transfer Agent in writing.","page_number":162,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"1abf2002-379b-4213-90a3-86d5ee053b1d","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":162,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"e1ac3ed9-b44e-4843-b9a1-742c0a98c8cd","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":162,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"f09ed286-5097-4b13-a4f4-c7396f4b8eec","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":162,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"10174897-ea95-42d4-a841-e914c8f773a9","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":162,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"26f8af35-81a6-494d-ba2c-8475cf86826e","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":162,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"81d3e9ce-6a14-4cff-83d7-8d2979c64d05","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":162,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"b7cc7603-aea6-4031-9f2a-a36a54418d9b","block_type":"box","text":"II-119","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2e70d2d0-8b34-4f07-8f5f-3511b425a969","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4a966b8-e59a-47b8-bf3d-9ee7db8a3c27","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":45,"width":790,"height":11}},{"id":"9ad76b8c-7b03-47bc-81c2-aa5aa8d64019","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":60,"width":808,"height":11}},{"id":"218d87bd-137e-471a-b0f9-5f1e55b27dad","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":75,"width":771,"height":11}},{"id":"85866cf7-055b-45cc-9ea5-ec92d6f4cd86","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":90,"width":819,"height":11}},{"id":"38e27bbf-cdf1-4374-af7b-3d3f81337cc9","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":105,"width":802,"height":11}},{"id":"19942f30-90db-49d4-ad0b-4ad6af951124","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":163,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"59d50947-3dad-4ff8-ab15-a52ddaba965b","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":143,"width":782,"height":11}},{"id":"0b9f57c3-b4fd-472f-93fa-92b685767dae","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":158,"width":800,"height":11}},{"id":"ee2bc768-495b-42cd-8d4f-ca5dc09a270f","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":173,"width":831,"height":11}},{"id":"29b568e3-f234-4ad2-9416-ee458461285f","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":188,"width":818,"height":12}},{"id":"cf33d6c6-8f1d-4a03-b9b6-9c2c2f419625","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":163,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"e0176b1c-8841-4d82-8905-949902f3a88d","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":226,"width":733,"height":11}},{"id":"e9d74cc3-b5dc-4314-b8d1-17e52833352b","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":241,"width":793,"height":11}},{"id":"1ffca38d-fc69-4979-8536-7874bb9c4de7","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":256,"width":832,"height":12}},{"id":"a8fb5da5-c8f2-46b4-a8a0-4a073d48c852","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":271,"width":785,"height":12}},{"id":"2a0a0154-5e9c-4ac2-b704-070355f596da","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":286,"width":825,"height":12}},{"id":"f814b0c3-b240-4cd9-9276-8bd6100310f0","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":302,"width":837,"height":11}},{"id":"d70ef57a-5228-47a8-b797-09128c1ccb3b","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":317,"width":767,"height":11}},{"id":"fd2da550-71d1-42b6-83db-e8cdcacaae3d","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":332,"width":750,"height":11}},{"id":"9d842cf4-bdc4-4da8-8cd9-f9826b96e77b","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":355,"width":757,"height":11}},{"id":"acdc26b5-9361-462d-af60-ed9be6494d64","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":370,"width":837,"height":11}},{"id":"a72df59e-e247-471c-9ab9-8bad290afe12","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":385,"width":805,"height":11}},{"id":"415e3cc1-ba6a-4a6f-80ac-08805956a9ae","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":400,"width":817,"height":11}},{"id":"9ce42a62-5bde-4b5f-90f6-905b1bf76533","block_type":"box","text":"may be distributed by the Distributor.","page_number":163,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"4ac0f10e-c3a5-4f76-82d1-d2796b679208","block_type":"box","text":"Participation in Fee-Based Programs","page_number":163,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"f64df380-a54b-4d4e-82a6-0150408a40ef","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":468,"width":780,"height":11}},{"id":"06f732d3-0d7f-47e2-930f-b4532a238023","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":483,"width":826,"height":11}},{"id":"30152f45-cda7-4b14-8e29-a75bbaa20212","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":498,"width":825,"height":11}},{"id":"8eb8e603-b5eb-47a7-ade9-be55feeb096a","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":513,"width":770,"height":12}},{"id":"b016b782-09ba-467a-8fdb-219d57eccb1a","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":528,"width":837,"height":12}},{"id":"5f7e6cec-17ab-41ef-9d45-893def33ae13","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":543,"width":808,"height":12}},{"id":"17e418e5-d773-4609-9d53-0ed53115737a","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":559,"width":838,"height":11}},{"id":"b8fbe48d-19e2-4488-8875-f0561fc0eae3","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":574,"width":804,"height":11}},{"id":"fe98240d-58a8-4b80-81ae-e96cdba39f73","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"f1116d38-5b2c-4075-a06e-43533be0f1c6","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":612,"width":788,"height":11}},{"id":"60eb833d-0d81-4f1b-b81c-f4e42104f13c","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":627,"width":817,"height":10}},{"id":"561fe5c7-678c-4fff-8640-286abfb19843","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":642,"width":796,"height":11}},{"id":"1caa0913-fb3f-49ee-81c7-1860f585b13e","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":657,"width":754,"height":11}},{"id":"708b3a19-8800-4434-bb0b-36c00318574e","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":672,"width":820,"height":11}},{"id":"a059c341-9952-4ecc-b812-3535552e6388","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":687,"width":777,"height":11}},{"id":"a8c83824-c852-4097-9133-c72c9d9ef32e","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":702,"width":791,"height":12}},{"id":"653e778e-425b-4829-bded-18c1b16f018b","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":717,"width":756,"height":12}},{"id":"64f8183d-421c-4e52-b3ae-c8f18e9b1bc2","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":163,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"e1d8347e-38d9-483f-9ba1-559627fac1c8","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":163,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"1549f9a9-e1dd-4620-b2d6-78d98ff0ec12","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":163,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"3ad3c432-4ffa-407a-b0fa-432f06533a08","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":163,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"30aaedd6-e66e-4602-b498-327f70483bea","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":163,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"7d989444-c591-4e80-8c02-90e6c8aae3f2","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":163,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"a0bd5bfa-1bea-4041-9234-121263fcfd84","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":163,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"b520beb9-5fd3-4ca7-a6b9-278526ec28e0","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":163,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"942571e1-7462-43a6-8d51-b92082c23645","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":163,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"edc3490f-e099-4f82-89f0-76ee23e9f17a","block_type":"box","text":"information.","page_number":163,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"e35e65d7-2a2c-4aaa-a2ef-e3b86722dcac","block_type":"box","text":"II-120","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f13b4049-d0e1-4ebf-831c-0e81aa547d01","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25e76b19-501c-4485-bfed-32d7e5e6a069","block_type":"box","text":"Retirement and Education Savings Plans","page_number":164,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"20e258f4-b339-424a-90be-9998eb5f9ff4","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":67,"width":805,"height":12}},{"id":"9efe9a58-9e7e-4e36-8f29-e7002d0a4277","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":82,"width":815,"height":12}},{"id":"e4dc7c4f-24f5-4f6a-88b4-b9d85dc06a64","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":98,"width":819,"height":11}},{"id":"85a58fab-d708-427e-8b0e-17319cf5928d","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":113,"width":820,"height":11}},{"id":"bba4c645-940e-490c-a74e-99d25e208271","block_type":"box","text":"your financial intermediary.","page_number":164,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"0b88d516-5e57-45c6-9bc3-22e59405c58e","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":150,"width":796,"height":11}},{"id":"b7283ed4-4115-47a4-bd06-0da28b087e2a","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":166,"width":784,"height":11}},{"id":"f1018823-732a-4a98-b4fe-8f323af7a463","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":181,"width":801,"height":11}},{"id":"9923b576-c827-4089-90e4-91913065d2e7","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":196,"width":753,"height":11}},{"id":"9708e41e-62c8-443b-9223-a858cd16708a","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":164,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"92f06442-8234-44fa-8beb-1d02038709c0","block_type":"box","text":"Automatic Investment Plans","page_number":164,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"a2ea86d0-0a65-4902-8ce1-63c62284d697","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":264,"width":773,"height":11}},{"id":"c6433a4b-b3b9-499b-82d2-e71cc6cc7636","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"757c7352-cdc6-40db-aa0a-df644c568371","block_type":"box","text":"®","page_number":164,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"606bb828-c00c-4643-a0d5-5ddf3fca1e60","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":164,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"ac547937-3567-4092-9393-f182bc85e109","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":294,"width":787,"height":11}},{"id":"de425dd3-9cfc-4f21-a1de-dd42b3181f83","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":309,"width":822,"height":11}},{"id":"3f57b5ba-d4d6-497e-891a-930362a9112e","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":324,"width":805,"height":11}},{"id":"7593ef4c-5900-4a30-8c66-747677ced5e6","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":164,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"ce3c34ac-410a-4e1c-a8aa-fdee48fbca72","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":377,"width":782,"height":12}},{"id":"e55bd49a-87f2-415b-abd3-975de56992f7","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":392,"width":828,"height":12}},{"id":"60d40a4a-0d2e-43b7-9367-384692f588ca","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":407,"width":839,"height":9}},{"id":"902bf268-940f-487f-82a7-c4c35c69b9db","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":423,"width":822,"height":11}},{"id":"06dff8c6-303a-4431-b8a1-39b2373af907","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":438,"width":614,"height":11}},{"id":"eeef33f7-dd6f-4c13-81d0-4b443af1c13c","block_type":"box","text":"Systematic Withdrawal Plans","page_number":164,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"d24c9f9c-2eb5-41f8-870c-f2c8c566a8a4","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":491,"width":780,"height":11}},{"id":"bb55db66-164a-465f-a52a-25458c852702","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":505,"width":742,"height":12}},{"id":"66ff7957-e5a5-41ba-b087-9abe8fe232c8","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":520,"width":834,"height":12}},{"id":"b10279a7-7000-4219-9257-6386f2c78a26","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":536,"width":823,"height":11}},{"id":"8eba75d9-c016-4f89-888b-9430b9ba0a30","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":551,"width":840,"height":11}},{"id":"84c76988-6a26-4fec-8174-c772f7951d64","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":566,"width":800,"height":11}},{"id":"e0438043-ff10-4c45-9e53-847145d40792","block_type":"box","text":"www.blackrock.com.","page_number":164,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"06cd860d-8774-4766-8b37-049d04c1cc2c","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":604,"width":789,"height":11}},{"id":"79cef192-a113-4f0f-8352-ff85f8944451","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":619,"width":774,"height":11}},{"id":"c206c4d8-6ded-4f4a-b9ba-268815af884e","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":634,"width":815,"height":12}},{"id":"d06ee375-06db-4688-a0cd-c1f98ec267f2","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":649,"width":817,"height":12}},{"id":"5133cbc8-75b1-48ff-aff5-78954c875a49","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":664,"width":803,"height":12}},{"id":"b3184d91-fb35-4738-8f31-00945dc03b00","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":680,"width":820,"height":11}},{"id":"c044fa3e-a496-4045-8e56-470dc2f19cfb","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":695,"width":810,"height":11}},{"id":"dfb086cc-8ea8-4966-9763-6b69c6586164","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":164,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"091a665e-9c4a-4085-b844-5ef147f80aca","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":164,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"9b42da91-7370-4e67-b147-b4c3e530d564","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":164,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"7c0b1c04-e521-45d5-aab8-7ed4c3aaeb98","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":164,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"923ae11c-9513-4b5a-a27e-5c125309c14c","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":164,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"09257b88-3dcf-40b5-ab68-5cd30a32922e","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":164,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"be3319a8-7b8b-4295-a83b-8cc00f4996a3","block_type":"box","text":"Dividend Allocation Plan","page_number":164,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"6efd88d3-1d2f-4305-8eb2-5d2b8a70a3c3","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":164,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"8a5a0a5f-d2ee-4c2c-a758-66e0b74a5325","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":164,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"46a821ea-e8bd-4f56-888b-b26cada18783","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":164,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"6f2a62eb-9ae0-46e6-96e9-09865e84f32d","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":164,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"9c2d3786-42bf-4e49-b341-22bbde3349e6","block_type":"box","text":"II-121","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"91e9b828-cbef-4483-893d-e4f63fa8bc52","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05c2a7a5-badd-4290-b431-00ab1e3515e6","block_type":"box","text":"PRICING OF SHARES","page_number":165,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"11d0df62-bc5a-4ec3-85ab-50531c0c9564","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"eb8f8239-fffe-4762-8c39-3a896beea5bd","block_type":"box","text":"Valuation of Shares.","page_number":165,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"f471dd8a-31f1-4769-9f86-dcf4a8b16e39","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":98,"width":626,"height":11}},{"id":"bc78ecaa-cb66-49fa-a478-c1cfb02efcb1","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":113,"width":785,"height":12}},{"id":"3720d71e-0b64-486b-a31c-65176580f5d4","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":165,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"907ba724-fe44-4ad1-b927-3ad8fd0987a9","block_type":"box","text":"Equity Investments.","page_number":165,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"4965d7ee-8a19-4594-89f9-a074999c598e","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":165,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"069bf7c5-3a60-4b88-a062-335f814d2cfa","block_type":"box","text":"e.g.","page_number":165,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"0b1ef082-f18a-428e-954c-c5489f4cb066","block_type":"box","text":", NYSE), on separate","page_number":165,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"4643e374-0b43-4c5e-99c3-4452d8cba34b","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":166,"width":799,"height":11}},{"id":"30a2ed23-b126-46a9-ad47-99cdfeb00ef7","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":181,"width":808,"height":12}},{"id":"7d45bd1f-c93d-4863-b0e0-e2cecee5241c","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":196,"width":820,"height":12}},{"id":"1f92dffc-d0d6-4b11-b5d0-b593da00a605","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":212,"width":805,"height":11}},{"id":"b1e155a7-36fb-4acc-89cc-3eabcf11b601","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":227,"width":793,"height":11}},{"id":"5d500509-08f1-41b7-b7eb-a53079c5fc5d","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":242,"width":836,"height":11}},{"id":"fd686733-9471-4046-acb9-e1e011966f67","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":257,"width":815,"height":11}},{"id":"100eaa1f-ac6b-4c0f-a218-5e29946bd6d1","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":272,"width":837,"height":11}},{"id":"8aaa27ae-ee20-4541-ad96-be7f527cde2d","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":287,"width":832,"height":11}},{"id":"353f02ba-b908-49f9-8782-ece630dd9f07","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":302,"width":828,"height":11}},{"id":"c55f799f-bb05-4f28-a75b-af857c8fbb7f","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":318,"width":819,"height":11}},{"id":"e86ba1cd-fe62-40ed-a707-24e4b356c46b","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":332,"width":798,"height":12}},{"id":"fb6f2ea1-e1b9-4ac3-84f2-7a8f9d683372","block_type":"box","text":"defined below).","page_number":165,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"35094e2b-a660-4f6a-b5a5-76492c0fff76","block_type":"box","text":"Fixed-Income Investments.","page_number":165,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"f29358c8-5bfe-476b-a40d-4da63ce5089d","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":165,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"b6ac0576-91c5-4626-ad56-5f3d3d305f2d","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":386,"width":825,"height":11}},{"id":"3e00fbbf-6c83-4c2a-be92-829f585879b8","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":401,"width":823,"height":11}},{"id":"516d8340-a3b8-423e-9e78-1fb5a4a8a81e","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":165,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"93c05271-3895-40c3-9551-e217a8386196","block_type":"box","text":"e.g.","page_number":165,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"1f3d107f-4a7b-4927-94bb-b07b5207ea5c","block_type":"box","text":", recent representative bids and offers), credit","page_number":165,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"c29c420e-99cb-45bd-bee7-3d6f2afe4911","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":431,"width":834,"height":11}},{"id":"d97914f0-4872-4586-b227-48b6713e62b4","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":446,"width":769,"height":11}},{"id":"210c00d6-a3a7-4add-b1cf-865becb07ab2","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":461,"width":797,"height":11}},{"id":"e129e551-302e-4bc7-a1fa-51a018f9628d","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":476,"width":821,"height":11}},{"id":"f629bfe9-fdc1-4f66-88cc-59a376099663","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":491,"width":798,"height":11}},{"id":"1ef8f53e-48f3-4746-b55e-356295daba39","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":507,"width":825,"height":11}},{"id":"58ed90a9-6186-4dd1-846d-961da2c9ba41","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":521,"width":791,"height":12}},{"id":"edff5b12-e15d-47a6-8f22-ddb45cdbef5d","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":537,"width":814,"height":11}},{"id":"87998f6a-14fe-4ed8-bcdd-f49c47a613bc","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":552,"width":802,"height":11}},{"id":"be6493df-156e-4c0e-b6f3-15535b12d9fe","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":567,"width":773,"height":10}},{"id":"73925544-ffe0-4706-8e54-77a8709c42ab","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":582,"width":795,"height":11}},{"id":"4bfc5cea-e1e7-4713-8014-52f092f9078d","block_type":"box","text":"attributes of the tranche.","page_number":165,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"0a80e280-28b0-41fa-bffb-0ee324d553e8","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":165,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"e9025fdd-ab29-467b-b6a0-7a455e71a068","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":165,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"155a0f61-d3e6-4612-90df-d739a4262846","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":635,"width":829,"height":11}},{"id":"74796bae-4f22-4e16-889f-ce3f577c1c7e","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":650,"width":824,"height":11}},{"id":"46f9dde8-1507-4cc3-a294-612ea1ceb71d","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":665,"width":838,"height":11}},{"id":"724b5c30-151e-4407-9932-bcbfe691c8a4","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":680,"width":820,"height":12}},{"id":"55a9c6e9-e1b5-4408-91e5-cbbd1700f0f3","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":695,"width":808,"height":11}},{"id":"6f346bb0-50ff-49ca-a30b-9f535dc208ed","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":165,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"1fe86146-0d06-4f70-9b95-692dc70acd2c","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":165,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"06d8b9de-a6d8-4071-8e58-1c617fefe006","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":165,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"898222cd-1f14-43d1-b59c-f9632dbd389d","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":165,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"edbf626c-1b8f-4e3f-ab85-866b7391b5c3","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":165,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"b62e589c-e6e4-463a-adc3-21c87d204fef","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":165,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"701bb669-a7ef-4b8e-8038-f6959b2d7735","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":165,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"0ec56dde-0cec-4563-b29a-97ab6b6ce4b5","block_type":"box","text":"Underlying Funds.","page_number":165,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"3abb5abf-a337-48ed-8d54-39cc6a9cb1d8","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":165,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"068e3a0a-7241-492d-a0fb-2e03f1838a21","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":165,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"38ddfabb-4f17-4181-a739-eb0be3aa4230","block_type":"box","text":"General Valuation Information.","page_number":165,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"d3e32883-6365-4275-afa6-911512f92072","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":165,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"91622ee8-7d59-4efa-bccf-d57d356b6028","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":165,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"e36aa41e-9711-4788-8dc4-41b61acd8824","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":165,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"f6bc0030-0595-4f40-9671-3fb14dc4f5c3","block_type":"box","text":"II-122","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b17cb5cb-aa69-48fb-95a5-8ac98a3ee148","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bb048aa-2907-4200-8885-8f360dda85d0","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":45,"width":829,"height":11}},{"id":"e65812c1-b3ce-4046-bd25-e62cca5e8046","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":60,"width":817,"height":11}},{"id":"373a5e36-cdc1-4538-93a6-10babe0fe3f0","block_type":"box","text":"the revision.","page_number":166,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"850df7c3-25e0-4e3d-8bc3-a5b716adff05","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":98,"width":784,"height":11}},{"id":"b0640dba-1317-409f-8fb3-117df3c5f808","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":113,"width":823,"height":11}},{"id":"a9af59e5-2dcd-41ee-9374-6247962d7d60","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":128,"width":818,"height":11}},{"id":"2f45fcad-2993-4ec4-a81b-701b6e87dc43","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":143,"width":832,"height":11}},{"id":"a60fa6fe-6d5c-4012-aabd-74308a0b6c60","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":158,"width":832,"height":11}},{"id":"5e3b4036-90e1-41a8-bea8-2c6946a099e8","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":173,"width":834,"height":11}},{"id":"c130705a-7fdb-4100-ab65-c58647a44827","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":188,"width":837,"height":12}},{"id":"b62f940b-0aed-457e-b95c-875951d968a0","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":204,"width":833,"height":11}},{"id":"4e4bc61a-9479-4a15-b6b4-8e83542dcdb7","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":218,"width":827,"height":12}},{"id":"9f388203-9829-4bc2-bcba-2ed441fa215a","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":234,"width":741,"height":11}},{"id":"e806b21e-8f8f-4ac3-a89f-bea6d0519a74","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":256,"width":800,"height":11}},{"id":"2076edba-aab6-4ad7-8f3c-6e87213db07f","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":271,"width":811,"height":12}},{"id":"de21cd5b-6283-4cf1-8167-84e1201305cf","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":286,"width":827,"height":12}},{"id":"2e6e4cba-2930-4198-9121-6de201616091","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":302,"width":824,"height":11}},{"id":"740f59a9-f043-4e53-80a3-49370da2bfd8","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":317,"width":817,"height":11}},{"id":"972b1084-c98f-4e02-bcdc-1d7aa1a7da19","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":332,"width":802,"height":11}},{"id":"5b20c8f9-7f7a-4f80-8ef3-94b6502df059","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":347,"width":685,"height":11}},{"id":"f7e00b62-e552-4426-916a-1e88d3cbcaf4","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":370,"width":795,"height":11}},{"id":"4c9aaaa4-7aaf-43f2-8507-b01fb500aef4","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":385,"width":805,"height":11}},{"id":"aac851aa-66fc-4f37-9284-001e91a2d829","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":166,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"2cf69694-5913-4c22-b926-08328f5096e6","block_type":"box","text":"Fair Value.","page_number":166,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"118e1176-1f44-408d-abc4-4f8910037c2d","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":423,"width":693,"height":11}},{"id":"1c17f797-21cc-4901-a22a-7d5b485d991b","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":438,"width":785,"height":11}},{"id":"fd4aebd5-e9bf-4e19-b82d-01b16090ec2a","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":453,"width":816,"height":11}},{"id":"50585e30-ee76-44d9-8601-275e9d716486","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":468,"width":779,"height":11}},{"id":"d65db626-7b09-48da-8cf3-f389d95fde6c","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":483,"width":773,"height":11}},{"id":"7af1514c-c731-4ee6-b6e3-cc8028f93652","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":498,"width":772,"height":11}},{"id":"cd98a6dc-19b3-4cc6-b78d-db760db35437","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":513,"width":826,"height":12}},{"id":"be371f70-9002-4585-bd8d-da110dc6009d","block_type":"box","text":"(","page_number":166,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"9013ac8a-c98e-4c3b-aa00-e32144fec8ea","block_type":"box","text":"e.g.","page_number":166,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"1c377e4f-aa71-4b1c-9c75-733014c6abe6","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":528,"width":806,"height":12}},{"id":"b1ad2d81-bc5e-423e-a0a0-8a1a8c64f01c","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":544,"width":813,"height":11}},{"id":"ef6edcc8-1577-41a2-97b9-d53558ea65e4","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":559,"width":837,"height":11}},{"id":"677d7fc5-aa8e-43b5-98b5-6f2be548de49","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":574,"width":838,"height":11}},{"id":"71f06750-1933-4719-b48b-6c4f6714a5b4","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":589,"width":824,"height":11}},{"id":"420f91d7-b905-4171-8f5c-dc96d4e8cbed","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":604,"width":828,"height":11}},{"id":"4d09e125-f62a-437e-9d10-5883757ca566","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":619,"width":793,"height":11}},{"id":"ce949885-a5f6-41bb-ac36-0a848c739030","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":634,"width":819,"height":12}},{"id":"18e0c3a7-fbb9-4817-9531-1b7bf18931af","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":649,"width":810,"height":12}},{"id":"39050011-49f9-4490-9a97-311851d6a517","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":664,"width":828,"height":12}},{"id":"208198ed-a951-4004-a209-c02164dfa9ac","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":680,"width":822,"height":11}},{"id":"a559f4b7-ab0f-4b28-b12a-541e35179332","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":695,"width":814,"height":11}},{"id":"0fdf1e26-c19a-4900-8817-cf1edd47aa82","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":166,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"f1079809-df03-42c1-bfb9-f0468374fb2e","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":166,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"12aa0a82-f67d-40cd-baee-c2ad61331522","block_type":"box","text":"pricing time.","page_number":166,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"8d023e40-797e-45b5-95a7-b5263921d9f6","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":166,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"46d2a9ce-8f0e-4f4f-b1db-ba32dbd4c0e8","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":166,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"c5688573-c8f5-4d89-8f76-e535e40397bc","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":166,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"05c2403e-dc8c-44e7-a0b5-e09b1f4eabb7","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":166,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"1b2af7c7-8c84-4f74-87ab-d0aa752585f8","block_type":"box","text":"assets and liabilities of the Funds.","page_number":166,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"e1f2e662-5458-4522-a9a0-8dfc28d0b483","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":166,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"71c7e691-4dde-4b00-84ed-22e09ced6026","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":166,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"65e5096a-74fd-4f9d-840d-c66377710241","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":166,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"1b6945a0-f359-4813-9c83-f3597e8c4c47","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":166,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"4ab02924-9b81-4e44-a54f-9d98fad1de04","block_type":"box","text":"II-123","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8b6de6e9-c922-4a65-b08a-c222e5a7f50a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d02de3cc-b185-472d-a8aa-b3157dd7996d","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":45,"width":744,"height":11}},{"id":"09a60145-7080-40b8-8f02-eb3f0fdeb599","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":60,"width":791,"height":11}},{"id":"8879bda1-12e5-4faf-bd3f-5399f2e80f1f","block_type":"box","text":"valuation models.","page_number":167,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"414290c7-81c0-4176-a7b8-26d6a164d5f3","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":98,"width":785,"height":11}},{"id":"743443d2-e6c7-4d2e-8ac9-cd0a3468531e","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":113,"width":822,"height":11}},{"id":"b45a0fc6-bf2b-4956-b13e-a1d422cf6b40","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":128,"width":820,"height":11}},{"id":"ca7883b4-a90c-47a2-a055-4466c72322b8","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":143,"width":818,"height":11}},{"id":"d1ab38e9-cdaa-48a3-99c5-fb5ae5800edb","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":158,"width":766,"height":11}},{"id":"b3ab48e8-28cf-4b76-a9d4-64a10d50a598","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":173,"width":828,"height":11}},{"id":"8f25c944-2c4a-4483-9f63-27bbca7950b5","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":167,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"077f6c6f-8d32-4183-8670-f88b7e55f601","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":211,"width":784,"height":11}},{"id":"132ec7ed-d512-4c6a-baac-afca441148fd","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":226,"width":836,"height":11}},{"id":"93a839d2-915e-472e-8251-f7945e0cd255","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":241,"width":834,"height":11}},{"id":"8f148061-980a-492f-8737-3d4656390591","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":256,"width":728,"height":12}},{"id":"06440879-c108-4cee-82eb-c47a397632bb","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":279,"width":786,"height":11}},{"id":"8d55566d-0177-4e81-81a1-92ab083f47ec","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":294,"width":809,"height":11}},{"id":"af373802-d2e6-44b9-b071-f547e3e264cd","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":167,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"37f4042b-ae37-4e0e-be7c-62cb221dffe5","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":324,"width":818,"height":12}},{"id":"dcd3594b-1ba9-4247-89e4-5f67ced7f19c","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":167,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"885bd952-9e17-4447-b842-7c08ceb097c5","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":362,"width":786,"height":11}},{"id":"e6866ebc-e684-4d4b-b13e-06570c850da1","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":377,"width":832,"height":12}},{"id":"84f9e03c-839a-415b-830a-260784be0bcb","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":392,"width":780,"height":12}},{"id":"bf33a103-2352-4465-b061-cd6d58101ebb","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":407,"width":810,"height":12}},{"id":"142df20d-31b0-4c4e-a03a-b933a2ea7049","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":423,"width":810,"height":11}},{"id":"a3bdaedc-6c6f-41a4-a626-9b24dab2dba8","block_type":"box","text":"par ty determination of fair market value.","page_number":167,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"28c5b34a-3fa5-4039-b4cf-05a1079ebf98","block_type":"box","text":"Computation of Offering Price Per Share","page_number":167,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"55587876-6694-4f44-a1c3-fb996aec53a3","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":491,"width":791,"height":11}},{"id":"ccba96c1-d120-4420-a4f0-3758c9b633f9","block_type":"box","text":"the offering price for shares of your Fund.","page_number":167,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"b009fe10-c0ec-4a03-a96b-c49e89f4c900","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":167,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"a527099d-267e-4c81-9b0d-e6f9556ab6be","block_type":"box","text":"Transactions in Portfolio Securities","page_number":167,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"91b2f874-ea69-4b90-a047-85824d82bd2c","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":588,"width":798,"height":11}},{"id":"be711ac1-5685-4260-b2eb-d8a45dd86b7d","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":603,"width":839,"height":12}},{"id":"d97d6b1f-8c73-49b9-8bb4-9e54fedd5241","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":618,"width":822,"height":12}},{"id":"56dd7ca3-3b62-4733-9241-7812d1f19ffb","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":634,"width":820,"height":11}},{"id":"ba26ac34-c3b6-4b86-a544-4f32c27b02d2","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":649,"width":798,"height":11}},{"id":"a2f99026-bf60-4367-b0cb-74a67da976b2","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":664,"width":765,"height":11}},{"id":"b120b109-e4e4-4ae8-8b23-d25d3b477c87","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":679,"width":768,"height":11}},{"id":"cbc09f87-11b3-4a1b-b6fc-66854df3deb7","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":694,"width":830,"height":11}},{"id":"40100d40-2a5e-428c-aa0a-5b57ad6d3170","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":167,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"26dcfca9-acfa-425f-90f2-e250f19c249e","block_type":"box","text":"reasonable in relation to the services provided.","page_number":167,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"c57edd63-a4ad-4d66-b746-87b2ef674a49","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":167,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"6c1ba4b3-b9d2-4b75-a8b5-bf42c39ce3b9","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":167,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"128eac65-9e7e-4acb-9830-375a78b8cab4","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":167,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"613bdeff-f0e0-482c-b4cc-1ee9da05b1e5","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":167,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"fd1497c0-b7f6-4697-8294-32d404f517f4","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":167,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"eebc94c2-a92d-4b2a-a60e-c6ae46718569","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":167,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"68c804ac-c236-4821-9a11-01ee79efcc07","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":167,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"7df89872-946c-4a23-85aa-14fac25a82e2","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":167,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"5b490130-4fb8-4e3c-8093-3ba098ba4725","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":167,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"f9ca16fb-3391-4039-8c9b-9fe3da42f478","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":167,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"2b8ffcc2-1aaa-437f-b031-1d3ab80b7b6b","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":167,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"1658df61-7bea-4f42-9cb0-242e48f282df","block_type":"box","text":"II-124","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94dd3147-587f-4de3-9186-26729845c3be","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83410500-5194-4038-a3bc-702d385cd01e","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":45,"width":801,"height":11}},{"id":"9485856d-0200-4452-8f29-c949d20ca62b","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":60,"width":802,"height":11}},{"id":"ee4da195-44af-4068-be51-42ccf639ed24","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":75,"width":775,"height":11}},{"id":"3d70d41e-c127-4258-9646-fe5ab97cfd7b","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":90,"width":790,"height":11}},{"id":"ac43f237-015b-4f69-ab90-be99c0f49af1","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":105,"width":827,"height":11}},{"id":"6fcb56a4-65b7-40d6-9351-f14c0e5694bc","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":120,"width":753,"height":12}},{"id":"6544cc6a-5195-4987-b716-46e1498e8add","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":135,"width":818,"height":12}},{"id":"3ab963df-b8fa-4c18-a70e-06e1736169f3","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":150,"width":837,"height":12}},{"id":"b49ae0fe-e2c9-474a-b4d7-ebbb191561b4","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":166,"width":775,"height":11}},{"id":"5c9c075d-60e5-4e23-84d7-55e89046f7c4","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":181,"width":764,"height":11}},{"id":"51fc99cc-3438-4a1a-ae4b-75ec9e5f84b2","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":168,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"b12d66b8-25ec-433e-899d-a13bc815da5a","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":168,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"c8b0f08c-b16a-40af-8b39-760480ca6060","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":234,"width":796,"height":11}},{"id":"730d98d6-d8bf-4134-8f43-be23208d5bc8","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":249,"width":829,"height":11}},{"id":"73bbb81d-17de-4682-9f28-b0e61871d577","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":264,"width":839,"height":11}},{"id":"20f53e5f-48f6-4319-bd66-63549b817d2b","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":279,"width":839,"height":11}},{"id":"3c286b9b-06e1-4372-9421-613e7caa6862","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":294,"width":809,"height":11}},{"id":"7c943cdc-3f88-42c5-a384-62e9f95281fc","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":309,"width":808,"height":11}},{"id":"256cbd39-5572-41a9-b81e-a9630a07d257","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":325,"width":818,"height":11}},{"id":"953f235b-cd53-4753-b5e6-22b45957eacf","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":339,"width":813,"height":12}},{"id":"62b53cc3-d700-48d2-b408-99a27920f3a0","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":355,"width":801,"height":11}},{"id":"3ae92aac-fcca-44a5-aa42-8e7aef35be50","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":370,"width":802,"height":11}},{"id":"8debbe87-1f3e-4884-a797-87aab51efe44","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":385,"width":790,"height":11}},{"id":"88011c2b-e913-4f51-ba29-e296601d976e","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":168,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"d7d99792-ad7f-44ac-8af6-ac76d6a893fe","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":423,"width":791,"height":11}},{"id":"e492c89c-faaa-48e4-9a5b-be8ed7a42ecd","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":438,"width":819,"height":11}},{"id":"10c5910b-20fa-4472-93b2-4e0ab19a4799","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":453,"width":772,"height":11}},{"id":"8517e318-c929-4b4d-b3f0-f0cbeb49e073","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":468,"width":785,"height":11}},{"id":"282647c5-567d-4937-bfde-a1e44d6be3f3","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":483,"width":806,"height":11}},{"id":"915678d6-8a6b-471f-926a-0fec49dec039","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":498,"width":772,"height":11}},{"id":"a03deddd-4eeb-40cf-8a62-850a65b7ab5d","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":513,"width":838,"height":12}},{"id":"e1e46e00-7b7c-4552-8c0d-bc39c7aa61d6","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":528,"width":769,"height":12}},{"id":"42da6137-2cc7-4516-9bd7-f0eff78a01eb","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":543,"width":801,"height":12}},{"id":"14757a42-6bef-4a58-a8e7-3171cb3036d6","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":559,"width":778,"height":11}},{"id":"1835de89-b461-434b-9289-4b14d518e88a","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":168,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"f935b815-7277-4d63-aab4-676c89887ab8","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":596,"width":749,"height":12}},{"id":"ed86aa6d-47fe-4a8c-b089-efb2adcc2d55","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":612,"width":799,"height":11}},{"id":"e3fd1c4d-49b2-42e8-93f1-90757e7a6a8f","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":627,"width":752,"height":11}},{"id":"87cd2a4d-e6e8-48a0-b0d7-6aca34e2ca52","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":168,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"cd1841d7-9a89-4a17-ac0a-1689ac3482d5","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":657,"width":822,"height":11}},{"id":"fee65b44-d4d1-406e-a3af-2d8dbd23bfea","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":672,"width":840,"height":11}},{"id":"182809f6-4838-475f-87eb-c7fc1199626e","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":687,"width":805,"height":11}},{"id":"fbd56260-15f1-40d0-a862-dcb497d076fb","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":168,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"710680e8-a441-4c81-9eb0-76cf9646448d","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":168,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"7f9ccaa0-ec37-44f0-aee0-5e4243fa9e3d","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":168,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"ccfbba8f-6633-44a8-a49e-7d49ca1409d1","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":168,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"43ad7809-2be8-4fe5-9481-53bb30d8c7c5","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":168,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"b0f96ceb-e215-4744-b98d-9a8ea69ddee0","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":168,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"e397ec7a-49b4-453e-89eb-77a9008213b2","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":168,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"1e15d379-74b6-4d0d-ab51-09d641c7a919","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":168,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"5014025a-12f4-4a3c-92db-2f9fe8865b6e","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":168,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"a269aa74-7a83-4e20-b18b-e17b61952987","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":168,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"5c109d1b-497c-4e34-a9ed-ed16ca6034fa","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":168,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"cd39acdf-4fec-4e60-bd74-8f05f58df22c","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":168,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"2e9cc664-5146-4aa5-b81e-a48e80881f65","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":168,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"5dcebf0b-119a-45c9-9b12-d820722db57c","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":168,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"bd57b65a-0eb8-4c6f-b223-e771fa8dfd19","block_type":"box","text":"II-125","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"930db5f1-c65d-46b1-957f-0eeee8c0a399","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42bdbec0-fe36-4f3d-815b-37c3c19f8e8e","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":45,"width":812,"height":11}},{"id":"8d1683f7-22fc-4ff5-b950-7f43f6955eb5","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"c6bdf559-e80e-405f-ba59-fc0eb74fe209","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":82,"width":804,"height":12}},{"id":"5790d3ca-1939-4706-9dfe-8f1722d46086","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":98,"width":806,"height":11}},{"id":"8e178f2d-60cb-4a3e-afe3-2ff2b7f5953a","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":113,"width":836,"height":11}},{"id":"f4dee71f-dafd-431f-8160-96c8fe68cf76","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":128,"width":777,"height":11}},{"id":"b4e4295e-0342-4955-a690-4cfe3b37e42e","block_type":"box","text":"brokerage.","page_number":169,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"9b843407-2415-48d9-8e9f-6c3f701442e8","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":166,"width":781,"height":11}},{"id":"f9e1f152-5b9f-4410-b8e7-aaa4a570858b","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":181,"width":810,"height":11}},{"id":"bfd53982-1fdf-4990-83d6-7204db7786bc","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":196,"width":771,"height":11}},{"id":"c5dadd8e-0d9c-4ce2-bed6-23055895411e","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":211,"width":818,"height":11}},{"id":"2e61d6d6-3c69-4131-aa6e-979c62ef7f57","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":226,"width":821,"height":11}},{"id":"e6f9df2d-ac66-451f-adab-127c4c66bd01","block_type":"box","text":"Section 28(e).","page_number":169,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"dafe0e9b-5cd6-40f6-bc47-77ff7fee8e4d","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":264,"width":755,"height":9}},{"id":"f48ad497-16a2-40c4-8c6a-9f4b0f6abba6","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":279,"width":828,"height":11}},{"id":"6cc59705-2780-442f-8e17-d353e2249375","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":294,"width":799,"height":11}},{"id":"8dbe73a1-4245-4156-bc49-0608971202a6","block_type":"box","text":"execute transactions for those mutual funds.","page_number":169,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"a387f125-d72b-4e1b-ad97-83ec5ac33fd2","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":332,"width":770,"height":11}},{"id":"1f9f61c5-f6d2-4631-9dba-338137bd165b","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":347,"width":825,"height":11}},{"id":"304c5d60-c6cb-4a40-9abd-bdb567c994cc","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":362,"width":816,"height":11}},{"id":"ac27183e-21f7-441d-ad6a-9fbe0c1f499b","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":377,"width":805,"height":12}},{"id":"9bcd560a-43c0-4873-915e-b947736da5d8","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":392,"width":773,"height":12}},{"id":"b77ac4a5-ab65-4a05-abf7-584610f52cc4","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":407,"width":798,"height":12}},{"id":"c87e2b3d-1d44-442b-9dbe-9cfefaa9e030","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":423,"width":812,"height":11}},{"id":"42a6f235-442a-4101-b7b5-0dd945c0ac83","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":438,"width":754,"height":11}},{"id":"ec30f8fe-663c-46a9-8455-de4b8bbd4ee8","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":169,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"12852f2a-4cc3-4ad9-99b4-295cf4e9743c","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":475,"width":798,"height":12}},{"id":"1c8f49f1-f4b8-49d0-92db-f7f0ae0c26f2","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":169,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"799e1890-6c04-4917-8ce9-12ba57c1ec37","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":513,"width":802,"height":11}},{"id":"03177dbf-3ed3-4210-a723-2c52bf9da689","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":529,"width":822,"height":10}},{"id":"bf6152f1-efa3-46ca-aba6-d35d2bfc3088","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":543,"width":804,"height":12}},{"id":"31147a44-35af-4e8a-a0a6-dbb8318aec98","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":559,"width":832,"height":11}},{"id":"25e9ea10-32a9-4654-8a75-0ab4632418d2","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":574,"width":762,"height":11}},{"id":"d377a5e3-5d31-45fe-9c11-9406900b715e","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":589,"width":770,"height":11}},{"id":"d5d81b0b-3f37-44bf-8b97-4f1563fe1f03","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":604,"width":828,"height":11}},{"id":"65c6feed-ce51-466b-9fb0-fe8cbfe29a66","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":619,"width":814,"height":11}},{"id":"6b3c741b-bfb4-4ce3-9dda-daf2926183e3","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":634,"width":825,"height":12}},{"id":"be5dd62d-fbbe-4e40-8ad7-4274d1cdecad","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":169,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"4095fd4f-a30e-428f-99aa-2cb2a4d0865e","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":672,"width":797,"height":11}},{"id":"1eaf85dc-26ab-40d2-baab-a3a51fa71ddd","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":687,"width":826,"height":11}},{"id":"6fb58a9b-90f9-4350-ab7a-680d5e06af41","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":169,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"aa5e339d-9c69-4b2e-bc6f-69325c3fe488","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":169,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"4b58c724-3235-401a-8071-807d5b7bf944","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":169,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"93466149-cba8-4347-b40a-ce15d8839c8b","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":169,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"57fc6a3b-8e7a-4f25-a7e2-425d88feeb5e","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":169,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"c9c0f49d-3c27-4b1f-b481-100d717e5f2a","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":169,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"3a716430-3c2f-4306-93ea-e6beae505ab4","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":169,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"ce18a129-6919-4a85-9972-f2dabf1954ef","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":169,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"b0adda7e-5261-4700-9d53-c7e90d863cd0","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":169,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"c3da227a-98e7-4755-9532-ecccccf5e31c","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":169,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"97aa3a2d-d8b3-4b1f-ac55-945e556b8eec","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":169,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"859d5c77-26e4-4793-af05-21704d299fc3","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":169,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"7e1f8a38-5266-4074-956d-b9162279b1e4","block_type":"box","text":"II-126","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed3b88d1-87e5-4014-997f-73e1ee6739f9","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69ec70d5-4f00-43d0-9c78-8a3562bab842","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":45,"width":756,"height":11}},{"id":"0a3379ef-f450-47c0-a995-17bd91792ff9","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":60,"width":804,"height":11}},{"id":"5bca28ff-e0a6-40a6-aef3-88c9b0f38b4e","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":75,"width":766,"height":11}},{"id":"8aad8de0-8322-4de1-9b3a-f2f5cc3f7dee","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":98,"width":780,"height":11}},{"id":"f1c8062c-ce80-43bd-8433-4e49856f23fc","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":113,"width":826,"height":11}},{"id":"8ed1f8f2-e74b-432a-b015-946a426a847b","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":128,"width":806,"height":11}},{"id":"6db8d3ff-4bbd-47d9-9f79-01d786e81ed4","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":143,"width":776,"height":11}},{"id":"f582dcaa-2316-412c-a304-361e85dde75c","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":158,"width":800,"height":11}},{"id":"f332fdab-8e9a-49eb-a8ad-f3e36720d3f9","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":170,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"27c1bc0c-d02d-4586-b654-934ceb7f3a0a","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":196,"width":800,"height":11}},{"id":"4ae076a1-2a45-4164-ba80-e347f6d59b07","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":211,"width":824,"height":11}},{"id":"537575ae-c50a-44d7-b425-c4bea65a655b","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":226,"width":828,"height":11}},{"id":"14fa559b-07ff-4c4f-914c-6457c9025283","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":241,"width":788,"height":11}},{"id":"11eca283-2abe-45ed-acb9-e09da28c9bc7","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":256,"width":759,"height":12}},{"id":"ab1e18e8-82e8-431a-b447-fd48c206c1e6","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":271,"width":780,"height":12}},{"id":"e07e1f47-7d11-48e8-88ec-429b5e606886","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":170,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"c47063ad-be29-4a1a-9012-900fdb15c9fb","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":302,"width":788,"height":11}},{"id":"02fbc148-a064-4e62-b85c-2c936fb2d029","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":317,"width":811,"height":11}},{"id":"fba621e7-c470-48f0-bc7a-5554254a6ca7","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":332,"width":829,"height":11}},{"id":"1b6576c3-a49e-4ff4-a1bb-eaf4824e3b37","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":347,"width":808,"height":11}},{"id":"0addedac-3b69-4145-8336-cbbf9ce8b5e4","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":362,"width":832,"height":11}},{"id":"749a6c69-4aef-4c3f-abaa-3b0da3fbbca3","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":377,"width":836,"height":11}},{"id":"3a8e874f-52bb-4300-82f8-9e75a70a2cec","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":170,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"c7451c95-c048-4a48-a8c4-0548d9156fbd","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":415,"width":802,"height":11}},{"id":"61653a7c-1c09-4963-b01a-c3d7475fb667","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":430,"width":800,"height":11}},{"id":"06259973-2809-445c-8b00-daadee6aa486","block_type":"box","text":"accounts and compliance constraints.","page_number":170,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"82c3f2b0-8b8a-4c42-8e6b-f05905d982d2","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":468,"width":736,"height":11}},{"id":"86a27667-c43e-4590-acaf-4275be261ae1","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":483,"width":808,"height":11}},{"id":"cb16de7c-378c-46c3-8839-97710073dc91","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":498,"width":821,"height":11}},{"id":"1b719e3a-bb91-4735-9117-7cf61da9f9a5","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":513,"width":823,"height":12}},{"id":"d8ecc0e0-5c41-43fb-8e77-fd3c49dd79ba","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":528,"width":783,"height":12}},{"id":"abd2a8c9-7286-4791-88b7-7c0de03101f1","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":543,"width":793,"height":12}},{"id":"06ef2870-4dd8-4c98-80d6-ae1bedfa4e0b","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":559,"width":831,"height":11}},{"id":"8a2787e4-a8f0-4430-805f-39385a2ed189","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":574,"width":828,"height":11}},{"id":"6599ae31-3007-4aa5-b632-1c20dffc822f","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":589,"width":839,"height":11}},{"id":"9235696f-892b-445f-b247-803a44c0505c","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":604,"width":835,"height":11}},{"id":"6af6b28f-bff1-487d-8bac-0f6d1fd7cd4a","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":619,"width":819,"height":11}},{"id":"6c0f43f6-d36b-4374-bb96-73704aef8b13","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":634,"width":808,"height":12}},{"id":"dba55c86-2c30-48ad-aea6-d003c7f59092","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":649,"width":791,"height":12}},{"id":"162bfdbc-8b77-451f-87f8-1999ed23632f","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":664,"width":799,"height":12}},{"id":"b72633a8-9af5-43f9-b2cd-2781ea161132","block_type":"box","text":"clients may be used as well.","page_number":170,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"06dc770a-3ac9-4050-9e0f-2fadce6ce419","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":170,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"de5a2131-9d49-48f2-ab27-a9aa7f3eb87a","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":170,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"3d4992c2-219e-4f50-ac4d-df4c57c0c2d6","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":170,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"beca275f-8180-46a5-b434-84553c4ac3bb","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":170,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"261c006e-f978-4791-965e-9a3dc5b8947b","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":170,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"745d3196-a74b-4127-9657-69fd613a2fcb","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":170,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"132d4ce4-55ad-420f-84d0-2198372e5677","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":170,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"bac38451-b230-4767-9970-364b705e6301","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":170,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"d6e1bbb0-6600-4d30-b0f1-0ae51a0823d5","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":170,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"23886344-15fd-4a10-98b4-4f721b41ca73","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":170,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"c8f31a3c-7acc-4ff0-9001-119cbcaf40ba","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":170,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"bb744cb4-4414-4fd4-8937-094b2ff6cdf5","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":170,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"1bc371f5-13c5-4bd8-aa09-9ac999913df3","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":170,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"58b40f4b-8764-4367-8da5-268daedfaf86","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":170,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"30961a73-34bb-46a0-bd7d-d87b4c1e585b","block_type":"box","text":"II-127","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"891013be-104d-475c-84e9-39f125314a94","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40c07306-93d2-4e1b-86b2-07a8c5d5d067","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":45,"width":795,"height":11}},{"id":"bda65f9f-8614-4184-a32f-95e57839ffa0","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":60,"width":834,"height":11}},{"id":"48e560e9-6e2b-4919-aa7b-8d0e508a825e","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":75,"width":783,"height":11}},{"id":"20d67662-1d51-4b48-94e8-7d363be4c3cd","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":90,"width":796,"height":11}},{"id":"574f4bd5-7965-4980-9c26-5cfa0bbd2df0","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":105,"width":821,"height":11}},{"id":"aa71ad30-77e5-4f7a-a906-a2105bb6b054","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":120,"width":819,"height":12}},{"id":"ba9bdded-ae88-46d6-9424-86af7a1e15d4","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":135,"width":771,"height":11}},{"id":"5196bf13-2ecb-4147-a753-70c6664868ea","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":150,"width":815,"height":12}},{"id":"9bf79f17-8aa6-41c8-b896-6220fd2a671e","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":166,"width":835,"height":11}},{"id":"6364c1a9-06ed-409b-8d5a-cf2cb4a0318c","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":181,"width":817,"height":11}},{"id":"5e194fcb-2692-43d9-8d48-dbdb5c34323b","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":196,"width":823,"height":11}},{"id":"1ca80cc0-6c3e-450c-a2c5-e66061c3325b","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":211,"width":803,"height":11}},{"id":"2bc39840-325f-4446-96be-c6104e8e2a03","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":234,"width":767,"height":11}},{"id":"1c526023-bb63-4681-b27d-b346690384bd","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":249,"width":826,"height":11}},{"id":"68fc0a59-2b1d-40ee-9224-a1f0483ebcb5","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":264,"width":816,"height":11}},{"id":"28cabe5c-c846-488d-9665-6e3703e45cdb","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":279,"width":833,"height":11}},{"id":"52436e9d-3702-4eb0-9996-fa0688f9ac05","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":294,"width":818,"height":11}},{"id":"dacd19fb-60fd-42ca-aaec-4930c8ac82a7","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":317,"width":786,"height":11}},{"id":"c7d06d17-205f-496b-a2ee-bd064c00531c","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":332,"width":814,"height":11}},{"id":"02028395-0fd4-49d4-b46a-43d50b4993be","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":347,"width":751,"height":11}},{"id":"da05928f-b5bf-431d-87f1-8293727c6825","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":362,"width":829,"height":11}},{"id":"6f7b487d-d442-413c-a7f8-d0c4435ccf2e","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":377,"width":799,"height":11}},{"id":"f137503c-8b04-4e7c-b005-76884a86e07a","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":392,"width":834,"height":12}},{"id":"e75dfb2b-4224-407d-b5c1-fab80b56c8ca","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":407,"width":820,"height":12}},{"id":"6908d765-d94b-4749-80e9-c965617f5d97","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":423,"width":812,"height":11}},{"id":"2d67c4ab-6337-4f7d-96d4-391b4c5670b4","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":438,"width":781,"height":10}},{"id":"2b004531-0fe9-4958-8820-cacfe6137592","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":453,"width":805,"height":11}},{"id":"f8fb4ed2-65c8-491f-9a9b-3c2a690ec7a1","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":468,"width":840,"height":11}},{"id":"4f8f5b36-e458-4fd8-b061-19027645c3dd","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":483,"width":815,"height":11}},{"id":"599ceb58-0216-444c-92da-024ff8c2db5e","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":171,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"91adef3d-7e51-4b43-b215-bd309fa37b72","block_type":"box","text":"Portfolio Turnover","page_number":171,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"229731e3-3351-42ee-be56-6b19c74c79b6","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":551,"width":798,"height":11}},{"id":"490075cf-c303-47b1-b4b5-236a068e4381","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":566,"width":839,"height":11}},{"id":"c906c3a3-2d05-456f-ae3a-c0a838978561","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":581,"width":814,"height":12}},{"id":"a404b05d-9ca3-45a1-a203-a8923f2082ed","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":596,"width":777,"height":12}},{"id":"4049c8a8-a4b9-491b-a048-2f7cb611eda8","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":612,"width":818,"height":11}},{"id":"f63cb9e3-5fe5-468f-83a5-1be3a5ba226f","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":171,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"d8dd514f-33e1-4d14-b9d6-2fe19135fce3","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":171,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"da3f9273-60d0-4309-ae49-0feb82feff0c","block_type":"box","text":"Dividends","page_number":171,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"2c1fe8bf-1c7f-4f5c-afe4-5d3bbb993ac4","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":171,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"c2532074-7102-43b0-a579-f3a5ca24dd65","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":171,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"0b349674-57d6-4567-9045-e969f33a560e","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":171,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"f9bcfb14-2559-496e-b336-7133c607acbf","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":171,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"89ee850e-edd1-408f-99c4-182209288496","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":171,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"79a98557-19e5-43a5-bb15-2fc767ee8d6d","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":171,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"73ffa147-880d-460c-9d20-48ec0180d54a","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":171,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"5fe03df6-a5c6-4754-b890-91bc40a77318","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":171,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"4bcab311-9aed-4ae5-94ec-39abc4201685","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":171,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"c3e8d52c-c5aa-4b3c-9771-f7f635d718ee","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":171,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"75c11134-c6e8-4155-bbfc-1f4c707780ad","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":171,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"5f39c246-5fdc-4c7f-9ca4-9fbcb9d4f5ba","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":171,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"41df6e3f-30b9-4028-99b9-8b813b7a9a7b","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":171,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"6e0aa5b7-7a95-475e-a524-fdc1a26e8bf3","block_type":"box","text":"II-128","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d780fa85-0aac-4935-9e6d-a517db5ce5a9","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d4e9c56-dfb0-4022-b1c6-397a219f3660","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":45,"width":794,"height":11}},{"id":"b62321ac-b1bc-490d-b0d1-09b57808af00","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":60,"width":834,"height":11}},{"id":"4bcb8157-9371-4f83-9de0-235b90a07b07","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":75,"width":826,"height":11}},{"id":"87d2e6e8-71fe-41f1-85f3-862fd9bb3b3c","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":90,"width":816,"height":11}},{"id":"cb81ed06-523d-44da-a88a-ad8a9a5a7a80","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":172,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"7e5322ba-496d-4db6-903b-1b78b5e07bce","block_type":"box","text":"Taxes","page_number":172,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"e565b6de-fcbb-4b8e-a9d3-28e021873dcd","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":158,"width":732,"height":11}},{"id":"0f3bd15b-0ee7-433e-948b-31d1d6372ec4","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":173,"width":825,"height":11}},{"id":"37ca96ba-036f-419d-96eb-8069d887437a","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":188,"width":817,"height":12}},{"id":"34df0134-d66b-40c5-8081-7a3708d4a325","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":203,"width":832,"height":12}},{"id":"8e7da679-c2c7-4b6e-8cd9-58dbe8191f8f","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":218,"width":791,"height":12}},{"id":"33f97a10-cad1-4ce2-83f0-9884ea7dee7d","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":234,"width":786,"height":11}},{"id":"8819b5d5-9911-4fdc-a8f6-8b786f3fb47f","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":249,"width":831,"height":11}},{"id":"952a64f5-79a7-4408-8be5-b24c82654949","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":264,"width":819,"height":11}},{"id":"477da5aa-2080-4aef-a761-8958633c1c16","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":279,"width":824,"height":11}},{"id":"7234cbc5-f452-4b5c-91d6-7da100413639","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":172,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"a747c19e-721b-4da9-a266-7dbdbf066a4d","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":317,"width":792,"height":11}},{"id":"c4b718a4-01ef-46f4-bc9e-8b526d4bc82e","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":332,"width":819,"height":11}},{"id":"bcf188d2-f635-4a41-a9ad-63b124bd0e6c","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":347,"width":830,"height":11}},{"id":"3907c438-8d98-4e35-a2ad-3dde6c871c00","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":362,"width":744,"height":11}},{"id":"991b51a2-6014-4b96-9451-6c5f7de13466","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":377,"width":835,"height":12}},{"id":"e4f9a66f-2cf2-4da6-9cee-c0047b02ed95","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":392,"width":808,"height":12}},{"id":"4aae91ec-020e-4146-992d-e2dc83ac2527","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":407,"width":767,"height":12}},{"id":"c60c29eb-10f0-4658-9bf8-74c786ad858a","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":423,"width":826,"height":11}},{"id":"314775d5-75c0-4a50-865d-98d16ea3fb51","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":172,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"53519044-5a81-4e6e-a572-0d2c28d13603","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":460,"width":798,"height":12}},{"id":"623042c3-e572-493e-997c-e76b8c835455","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":475,"width":762,"height":12}},{"id":"6a16641d-4ced-4305-bd83-4849f0a5e2fd","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":491,"width":789,"height":11}},{"id":"b7f08655-d1ed-438f-b9fc-3f3104f9cc79","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":506,"width":837,"height":11}},{"id":"a7a87e86-3e0a-4a8d-9b00-c64e79420b87","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":521,"width":831,"height":11}},{"id":"5f523d09-d254-4003-b126-dba1b9ee3ca8","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":536,"width":837,"height":11}},{"id":"5a5bbe62-4154-46be-9544-9a16ef96635b","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":551,"width":825,"height":11}},{"id":"cf0e77d3-330e-4643-8703-9b6325ebfb49","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":566,"width":811,"height":11}},{"id":"d4047095-2716-42a0-8c53-5cadd2497431","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":581,"width":813,"height":12}},{"id":"d75e3fa0-a6a3-4986-8a8a-b8a29b5526a9","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":596,"width":834,"height":12}},{"id":"ed0de4d9-20f6-49df-8fff-a295123bd6ed","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":612,"width":790,"height":11}},{"id":"70b11278-a60c-414d-b35f-7d571849c1ab","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":627,"width":771,"height":11}},{"id":"0abf5dbb-68c7-4501-8ec8-cf6500adf49c","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":172,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"a84d76f1-00ba-4634-8a6b-5d3e7c367834","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":172,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"8d0d3413-c9a0-419f-ad7a-a7be97f60a42","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":172,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"126d5248-e943-422b-9f34-d337df5cc87f","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":172,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"e78d371d-a1bb-432b-89bb-619a36689ca1","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":172,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"3587f9e1-38d0-463f-9204-7e33ea91e4b0","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":172,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"956fa8c1-404e-429e-990b-78569f3fe30f","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":172,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"07f2358b-4023-48bd-8671-1fbbcb62f77a","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":172,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"e85929f1-3d8b-4acd-9f1d-84bedc833fba","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":172,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"5ed48854-294c-447b-b84d-d609a5c362b1","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":172,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"177c7447-75ec-47b7-9b2d-ad44c7c843d4","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":172,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"be947b48-2d22-47fc-b3b1-8b5abbfdffd4","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":172,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"8a22abab-ff4f-4b9d-8120-35966d86d460","block_type":"box","text":"limitation.","page_number":172,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"e3e4f19c-bf57-4a64-9174-8c8cb691cea1","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":172,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"43e00786-a05a-4a5e-a84d-bf4e9e2ec6ac","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":172,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"f3c0ab38-d5e1-49aa-b8d7-4cce1f08f8b8","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":172,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"60534ad3-4e30-40f8-9eca-4a9ec1015fb1","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":172,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"46c0d9ec-28c2-40d7-8afd-ae2bbb0ed2ec","block_type":"box","text":"II-129","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6d51e189-02d9-405d-9a43-df278243004d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e39fb39-b3c1-4450-b529-b6482f409ef5","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":45,"width":811,"height":11}},{"id":"8a916d4a-0ea3-44ab-ac55-bad965b5e18c","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":60,"width":829,"height":11}},{"id":"77a8f3a6-e897-40f0-acab-d4ceacfad279","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":75,"width":785,"height":11}},{"id":"34c3400a-838f-465e-9b2b-c2625d49321f","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":90,"width":795,"height":11}},{"id":"5d5f9fd0-94ce-4a1e-9eec-6a0a6fe262a3","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":105,"width":809,"height":11}},{"id":"e3f096ac-1656-4c19-bd7e-b2f6f8e992ff","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":120,"width":814,"height":12}},{"id":"0850628f-9dde-4f6f-a0c2-5e2efa1dd19b","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":135,"width":822,"height":12}},{"id":"0fc33d01-6dba-4594-9462-754fba9f5cac","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":150,"width":751,"height":11}},{"id":"8532f362-1ae6-4dd7-983d-61df7bacacf3","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":166,"width":823,"height":11}},{"id":"74c6fabd-9a74-4c01-a20c-da4b41eb0e98","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":181,"width":817,"height":11}},{"id":"452f5307-6d48-4ccf-89d8-4227b83bbf46","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":196,"width":813,"height":11}},{"id":"966bad08-6aaf-41d2-8995-522733bda136","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":211,"width":825,"height":11}},{"id":"c122fe5f-525c-40bf-b66c-14bbcc3771fe","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":226,"width":789,"height":11}},{"id":"c2eada98-149b-46a8-b2d5-bbaa052cb777","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":241,"width":836,"height":11}},{"id":"f4543340-0e5b-464a-a05a-2886b7fd6051","block_type":"box","text":"constitute “qualified dividend income.”","page_number":173,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"a8eda7f0-58e8-4044-a49f-5d2f9d2ba566","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":279,"width":806,"height":11}},{"id":"511a478c-0c6f-4f9b-89ce-cac01fd8030a","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":173,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"7a3b4648-4594-4052-8b5b-ad540481be3a","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":317,"width":772,"height":11}},{"id":"9d5d5990-5b36-41e7-8ee6-51d30f0e9f09","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":332,"width":811,"height":11}},{"id":"12511589-0b22-4d67-9df8-d329cd27af36","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":347,"width":745,"height":11}},{"id":"c1b550fd-3956-40a0-a518-f2cc3b5c6def","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":362,"width":795,"height":11}},{"id":"d133eb15-5cbb-49ec-9dd3-086f3dd17c2c","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":377,"width":838,"height":12}},{"id":"434663af-3972-422c-bae4-aebeac42eb72","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":392,"width":809,"height":12}},{"id":"555abf75-8498-4d50-adf2-ce1a8665013a","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":407,"width":822,"height":12}},{"id":"12ca7c17-9dbb-4cab-94fb-36f16c5f2966","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":423,"width":838,"height":11}},{"id":"9ed2d74d-e664-48ef-aed4-4e1315be5c26","block_type":"box","text":"against their taxes.","page_number":173,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"b62e5c71-b1ff-464d-bc4f-bbafda063783","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":460,"width":783,"height":12}},{"id":"549b1522-0208-4e5a-8ab9-3432c652d2be","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":475,"width":812,"height":12}},{"id":"6bfc16e6-d599-4914-a609-8a30488518b7","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":491,"width":769,"height":11}},{"id":"da9a6ab7-ef9a-4579-a221-4fe0af412e8f","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":506,"width":805,"height":11}},{"id":"16ee09e6-40dc-48e7-a852-6fe6be856e70","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":521,"width":824,"height":11}},{"id":"3b90b4ab-2080-4123-80bf-c2cbb5bf572c","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":536,"width":831,"height":11}},{"id":"1961831e-7302-4037-ae63-9f74130cafbe","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":551,"width":817,"height":11}},{"id":"92eacb99-537d-43fb-be2f-5926b9577d50","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":566,"width":797,"height":11}},{"id":"066292e8-ce58-4e7d-b014-089f464b28f3","block_type":"box","text":"dividends received by the shareholder.","page_number":173,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"7063c505-067b-48d6-b791-888b6e75d25d","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":604,"width":792,"height":11}},{"id":"892cdeef-8510-417c-9676-11134334a4ca","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":619,"width":835,"height":11}},{"id":"8742b773-6a0f-487c-98e1-33a8dcf3d518","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":634,"width":809,"height":11}},{"id":"39f46413-a3bf-4f82-ad67-577ad392b165","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":649,"width":819,"height":11}},{"id":"473a6ea1-e960-4d33-a78b-76be60eb4727","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":173,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"13374db3-4427-4388-85ec-3c04053f8b6f","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":173,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"528a8e07-2af9-4346-b3aa-9584a8cd416b","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":173,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"d57e2da3-a224-4f56-9204-9e4347271a25","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":173,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"fe067bdc-ba7b-4fd4-bffa-8a23ce78b1c0","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":173,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"375998a5-726e-4585-abc0-ad9903f542db","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":173,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"612a1fa8-00fd-490e-a213-e6851ebf6e30","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":173,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"b0a13092-d1d6-46ac-bbb4-88c436cd00b5","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":173,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"ab3a14af-b86f-4dd2-81e8-50ff24a2e3cd","block_type":"box","text":"taxable year.","page_number":173,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"79c78e04-974a-4f10-9ba1-476a639ecce1","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":173,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"fb08a603-6430-4dcf-9863-71f1df05587f","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":173,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"e2bcfa77-ca98-4a69-97b5-378b3938d179","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":173,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"e594cd39-8672-4a29-ab15-8d80a0bbdd77","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":173,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"ed88f335-6c78-44c2-8ffd-ad38bb44d14e","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":173,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"2a3b6d63-3fe2-4797-946a-dd07e029be4a","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":173,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"5d41552a-2724-4283-b9d8-d55bf5e0be56","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":173,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"6255085f-17ac-49e4-a931-5165c3701dea","block_type":"box","text":"II-130","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d7800c21-6ac4-4c92-873a-e352b3526f9f","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc542c61-04df-4486-9e11-0f592031357c","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":45,"width":791,"height":11}},{"id":"0579859b-51c1-4739-b581-c6d0e75b0ff3","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":60,"width":646,"height":11}},{"id":"a9cc69f5-b234-489a-89ea-48c1292dc793","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":82,"width":807,"height":12}},{"id":"88e043bf-0f7a-4acb-b083-800f22acec2e","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":98,"width":839,"height":11}},{"id":"5a3fbd90-6370-419c-8f90-5eedde708eab","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":113,"width":799,"height":11}},{"id":"8f7e2fd3-9987-4419-adab-875b0cee4a0f","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":174,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"65104ba0-2715-498a-9f4b-373da47c65eb","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":150,"width":792,"height":12}},{"id":"629e4ef5-8eaa-47e9-bb01-a37cbc93423b","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":166,"width":800,"height":11}},{"id":"3a668ef4-3985-4973-a887-0fb527ab66da","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":181,"width":828,"height":11}},{"id":"efdceb16-bc1b-4f5f-959e-4832a452c216","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":196,"width":824,"height":11}},{"id":"5e538c8c-239a-4940-b14c-658469acfea1","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":211,"width":816,"height":11}},{"id":"25ec017f-44b0-40fe-aec6-b62301d18c92","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":226,"width":797,"height":11}},{"id":"e9ac3754-b633-49a3-93df-b2851dda7014","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":241,"width":840,"height":11}},{"id":"cd534eec-89c3-40b7-9f15-79b2ffb75638","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":256,"width":788,"height":12}},{"id":"f6af7f23-0c3b-413c-bb09-36a9b3aaf7ba","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":271,"width":797,"height":12}},{"id":"77486b7b-c5c4-4212-9db6-bc7798c5fed0","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":286,"width":821,"height":12}},{"id":"ab48f764-a803-4115-9042-6b6e393b384e","block_type":"box","text":"redemption of such shares.","page_number":174,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"8125cf36-f4a6-450f-a042-91fc69e12bb9","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":324,"width":799,"height":11}},{"id":"ef911c12-0157-40fe-9db8-e2b483d2f0b9","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":339,"width":791,"height":12}},{"id":"9eccbb9b-f505-4844-b632-88d1fc5ab1ba","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":355,"width":826,"height":11}},{"id":"59f2128d-f9f7-4a2f-81ef-256c6567bd4b","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":370,"width":803,"height":11}},{"id":"51694163-799d-47bb-b320-e36c7a8a24a5","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":174,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"7be80235-2c2f-474b-802c-c316e49b8fc7","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":174,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"765d91d8-2448-47f8-a191-e5a778961401","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":174,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"bd5eca4c-49ea-4e59-8e1b-840e17b6a594","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":174,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"5d87fcbb-60e9-4f68-9145-b181d43cad00","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":174,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"64c71332-6b46-48c1-bcfe-e0546047721b","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":174,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"797fbc9e-859c-45e0-b3aa-f73d7ac450c7","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":174,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"1a21eee3-949b-4e5c-85c1-77716fa770df","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":174,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"8c819f76-13a4-4eaf-b175-b50038f07604","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":174,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"a1e8f6c7-909f-4cbb-84cc-047598d9cd68","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":174,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"1b8c2b18-e8bb-424a-87dd-d042311ef61a","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":174,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"69d4cbf7-9abf-44e7-91ad-1439aef31915","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":174,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"fa11cbf8-3286-4c09-a1a6-ce798106616a","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":174,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"b5e3d026-81d3-4ae6-b21f-942a4fd8cc90","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":174,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"e2175491-991f-4201-9af7-f98457728b23","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":174,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"8d77996f-64d6-4d94-8b61-1794e8083841","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":174,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"5138b5b9-6288-4434-a5dd-ebfa4da6040b","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":174,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"332c96e7-b621-4157-89e8-af04b98469f0","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":174,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"9aad0f06-ffe1-46e6-82f8-7a5430af9db8","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":174,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"1f74d496-c295-4644-a42a-80590f3685aa","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":174,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"6bf80d90-249c-4d24-a4e9-1e69bfc58a01","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":174,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"0c33b64d-e3a9-48d5-8d0f-3233175565a3","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":174,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"c10fc32a-71f9-4ae1-9cea-4c133999c70e","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":174,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"4daca5c3-1227-4624-b993-f3e7b94397fd","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":174,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"26067820-cc4f-4662-89d8-f48ba7c54475","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":174,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"bcf5cbce-6892-439c-b2c2-d57bc64d0814","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":174,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"c7895d93-87dc-4e55-bc20-e3af59c9a4ee","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":174,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"23cbe633-d2cb-4cb8-ab13-6ed2bf94fcb1","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":174,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"eb8f78c2-fe91-445d-bcaf-ca2db20f7d80","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":174,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"f811f51e-c1a6-4585-91a7-c5430c2a5265","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":174,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"5801f4b3-108d-4077-b7b2-d6e4b1346f10","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":174,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"205d2370-0324-4621-864e-c6ff0b287fc9","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":174,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"b3e3e5d9-e64d-4132-b5cb-6ccbcece7bb9","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":174,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"5332dec4-779a-4d78-8000-70b0adfdaf35","block_type":"box","text":"II-131","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"11fb9205-39ac-489d-becb-7d0649c9bb3d","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9d4bf6a-bfc2-4d15-bbe1-f3d52f72f947","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":45,"width":822,"height":11}},{"id":"635a3bc9-4e73-49f8-aee6-6bb4f6a4b3fa","block_type":"box","text":"in subsequent taxable years.","page_number":175,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"97ff682f-bc14-406a-8e66-c65a72ac6445","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":82,"width":795,"height":12}},{"id":"7d1b0ffe-0222-4132-9851-f1fd7eebe586","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":98,"width":816,"height":11}},{"id":"b38e220f-8c98-4723-b01a-c7a73661834a","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":113,"width":835,"height":11}},{"id":"2378a6d5-8478-4305-91da-ced4fc63d38b","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":128,"width":815,"height":11}},{"id":"b7857589-d619-4fe9-9f9e-8f5c0cddef6a","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":143,"width":816,"height":11}},{"id":"3358b5a6-ab1d-48ca-9a3a-1be6eec2414e","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":158,"width":840,"height":11}},{"id":"ceb87baa-1915-4eba-884a-5fc55e28f030","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":173,"width":781,"height":11}},{"id":"95faba0a-0834-427b-a7a5-a76018098f93","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":188,"width":824,"height":12}},{"id":"c1eb5832-e6b0-44fb-b094-7904f11b697b","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":204,"width":832,"height":11}},{"id":"5af63bbd-accb-4aaf-a667-afa037157ca6","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":219,"width":808,"height":11}},{"id":"700b3e30-3671-4ed1-b1f2-04b5fc5b1d85","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":234,"width":826,"height":11}},{"id":"fa203a61-0974-4111-991f-769d8c74a327","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":249,"width":830,"height":11}},{"id":"6060a03a-637c-4d91-a7f4-569ff039115c","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":264,"width":811,"height":11}},{"id":"807bb5ce-2cbb-407b-99e3-7043644cfd53","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":279,"width":784,"height":11}},{"id":"56ddc68a-0220-49db-b2cc-f54169584a65","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":294,"width":828,"height":11}},{"id":"80d99a0c-52e5-4837-b40d-b0d8fdef5a0a","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":309,"width":839,"height":11}},{"id":"692f28d8-d6fd-4fd9-a507-e44decee566a","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":325,"width":772,"height":11}},{"id":"674489c2-7f7f-4ab8-bfcf-3088d14c7678","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":339,"width":791,"height":11}},{"id":"cd2942f3-b70e-4d57-840c-3f7ecbae71db","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":355,"width":787,"height":11}},{"id":"c7a546c4-b261-4680-b0ce-fd142a58aecd","block_type":"box","text":"dividends under these rules.","page_number":175,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"ef75b7fd-45ec-4ccc-8076-d45a466e26e5","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":175,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"1fe8dffe-e42c-48eb-93c1-915c50919e55","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":175,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"91e0d5d2-bd90-4851-972d-f9e64d2ccac4","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":175,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"6bb4112a-6c0c-452c-817b-d14e9cb43f4d","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":175,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"5295dc6b-8c9a-42d4-8bb8-5cbac561a3e2","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":175,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"684b329b-677a-4775-bd37-b12dc4b8e483","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":175,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"7851d9ef-3bec-451d-92d3-5c0f9da450fd","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":175,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"2cb3ad0c-48a5-4603-b09b-b8625bc8b372","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":175,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"6fa5da64-221f-495b-9434-6629ef19024f","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":175,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"f6e7e171-3091-402f-88de-5eef827edd75","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":175,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"1ef6ffda-7529-4c5f-bfa2-3884c4c1a3d7","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":175,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"06b02927-f9e7-4077-90ff-859b024b95e7","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":175,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"f2fda889-4314-408d-aa65-8bf5aed5bca1","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":175,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"7267a452-8e16-4599-b27a-dcde343f7e1f","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":175,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"00632938-0427-4cdd-af7f-ced8bc344ddb","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":175,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"252706fd-97b1-4c84-85da-98cb57697ad1","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":175,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"bd44ac38-0a3c-4224-9809-58415f48fee3","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":175,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"a2ee1d0d-bc1e-4ba9-911d-1cb070034728","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":175,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"8c9b9ee3-c4f8-45a0-9e52-6a46b6614e47","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":175,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"ff9d8f4e-8328-4249-ab76-9871923a05a6","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":175,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"9919dd3c-cb9a-4bef-bb3f-7955b2d2f3b3","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":175,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"3e6e1fa7-bb60-4e48-8f1c-df560e05cc46","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":175,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"c5c3f401-0c01-4bf4-9e98-c6c4d47a6fa1","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":175,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"a9b73549-39d3-416f-be25-515978749c83","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":175,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"e4a47cc1-793e-462d-b197-b50705d95dc5","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":175,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"c1701066-4d58-4b24-b146-2f1ef57a6bab","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":175,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"57462229-6523-492f-a047-63820d55b460","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":175,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"6a59c5ff-64a4-459f-ae42-36745c12b125","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":175,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"e9293177-130e-4187-83dc-83bdadc4f8d1","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":175,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"af951961-4c93-4f52-be0b-e9eab66bb8f7","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":175,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"1e74faef-3232-49e1-9ffe-4a26729502f4","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":175,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"e828ca26-75ad-4c51-a222-ab74ac9011b0","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":175,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"85aab24d-0fd2-468c-b0eb-e4f50a1eeffe","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":175,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"922ac4ad-d30f-4c57-ac31-296ee5cb8d8b","block_type":"box","text":"II-132","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a5170347-df23-4e23-9ad3-21faaa7d8370","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ea0665b-48cf-4234-b32d-b640a26ebb2f","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":45,"width":794,"height":11}},{"id":"7e0c4ae0-4b9f-4f21-84fc-8cc5bf43285d","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":60,"width":794,"height":11}},{"id":"c4075087-ee2d-40de-ab69-57d2437a78ea","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":75,"width":791,"height":11}},{"id":"29d4bf64-d6a3-4734-9f16-d147f0847ef1","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":90,"width":791,"height":11}},{"id":"b533ee29-8f6d-4ad4-a9f4-36f505dae4ee","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":105,"width":822,"height":11}},{"id":"0f5871f9-3b4f-4372-9104-95198b30877c","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":120,"width":739,"height":12}},{"id":"9be95e89-0559-4314-bb5e-161c798574b8","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":143,"width":786,"height":11}},{"id":"d1172dde-54c4-4f27-8430-45e2094defed","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":176,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"cbdf8ffa-a2f0-42b6-8160-6b338dfc1241","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":173,"width":837,"height":11}},{"id":"4dbbd231-47de-4fdc-b2b1-0673d6d6d245","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":188,"width":821,"height":12}},{"id":"6d3c67cd-f869-4186-9fb8-6787ebad5dc2","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":203,"width":819,"height":12}},{"id":"bab6035b-583d-446b-8de5-103b9a1b0131","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":219,"width":826,"height":11}},{"id":"f7b5bdcf-e230-40d0-a0ae-1088374aa78d","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":234,"width":802,"height":11}},{"id":"7b0cdaf2-3edc-473a-a961-3f357008d26e","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":176,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"6b683830-7bde-47db-9be1-b02b690c4a70","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":271,"width":774,"height":12}},{"id":"9118796b-281f-4b36-b2d4-81544e8b67b6","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":286,"width":787,"height":12}},{"id":"941d68db-c9ba-4d7b-9583-1bde30da7505","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":301,"width":835,"height":12}},{"id":"52846c96-0bf9-4794-bb71-ec718e41dd4a","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":317,"width":809,"height":11}},{"id":"3452fe0b-dd6f-405e-8f54-24d8bfd77f46","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":332,"width":817,"height":11}},{"id":"8c6a91ee-714a-409b-9e5b-a1cb96150b1a","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":347,"width":783,"height":11}},{"id":"289f30c7-e5dc-486b-b580-9d6dd422c9e2","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":362,"width":710,"height":11}},{"id":"d604c229-14ac-4de9-b4c1-13028de0aa08","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":176,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"d125bd70-d72f-40e7-a9f7-91d92c9b5054","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":176,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"9f7268d5-2b03-4d1f-8b76-d0b447909809","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":176,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"0575ca97-0557-4b85-9175-ee02b6134cbf","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":176,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"92130a39-f168-4f36-83d0-788a84b6735e","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":176,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"8a9d6471-4e98-4a7d-a4d1-9a2adb8ce389","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":176,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"b84d6618-0a40-48c9-b632-f8ab6852761b","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":176,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"947e47e9-5a56-4167-997a-0554b3212f3f","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":176,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"69cb4968-7647-4e6d-bdf5-add103da8634","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":176,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"eb1dcb7d-ccb6-4eff-ac72-2339ddc780c0","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":176,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"9b60f7e5-5172-40b0-9a5e-c5b9ee40014a","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":176,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"72943f0d-e2ab-4861-8274-f0f97332e2f7","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":176,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"17b278be-1d91-4da3-9018-f11ec6abcb6c","block_type":"box","text":"investment oppor tunities.","page_number":176,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"6f471a73-d571-4fd1-9585-df68cd0457fc","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":176,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"182d0858-8d85-48fd-aa99-b123019bd09a","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":176,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"06819d92-577a-40e2-9bf5-4ffc2511952b","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":176,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"f3cd2ee2-213a-4336-87b5-923e2c55b465","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":176,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"dc99bc81-acf0-47a7-9541-37ba2eaefc20","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":176,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"3010c98f-662a-4c65-a5f3-30369082fc57","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":176,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"a8c983ce-005c-4ee5-9b58-746cf08de2d6","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":176,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"3cb08634-72e6-454b-ae55-e5c2362a1a2a","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":176,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"096258d4-d6d2-4125-90f0-f0105eb3c72d","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":176,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"c531fde9-68dc-4ec1-afaa-ed3d4f6ebd11","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":176,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"152da1b5-9575-46c2-8910-0d963557e9ff","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":176,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"4f51cb48-a1cf-495a-8d3b-7ecc71bf04bb","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":176,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"fff1023d-b596-4dd7-bca4-9c248d37bf02","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":176,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"f2cad4fb-0c51-4b1f-b214-934a3b1ab72c","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":176,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"3a6acfc0-fa97-4ffa-aa33-c15fc406e693","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":176,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"135bcbc4-6ab2-4ec1-99ae-78ee02dbe09e","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":176,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"21b06156-94bf-4e37-a050-c8fe5685aaf4","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":176,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"88ed8fcd-2ff7-4a9f-8a1a-9bf3461cceaa","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":176,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"26751786-c92a-4d1c-8905-025cc65b5998","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":176,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"4cdc3748-333e-43ec-a346-5bdbe8f186ae","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":176,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"c6791025-5dbe-4489-abab-a44fc941f283","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":176,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"1c2af4b3-c893-4c30-a42c-cbd2951acade","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":176,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"0a63f841-0814-48d3-b3c0-e8a18cb113d3","block_type":"box","text":"II-133","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0af197ac-3990-46b3-a3bb-204cfb386f51","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e35ff2a-f0ac-4bcd-b51e-d7c078e2682d","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":45,"width":768,"height":11}},{"id":"d348af43-e625-4aae-b0cb-ae88235db825","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":60,"width":780,"height":11}},{"id":"42216df4-e006-43fb-9588-fa418adc88ef","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":75,"width":797,"height":11}},{"id":"bc1fcdcf-fc71-425d-b81e-7d6cbee87ece","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":90,"width":802,"height":11}},{"id":"868f0ca2-cc28-49cc-9642-89e60db4c8f8","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":105,"width":831,"height":11}},{"id":"a1afb51b-cd09-4fdb-af7d-f79861bb64d6","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":120,"width":776,"height":11}},{"id":"ac8af6f7-e48c-44aa-9133-ff86a90014ef","block_type":"box","text":"positions in its por tfolio (","page_number":177,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"aa996952-37ab-449b-9a41-8739f753eb95","block_type":"box","text":"i.e.","page_number":177,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"d27a0c1d-77dc-4c57-95c0-9e6503ce54e0","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":135,"width":636,"height":12}},{"id":"fbf8d3b3-aaf0-4963-b625-9fe92b82bea7","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":150,"width":795,"height":12}},{"id":"3e7d75e5-2198-4bc0-8a27-72f569d9ca5e","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":166,"width":830,"height":11}},{"id":"e88e461d-440a-477a-acd4-99b84a1b8673","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":181,"width":804,"height":11}},{"id":"9bd8a10c-f193-44de-92cc-ad3aeaffe944","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":177,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"2e6baf99-3663-4c21-be28-600c2822e81f","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":218,"width":781,"height":12}},{"id":"b5500a0a-c1c7-4082-baaf-f66251c2dc02","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":234,"width":835,"height":11}},{"id":"78b10726-1904-4fbc-96ae-be629898c93a","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":249,"width":811,"height":11}},{"id":"b75f16d2-a18d-41a1-8fb2-0b9caf4a4353","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":264,"width":818,"height":11}},{"id":"abe50bb0-8d83-415f-91bc-19415ea1352e","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":279,"width":820,"height":11}},{"id":"c2b35645-410a-4d27-a49a-0c275bbb7714","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":294,"width":834,"height":11}},{"id":"bc9ba2ce-ac27-4ef9-9dd8-e81cbc3084fb","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":309,"width":833,"height":11}},{"id":"be361669-829b-4ae6-b2eb-c9df565cad5f","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":324,"width":805,"height":12}},{"id":"fc21b95c-2d84-46ff-b649-2275c252a668","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":177,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"1aa5ebdd-66da-4810-abfe-4401a89c1678","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":177,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"5e488fb2-1f0e-4d4d-b48f-bc68aa0ad424","block_type":"box","text":"capital asset.","page_number":177,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"d14072de-f0f3-4d7c-a94b-d260939ab933","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":177,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"a77a7ae7-b89c-4038-86ed-c1a1b0f9f071","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":177,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"a4a398ce-c3fd-409c-8388-ff71e9e97747","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":177,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"0fdaca80-d606-4143-b338-d0117d45e84d","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":177,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"30b518fc-6f40-4bc4-b0d5-095258aa5c84","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":177,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"910952b7-13e1-43a3-979f-152d6e8962e4","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":177,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"b80a66d0-e4a5-420c-946f-3ec2d8d06125","block_type":"box","text":"Fund were to invest otherwise.","page_number":177,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"7e163817-b5f7-4eaf-8780-f3e308b22605","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":177,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"826656bf-f462-4a7a-8ab8-2a323a50c3a9","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":177,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"4ec183af-2710-4c7b-a1ce-af636b87cd83","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":177,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"f98f4ebc-a758-4b2f-890e-fdbfe9c17d85","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":177,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"b7c2fea6-4efc-45f6-8240-00414998f80b","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":177,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"de55c9ee-0b8a-4d8d-b987-e3f0e2cde54f","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":177,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"e4cfb32b-7e7a-4e05-bd8f-64b57cd724a9","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":177,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"8c7b7601-e290-4b47-abe7-b706b0a53396","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":177,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"cd210bcb-96a4-4ce9-92af-44f18a1de218","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":177,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"7e5d6ef6-d358-4718-a9a8-f2dc8e3787c1","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":177,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"58343474-f3a1-4db2-adc7-bc798732d743","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":177,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"b6e14896-d53f-4edd-9238-f0a952f40f52","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":177,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"529b72db-f474-49e0-91fe-2902d0c5ffd5","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":177,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"0e65788e-916c-446a-814f-ecda57fb04d9","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":177,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"76e96d8c-c5fa-4ad8-8f5e-ae8b85c7d54e","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":177,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"8fbf742e-71eb-481f-bac4-4ced6f5031cb","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":177,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"b8e36048-7eb7-4135-92d0-f38303fd4cbc","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":177,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"f5ef6e74-ab07-45ba-a0c9-05c05b232da1","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":177,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"d0e9f953-1fdc-4018-aec5-d5665b6da902","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":177,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"72a91354-9465-4aa5-9480-3252dc9bac84","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":177,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"356ecf66-6c1c-40a0-a7d5-090b21f6c672","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":177,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"0a3c2cde-e004-4d39-958f-eb775b4e175e","block_type":"box","text":"PFICs.","page_number":177,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"db6975ac-2274-4b17-8ba1-24b2a1c1ea85","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":177,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"3b0bc6bd-2655-43ad-9820-7afed7e91c89","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":177,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"951d9a4d-4fdf-40f1-9e0b-bb510811b8f7","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":177,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"38b516a1-e0da-4afa-855c-515011ac7da1","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":177,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"24ed0e0f-294e-48cc-ab6e-20ee4a4a3d35","block_type":"box","text":"II-134","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"63db0f18-62aa-4b0f-b103-aa1ff87c942a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94c0b220-a071-4cec-9bae-f1ad71cef464","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":45,"width":804,"height":11}},{"id":"56f0c0a7-a39d-4b0b-bbea-85b5130c5b60","block_type":"box","text":"difficult or impossible to obtain.","page_number":178,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"fb4b4635-e1dc-4894-b2c4-307df6a38106","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":82,"width":796,"height":12}},{"id":"5d97fc25-6396-4e72-84b2-43c752896ad8","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":98,"width":806,"height":11}},{"id":"dbdeb674-5e28-4ce2-bb8c-f6b6855fa1ef","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":113,"width":778,"height":11}},{"id":"0a714f2b-151b-447c-8a18-d7ff52c25349","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":128,"width":838,"height":11}},{"id":"6e083cc0-ffd3-4c93-aace-627b90f98ff5","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":143,"width":824,"height":11}},{"id":"0b26aa57-4bd9-440c-9a79-fe114925a8c8","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":158,"width":830,"height":11}},{"id":"bce83e1d-75f2-42e5-8a8c-0aa10c93c89d","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":178,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"9c311d2e-16b1-425e-9013-22db5f501546","block_type":"box","text":"Municipal Funds","page_number":178,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"1c6a63fb-7370-4dc2-8631-885962e38444","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":218,"width":798,"height":12}},{"id":"e25fa3ff-319f-4c24-87ea-5a7c665af758","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":234,"width":815,"height":11}},{"id":"0c6f05dc-b5f0-4b54-8b1b-4e461a0ed049","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":249,"width":803,"height":11}},{"id":"19f10742-9184-46bb-a5de-e4036709ef9f","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":264,"width":826,"height":11}},{"id":"1584d788-cc17-478b-80bd-07332c348f95","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":279,"width":752,"height":11}},{"id":"62dbacd1-4c54-45de-b467-bd9db1add71f","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":294,"width":817,"height":11}},{"id":"5bde6f21-b45f-4018-8d4e-82c0d9818a50","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":309,"width":780,"height":11}},{"id":"1ffdeb0b-1962-4fa8-abbc-17b1f9300741","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":324,"width":815,"height":12}},{"id":"15f5c875-e306-4fb7-9b8a-c13c1d654b3f","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":178,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"0fa72516-beee-4f76-a777-6d829ae4aa93","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":178,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"1a6d0804-4f55-4115-a2bf-80756c04e631","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":178,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"3a4a80d5-9c2a-4949-ab56-9dcaac97d4d9","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":178,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"18812d40-bea2-498c-a578-fb1e20c65e86","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":178,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"9a70789b-bd2c-4341-92c7-6d5557d4adae","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":178,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"68906837-103e-451d-8a25-46725c54f7bb","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":178,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"363c1a31-df62-4337-8404-5fb242dcb6de","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":178,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"e5b20f32-babf-4fb1-b508-2dfa5f7ec7dd","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":178,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"cab60b55-e73e-449c-a051-ec1802a34c6c","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":178,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"b1098e14-1913-4e4e-a204-9750b0d180ad","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":178,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"0536a585-ef8c-4aff-8e64-8717ca786f8e","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":178,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"5ca1ff82-d285-4fd4-84b8-d2eb422a2ecc","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":178,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"5c6e2660-585b-4d9b-8436-e3e8824b8472","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":178,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"475f3c0c-5011-47d0-8d6d-64144ae5f63d","block_type":"box","text":"constitute exempt-interest dividends.","page_number":178,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"2bbd2524-9a2e-48ba-9df9-f7dc7d51746c","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":178,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"1d4450f7-2af0-42a3-ba45-64c2d18692c1","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":178,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"c652f392-ebcb-4236-8bbc-c341a771ef10","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":178,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"d39e2e0d-3421-486b-ab57-4ea709508876","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":178,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"4b29bc8e-632a-40fd-b8a0-c854200bf64a","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":178,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"1636f585-466c-404f-a5d1-16b7b294c768","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":178,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"8b8c581e-188f-46d8-a4cb-f52a06e4e300","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":178,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"d193f9a6-7d03-4b04-9307-236c78e3e14e","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":178,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"5599f96b-a5d9-4589-bb4d-26bd3fcf1b08","block_type":"box","text":"income dividends received by shareholders.","page_number":178,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"eaf8cf0c-9c9f-4538-8a49-aff34db95223","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":178,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"30924b18-2294-4c8b-8c25-b924612319e1","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":178,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"91ec8e3c-09ef-4003-a835-63bd1c3cecc1","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":178,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"0ab50725-440c-407d-9ff4-7afb58b9e0e2","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":178,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"c0988790-4c9f-43fd-9258-1633fb5aefbe","block_type":"box","text":"the accrued market discount.","page_number":178,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"b6a0926d-9dc0-4dba-bd6a-bbbf836d948e","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":178,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"869c84d8-d5b4-4349-8407-6b699816ad33","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":178,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"16d4d1e5-a6ae-45a7-a025-8675eaa80045","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":178,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"6fd77736-9c70-457c-b766-ee5df25b2449","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":178,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"adfc3de8-c2c6-4d1c-be7e-5ec041c8ea4b","block_type":"box","text":"e.g.","page_number":178,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"44888d56-2a8b-417e-8ea5-101daf688ecf","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":178,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"f63439aa-1a08-4bc0-ba78-6b953cb4b1ce","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":178,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"2613c5d4-6563-431f-897e-7bef5ffd0d7c","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":178,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"0ccfa8d8-53d5-4e85-a1dd-f2ec6f74b9ab","block_type":"box","text":"II-135","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"62ee3cc9-63a6-4ee2-a185-838f8c46720a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b5d2444-0521-4f1a-915f-e61751df4d8a","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":45,"width":782,"height":11}},{"id":"f8ee9ba5-94a4-4ead-a69d-3ecfeefb5c69","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":60,"width":740,"height":11}},{"id":"2543cdd2-7d34-4086-be9e-f651c59deba1","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":82,"width":802,"height":12}},{"id":"cfab128e-74ed-4b71-97be-4bc3106aba40","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":98,"width":812,"height":11}},{"id":"15932301-dac6-428f-b744-88cf4bc5824d","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":113,"width":794,"height":11}},{"id":"d37686a9-e34c-4bb2-8d21-a1f29733ff39","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":128,"width":776,"height":11}},{"id":"27dd7e4e-49e7-437a-b593-b1b0e1b45dda","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":143,"width":826,"height":11}},{"id":"49945281-d82a-45d9-97dc-5ee4833b76a8","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":179,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"1b9fed4a-2cb6-40cb-8730-2f1697fbd1ad","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":181,"width":771,"height":11}},{"id":"ac6da8ad-4c46-4d50-a139-d11f9a293fe7","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":196,"width":828,"height":11}},{"id":"ff92e661-079c-4aea-b3be-68b681546d14","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":211,"width":836,"height":11}},{"id":"83d319e5-bfdc-4e37-b1de-5cf3818d8ce0","block_type":"box","text":"within each applicable state.","page_number":179,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"1ba16896-d938-4121-855f-31a543f586a0","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":249,"width":774,"height":11}},{"id":"7d2940eb-72fb-4ce4-ad8a-83856502a25d","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":264,"width":837,"height":11}},{"id":"62a51712-1034-4d43-b0ef-cdee47815a5c","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":279,"width":816,"height":11}},{"id":"2f6f34ee-6692-4a0b-801d-2c1f3226fce3","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":294,"width":830,"height":11}},{"id":"3bd78360-f898-45d4-aae4-09ddd7297c21","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":309,"width":822,"height":11}},{"id":"88f63fc6-d39c-4bb3-ad4b-23c6fefddd89","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":324,"width":783,"height":11}},{"id":"fd56d4e0-1021-4fd7-a9ce-3362226d3ca9","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":179,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"8508f02b-e80b-4be9-a860-8e9e3001e82d","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":179,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"144af297-ad7d-497e-9325-fae701446b3f","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":179,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"f6b7274f-1056-4d6f-8d9c-7da7a7dcf1d0","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":179,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"ac34881a-0e14-4739-ae88-81411f3d6e72","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":179,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"f07f0db8-7186-42be-b113-2aa3ef82dfa1","block_type":"box","text":"exempt from state income tax.","page_number":179,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"abf575a1-75e8-4c09-9af8-fb1fb6af4f4e","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":179,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"e6d73084-1ef2-4452-a1f6-e0a70d1a856e","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":179,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"a5c0ac92-a951-4013-88c0-db4ba8120b1f","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":179,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"a2d74168-58c4-4f9a-806b-29cca7643e94","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":179,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"7fd26221-1106-475b-9e16-db723bc34aef","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":179,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"f192076f-e899-4bce-9b98-ad282342c84c","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":179,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"c200759d-cf53-446c-944d-944ec5b38cad","block_type":"box","text":"decisions may have a retroactive effect.","page_number":179,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"fd102e32-f9dd-4fc2-83b6-ebdb273159da","block_type":"box","text":"PERFORMANCE DATA","page_number":179,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"fffaef19-9548-44f9-805d-4f8243e6d8b8","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":179,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"b408e605-d18f-40a3-88ea-45a55e24ea41","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":179,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"f4aff70e-7dec-4fcb-a941-c81f39d6a93e","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":179,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"dc82631b-a669-4fdd-bd2d-991f75232827","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":179,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"b5b649dc-ef2d-4c34-852b-4e820373cb0f","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":179,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"d72aa3a8-5c06-4c30-bb8a-805480a9a161","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":179,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"230610bf-c13b-440f-9e84-d21a4110faf5","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":179,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"50f4bafe-38cb-4b5b-9105-769a8a2f237f","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":179,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"a2aa7aae-4107-44d0-93dc-07cbaeb2cfeb","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":179,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"5df7b7be-e792-4871-a824-d5c5212a27e9","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":179,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"03a26295-c14f-4d39-9819-a8f9928eb16a","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":179,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"9337063c-008e-4e45-bb80-98c21a6c9c76","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":179,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"fcaedbc8-1d6b-4df7-a2ce-9d3bc10a0ef8","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":179,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"601d4e29-9285-44c3-a617-df852a647ce1","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":179,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"5751e8d0-43ef-4908-a099-9e37571dba23","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":179,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"4cf3204e-af00-49c9-881a-8f2e9e4c6fc4","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":179,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"2d0f3f66-5f6d-479a-be03-f304dde66e8a","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":179,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"a489683f-284a-4a35-942e-00d578214407","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":179,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"32e05cac-ef49-45d4-ab92-c07258934853","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":179,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"b90c8e4e-4be0-4355-9207-9f7f0f4f9ae5","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":179,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"8f6e44ed-f957-494b-b8d8-4624300c4187","block_type":"box","text":"II-136","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0c3351e0-4cc3-4958-9353-a96851265e80","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1834aeac-3ed5-4dc9-bb9f-8aebeb08a4b7","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":45,"width":820,"height":11}},{"id":"56a078e0-90ed-4878-8b53-16eb94477c3e","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":60,"width":833,"height":11}},{"id":"10f29b05-5773-4937-8506-a0fafca03c2d","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":75,"width":797,"height":11}},{"id":"0a566029-b9db-4337-b5ce-b93aeca01924","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":90,"width":824,"height":11}},{"id":"929efad6-77c6-4948-8564-72280fde5958","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":105,"width":837,"height":11}},{"id":"bb4432e6-1d3b-409d-8ba9-d14e9a179a98","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":120,"width":814,"height":12}},{"id":"98a0621d-7c1e-4d7e-806e-5e2b8c82c689","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":135,"width":830,"height":12}},{"id":"d03c4a79-1608-405c-bd8e-7d878dcaefdb","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":150,"width":774,"height":11}},{"id":"96c82d17-b125-4425-92b1-7b7d20f92d8f","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":173,"width":752,"height":11}},{"id":"6e8d8aaa-0f31-4d66-a21c-a4ac699d521c","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":188,"width":835,"height":12}},{"id":"0bac1166-220d-40e5-a965-c86fe2317914","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":203,"width":820,"height":12}},{"id":"4f54647b-7133-475f-bcaf-224c0a67fef5","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":218,"width":756,"height":12}},{"id":"10066d8f-2e3c-4bed-8b9a-ce8a0da1b0ea","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":234,"width":772,"height":11}},{"id":"dc8aca42-5490-4a2f-9196-9158734b5ad6","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":249,"width":827,"height":11}},{"id":"c285ca27-c31d-45ea-94f0-0661861213ed","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":264,"width":825,"height":11}},{"id":"e5451537-6199-4978-9de6-331314a2ab63","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":279,"width":812,"height":11}},{"id":"a2713b4b-6875-41e4-90a1-5592019d3bba","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":294,"width":795,"height":11}},{"id":"49a98dae-9acc-4132-8940-68b33a4c101d","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":309,"width":768,"height":11}},{"id":"08cac9c0-8473-4e21-bd6a-2ac36050784a","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":324,"width":810,"height":12}},{"id":"7927c856-7496-4704-91f3-1b4b08efad57","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":180,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"fc424800-76ac-41d1-a8b3-aaf3f152a9fa","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":180,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"0a0bc80a-1be6-4f42-ad8f-de2c4572a344","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":180,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"0b67edd9-2ed3-43ec-8a9d-f5b7ece12847","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"f5441598-91ba-4352-ae88-9a513ba0d8b5","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":400,"width":814,"height":11}},{"id":"8fbb2e5d-5cf6-41b3-a24f-07334510b7f0","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":180,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"8e184aaf-c461-44ca-8341-48e1c3baa203","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":180,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"5dbda29b-b012-4cca-bc2a-44e40ba2c4a5","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":180,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"5e13a9f6-5cd2-44fa-95c2-f91eea7c95ad","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":180,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"f88637d5-f9eb-4dfe-9353-e31fd98ef561","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":180,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"935c6480-6058-4517-9817-a3c127e74b91","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":180,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"1efb1b25-21cc-4c81-9b97-108c98c764cc","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":180,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"96e89648-7218-4b43-9ce1-88362820628b","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":180,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"a0b59818-621a-4a62-8265-7f95c3fed79e","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":180,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"edc21e7b-5e1d-4c60-bcb1-5dd804f45d81","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":180,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"67147ff3-2a85-4d0f-9a0f-b36bb7336374","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":180,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"a2f13f3d-1cb1-40d5-81e8-3ffdc63387b4","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":180,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"17374d9d-eb34-4a80-8da0-20f26519e9c1","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":180,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"0ea6af3b-9a1d-4e26-9699-64da8d933a4b","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":180,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"7058728f-1f49-4e73-a9c3-695759c6f330","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":180,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"66c4acab-cf0c-4eba-ab8d-8583a7d1a080","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":180,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"9187874c-99af-4187-8273-da2b9f39b28d","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":180,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"0fa67182-e0b8-4292-801c-31be15a0eee3","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":180,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"69486177-a96c-4388-8936-7328651a1c15","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":180,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"e573bd7b-33a5-45fc-8c9e-e546a3458761","block_type":"box","text":"less than their original cost.","page_number":180,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"4333bf39-3046-40cb-a2a7-44dc27596f2f","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":180,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"c95b7213-6878-4a1a-a407-39ee1088a099","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":180,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"6c115a69-f575-4663-812c-0169bfe42623","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":180,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"a18110b8-f598-4523-8fbf-59d54a66ce92","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":180,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"d1067a41-a96f-417c-8087-049fa852dbc0","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":180,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"77189527-e0d5-41dd-ae69-9266cf9e7d21","block_type":"box","text":"lower amount of expenses is deducted.","page_number":180,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"dec48421-a225-4e61-93bd-070d99d58261","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":180,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"de869de5-eaf2-4309-a654-730cab0730b2","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":180,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"fcc96e77-2196-4265-9f3e-57b881eeeb49","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":180,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"eac4ed48-6387-4287-abb5-ab88bbc79b9c","block_type":"box","text":"Money Magazine, U.S.","page_number":180,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"fcc28efe-6535-4e71-89c6-b3f9230ba367","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":180,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"bbbb3f35-a2ef-4bf9-bb1a-6ff9a71e2f98","block_type":"box","text":"or other industry publications. When","page_number":180,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"ca20d8de-55b3-4ea0-b2b3-6926a4ed8ef2","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":180,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"627e9694-428e-4f60-a236-88759f476413","block_type":"box","text":"II-137","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ace6bbf6-001f-42e0-82f5-16c3a67f58dc","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7301a301-fe02-4fac-b2a2-ef95a07926f5","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":45,"width":803,"height":11}},{"id":"f6e04b37-1d46-41e9-86b1-826029ff026b","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":60,"width":824,"height":11}},{"id":"b50e545f-8e3f-42f9-bdcc-83cf411432b9","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":75,"width":818,"height":11}},{"id":"dea228bf-43f7-4ea4-bcfb-b5a5fa8d6047","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":90,"width":793,"height":11}},{"id":"15c0190d-a60a-464d-a5b5-7272f77db520","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":105,"width":826,"height":11}},{"id":"7a361b28-5b80-407e-82ed-706a00b2aa21","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":120,"width":825,"height":12}},{"id":"cb5546f6-17a5-4005-8c3e-27d2bf959b10","block_type":"box","text":"developed by Fund management.","page_number":181,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"4cbab33b-379c-412f-8f48-8d29d70da1b2","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":158,"width":780,"height":11}},{"id":"40f26853-76db-4aff-aab9-2ecbadd01359","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":173,"width":810,"height":11}},{"id":"675bfdbd-3897-4b51-b9f6-10b878328e6d","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":188,"width":810,"height":12}},{"id":"24cb2965-1b17-4e11-852b-69cf3887e4bb","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":203,"width":792,"height":12}},{"id":"a0ca2520-a04c-4201-8f76-51ddefbf816d","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":218,"width":788,"height":12}},{"id":"213b7616-752a-43f8-a946-9eacfa24396e","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":234,"width":835,"height":11}},{"id":"dd3e8278-ec7b-442b-8560-91d76fcf8969","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":249,"width":830,"height":11}},{"id":"dba324c2-5d11-4f3b-bcdd-3f41c0ca4d8d","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":181,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"9918b504-8261-4b37-9edc-883ce96c57fc","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":181,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"a9579a05-ad91-4360-9bfb-6ac9029a82d5","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":181,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"f81b00b2-d63a-4dbb-a5ef-3772f85931b6","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":181,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"4a5d706d-7fc0-481f-9a42-0b85e3b626ed","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":181,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"fd0f544b-8f58-4f9b-9379-d07d25691285","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":181,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"6b46cc02-0225-46ae-9b32-2ebd73a6d2e7","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":181,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"a3714cae-538f-4fe6-a94d-2b53e2d8ce48","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":181,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"2c31dfd7-2d8f-4b8b-b3d7-934840e9093b","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":181,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"fb0a9744-3849-46fd-8ae0-e680a33200f2","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":181,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"f30ced4c-d4fc-4229-ad20-908a28600424","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"3bd1ce3e-0167-41b4-98c5-6682040cecbc","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":181,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"213376d9-30e4-49ed-b4d1-d9839ec17b24","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":181,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"090b8a96-0860-4fe8-8980-2af678f9e0b1","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":181,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"28b8fcb4-f176-4f6c-afb6-a0c0ae8bcd1e","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":181,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"67373c90-75be-467d-8a13-579b278707c2","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":181,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"1d916668-ad44-4eb6-8cd9-dee871aafeb1","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"8080eaa8-02e6-4196-844f-3cd22861a21a","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":181,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"bf88da0c-b419-47aa-b413-7dcb47623051","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":181,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"294c6590-60f7-4296-8d22-579f71940b96","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":181,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"96701f23-cade-491f-bd7b-bfe630d54788","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":181,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"66d30f00-5180-43d6-9b63-1eb7f23293ff","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":181,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"b961178c-0d1f-4646-8b0e-7a3ad13d52f1","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":181,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"aa568d1f-12f0-429c-97bc-e78aa547cf4a","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":181,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"e5a9903f-7e3e-4fa0-aa64-38573f9de509","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":181,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"fbeafe3b-1bfb-4629-aa36-d7e4412a3138","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":181,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"38f28c2e-b19c-4f00-933b-93469ed267e3","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":181,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"56af90b6-5e44-4cea-89d2-902effc8de9e","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":181,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"aeb2e4f9-19b5-44af-91df-2d7c4de30a97","block_type":"box","text":"GENERAL INFORMATION","page_number":181,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"c3e11b5f-2f36-41c9-a288-0ae5dbf9b857","block_type":"box","text":"Description of Shares","page_number":181,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"28b40870-ec87-4444-8993-d678a1697049","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":181,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"23ff7802-fb56-4059-a102-112614f2088b","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":181,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"fb9b1cbe-3840-48bc-83c8-0697091986ab","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":181,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"baebe862-b0b1-4c3c-8184-a9ba9945ffa8","block_type":"box","text":"matters relating to such distribution and service expenditures. 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Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":182,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e5d12ab1-b43e-4246-909e-462b78c57a35","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":105,"width":787,"height":11}},{"id":"b8ef3cf7-8776-497b-9e61-4472cd13838c","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":120,"width":797,"height":11}},{"id":"e0442d6a-4b2a-4d7c-8819-306de340501b","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":182,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"0e83e1c3-2082-4d9d-823b-fac6727f88da","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":158,"width":741,"height":11}},{"id":"1cdd09a9-5931-415e-a595-afd9332bd803","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":173,"width":790,"height":11}},{"id":"ce9e67c3-b5bd-42bd-8ff4-5024ca07dcbf","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":182,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"e78cefc8-ef4c-48a3-ada3-e393fd2d6208","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":211,"width":712,"height":11}},{"id":"e2af10dc-8b45-4d28-8986-cf097eefd986","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":226,"width":765,"height":11}},{"id":"b6996463-56ff-4f4c-84a1-0413d09e283f","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":241,"width":834,"height":11}},{"id":"6a9a2c45-94be-4429-83fc-494385a24154","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":256,"width":729,"height":11}},{"id":"c4a78127-df0b-44e5-b7ce-7a32f6c557b3","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":271,"width":815,"height":12}},{"id":"ef423651-b73b-4001-af28-cc7cc971a5db","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":286,"width":761,"height":12}},{"id":"e96f7ca1-234c-40f1-972d-abcc72bd163b","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":182,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"993e4c49-7d4b-42f9-b498-60a8eee184c1","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":182,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"8e8c028f-dbaf-4769-b605-5da2dc29164f","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":182,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"42df164e-4c07-4c9f-af5d-527db9ee0963","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":182,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"d10fffeb-6284-4f52-acad-ae36fc5ec370","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":182,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"26c7959f-a5cf-4b06-901c-6fd57ddbcb88","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":182,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"77feeec6-551c-4d80-8d17-221493aa3a68","block_type":"box","text":"Additional Information","page_number":182,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"09814dca-b54e-4f22-a884-5c887631709a","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":182,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"1000ac09-bcc8-4226-b986-dd0d02773cde","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":182,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"0d984581-74b6-4288-9e82-f758972bc51b","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":182,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"2ab98751-b2e2-4c34-b34f-06858c58c22d","block_type":"box","text":"such name to any other company.","page_number":182,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"9a434d59-70fc-4fa2-a0be-05df85a38dd1","block_type":"box","text":"II-139","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a7974dec-4be6-49aa-958f-415a08f7a8ca","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1c11e86-5128-436f-a2d0-164cc5a6f1f0","block_type":"box","text":"APPENDIX A","page_number":183,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"7e9d2f2f-13a1-42e0-9c37-14c5fd3c548b","block_type":"box","text":"Description of Bond Ratings","page_number":183,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"c5227bd1-3b9b-4b2d-a176-aff7e15a3933","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":183,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"b7fc8309-cc2e-4723-b6d2-8caaf38082c7","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":183,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"a47a5ba5-f7d1-4ccc-b04f-92af1203e853","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":183,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"4def7114-d355-4c2e-ba80-e5f24dcad07f","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":183,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"a53200a1-8f27-4a64-8393-2acb2a7436e9","block_type":"box","text":"date.","page_number":183,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"9a424912-7109-4874-ae74-02b431e1ebd5","block_type":"box","text":"NRSROs may rate specific investments (","page_number":183,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"94f2a79b-c976-4f6f-a25f-61c5e885e6f4","block_type":"box","text":"e.g.","page_number":183,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"38cdfbb5-c929-42bb-a478-5425c179cd62","block_type":"box","text":", bonds), issuers (","page_number":183,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"95bcb6dd-a724-4656-8a9c-4b96a1db43b4","block_type":"box","text":"e.g.","page_number":183,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"088993da-be91-4683-bb72-2bc7a9b42172","block_type":"box","text":", corporations, governments and financial","page_number":183,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"a6691686-1fbd-4322-9d51-284186c3108f","block_type":"box","text":"institutions) and/or programs (","page_number":183,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"fd87d567-cc73-49ed-8a20-0571405d3787","block_type":"box","text":"e.g.","page_number":183,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"b300e4fa-9585-4fa0-a95d-9bebc0aa0ffb","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":183,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"66b57daf-cd2a-4319-857d-9fa533228e7a","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":183,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"22b16fcd-9178-4981-8073-fdde20429f96","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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If applicable, when","page_number":183,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"79d93409-fa41-4e73-9321-f3c9d119f93a","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":183,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"cacede10-35fa-4c51-964e-22aa5c8556dc","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":183,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"76511e6a-2a0d-4663-afb5-50cd04f0c2f0","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":183,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"21a7efdc-9d32-4e12-a780-8ada8f18d9d6","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":183,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"7be4b60c-99aa-489b-b890-3379a8feb57d","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":183,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"79ec1343-25f1-4ccf-816d-39032a504dcd","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":183,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"c78d9804-0588-4645-9871-64ae49e310a6","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":183,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"b888c329-29e9-4f1e-8478-3eb89d7b44d1","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. 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Fur ther, the fund may","page_number":183,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"da5bcfb0-1aba-402e-990c-bfd8b7b57cc3","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":183,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"801ac980-a8f4-4d9e-aab4-2b2da74ba7e0","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":183,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"d9f41ea6-b16c-43b3-9671-032b0de9a8ce","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":183,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"fbd4059f-e074-4ef5-8e57-39e9e062b18f","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":183,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"a31caa37-9c7b-4a2a-ac24-93b8f4618e51","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":183,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"e0ae039f-ec1a-45fe-a904-b4b0400f86dc","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. 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Moody’s defines credit risk as the risk that an","page_number":183,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"44ab5ed5-d0ab-40fe-a52e-bbc3c5453a8e","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":183,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"6f265fa1-1093-4f9a-af05-e30eeaf68fae","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":183,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"d400b6a8-38dc-49e3-a33f-0f3d05bcd5fd","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":183,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"65c09eff-c724-4def-af9c-b0419549e762","block_type":"box","text":"sources of variation (","page_number":183,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"cf444265-c69e-4caf-9180-e24c618da4c4","block_type":"box","text":"e.g.","page_number":183,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"25efc07e-317f-48c4-aa7b-8c4d36f23e14","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":183,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"c4d38714-6604-45fa-aa2e-d09564f4f5c2","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":183,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"162411d7-d01f-464a-8372-c78e94934436","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":183,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"20be0d48-1ca6-447b-95eb-4d234f5fff07","block_type":"box","text":"e.g.","page_number":183,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"ac76d00e-a3ac-46d7-80d0-0b20aa154811","block_type":"box","text":", equity indexed), absent an express","page_number":183,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"3e98837f-f972-4986-87cb-035f3e773817","block_type":"box","text":"A-1","page_number":183,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a2249472-915f-4067-a7e5-0f3188ed1db8","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc20cf80-229d-4faf-8106-f2d0d2adb0e1","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":184,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b208292d-a439-4c47-a415-51fcbc97a99e","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":184,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"ca0b7f35-26f5-4423-876c-0af25cbd36d6","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":184,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"f9c9445a-a23d-4d3e-85af-010b845b48df","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":184,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"c236a296-ccdf-437e-b9f0-4db5f88de0f7","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":184,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"12f50b5b-21b0-4bc0-90a2-7a2b8851147c","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":184,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"ee25769f-ced9-4d2e-a4a5-f055e008b915","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":184,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"7550ec51-1ad7-4fc0-b838-3c8157112e0a","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":184,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"92c71c6a-5f6d-413a-8873-edea1b613a15","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":184,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"06d9a950-5e0a-480b-a8e7-5dbf92cc1f6a","block_type":"box","text":"i.e.","page_number":184,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"d2fb2560-597b-4964-86b1-b6b411c8e305","block_type":"box","text":", ratings on nonfinancial","page_number":184,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"7730e0f7-56b1-4e25-b7e5-6ec3241b80c9","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":184,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"e45a8265-8d2d-4222-aa91-8dcfe14b4040","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":184,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"f50f307d-52ec-4b88-823e-2d36422e4b16","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":184,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"24290b42-c1ed-42a8-b596-f8994c98b796","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":184,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"3215d5ef-3e81-4b52-808a-06f72385c7d8","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":184,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"f4bf9ac4-d661-4515-93b3-c091930143a3","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":184,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"9029c08d-66e1-4f1c-8bc0-ea1282fd8f10","block_type":"box","text":"of time.","page_number":184,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"bcf1491e-bf78-483f-9651-2c15e478fec3","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":184,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"2d3eb4a5-5bb3-4870-9873-27d4636f4794","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":184,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"bca74e62-ba78-4d69-8106-85f871070490","block_type":"box","text":"risk.","page_number":184,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"170fd2d5-3ce4-45ad-b343-df4a898531b0","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":184,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"76d78b53-2202-4811-8e94-aff89a1cd488","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":184,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"b02761ec-2d4a-4507-a44f-824a4d048fa6","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":184,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"fe5511f7-ed63-4c7e-a5a7-7382716f66f4","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":184,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"40c77d9d-5fb9-4f4c-9365-83953f26e40e","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":184,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"9f558a8e-511b-42b3-b704-3398a8758c17","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":184,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"83d359c4-9907-45d1-8656-50f1d3d620ed","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":184,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"c8a28492-bf32-4431-9b51-188bb43730b6","block_type":"box","text":"credit risk.","page_number":184,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"4f284e78-8541-4022-82af-5eea46f223ae","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":184,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"70d2179b-bdb4-40dc-9005-93b6893ed807","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":184,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"1434f7b3-973c-4c62-af9e-2449127d768c","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":184,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"dabdb6f1-aff4-46d3-8641-91066f45f080","block_type":"box","text":"of principal or interest.","page_number":184,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"50262b11-7375-4cef-a835-ac1d578f5b65","block_type":"box","text":"Note:","page_number":184,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"34328473-5a84-40e3-831c-798d92f04224","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":184,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"adb1924c-8457-4ddb-81d3-bce85da81596","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":184,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"bbd8e9dd-dc9c-40d2-a2e2-d910b98e7fe1","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":184,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"10e92045-d0bc-404a-8dcb-abe30ad57e04","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":184,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"3d49645f-8719-446d-869a-e1f1cbcecb82","block_type":"box","text":"companies, and securities firms.","page_number":184,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"ad0938ab-5115-440e-884e-7a84a5a8269f","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":184,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"6ffa2df7-e8f6-49a2-a878-63b8d8a8a13b","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":184,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"4d05685b-d692-4842-8cd8-9cd1f54639ea","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":184,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"076e77cf-bbad-47a0-ba83-1fb5b0e90cea","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":184,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"8f703f13-30c9-4da9-98d6-5c7ed74b9cd2","block_type":"box","text":"that security.","page_number":184,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"60e82b9e-f7e9-4152-b1ae-268b8479c913","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":184,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"a8851a75-a61a-4150-b3b9-4ca97f9d6c57","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"858c0e38-efcc-40f2-bd41-66a69565ee5e","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"d972af0a-3bf2-4038-bcd3-4e38ec27a673","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"156c0004-0990-448d-a5e7-97954dde2106","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":184,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"eeef25c9-940d-4315-ab84-80844cfd9570","block_type":"box","text":"categories.","page_number":184,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"3c41986e-744c-4043-bcdf-e763db94d427","block_type":"box","text":"A-2","page_number":184,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2be9d1f5-89c8-462f-a708-d8ed8473beeb","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"816f2ad1-ba0f-4e53-a1f3-938390f16c88","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"1336f7dd-935f-4b01-8e72-7d229c6a27d3","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":185,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"3919886e-56b4-4940-88c5-40b90e2ee677","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":185,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"dbb979fa-91f9-4fc7-9e6c-f8ec126a4a3f","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":185,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"d79a88b8-d541-417d-baf3-d21cb5c583ef","block_type":"box","text":"an issuer’s self-liquidity.","page_number":185,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"847067c9-042e-4c64-8029-fed3d13666a9","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":185,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"618a9c35-db12-4f31-87a4-327120733fa2","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":185,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"ccd5d46d-1e72-4ae9-a008-14ceb83950c7","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":185,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"6590cd2a-ba58-4b43-a4f3-3ab4ad68e0a0","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":185,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"5a4d2ea8-a198-459e-9319-ddfe73596a86","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":185,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"71e51b19-5921-4963-8e50-3fa6a2582f36","block_type":"box","text":"MIG Scale","page_number":185,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"54c3fcb0-7db4-4e03-b17f-1c84f7183329","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":185,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"6cf7d333-3961-4e4c-8107-0a7a74e6688b","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":185,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"87c58f1a-62e5-470a-a812-a841ceaf34d9","block_type":"box","text":"refinancing.","page_number":185,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"0d683d50-ba57-4d72-bd30-900a6469e749","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":185,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"cf9f2f2d-d8c1-44eb-badc-a3bc1a414d7d","block_type":"box","text":"large as in the preceding group.","page_number":185,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"e58d895d-58b8-4421-a8bd-5f2b5f4aa10c","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":185,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"35fd2965-5951-4777-b3ed-3982e10b0250","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":185,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"cd79fbe2-c98a-4073-be11-ff7259922d44","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":185,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"a25d7f13-38d4-46ff-8355-c77227a22d60","block_type":"box","text":"lack sufficient margins of protection.","page_number":185,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"1f9382c0-d686-4872-9cb2-ad644824dbd9","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"54b573bb-f635-46b4-8cf5-8f9052230e60","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":185,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"1c14820a-5a87-45d2-bc44-35a48fa8d455","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":185,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"de422441-6e75-4193-b604-e4987cfcd282","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":185,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"2f06704b-e5c2-49f4-a5a4-7a1ce857a98c","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":185,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"102c238f-f7ee-46ad-a0b4-ed1a17208251","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":185,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"b73f3012-908c-4c3c-8311-be2076d59e65","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":185,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"e5cbad70-53f7-487b-acbe-a03537725865","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":185,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"548329d0-5ab8-4a55-bbda-698ab5adf30f","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":185,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"c36c7b22-b528-4194-beef-a0d64f024c1a","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":185,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"d818e837-51c1-4cac-bf40-c386bdd4e3a3","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":185,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"f821ea12-dafe-4da1-a71f-908839d0d304","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":185,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"2d3781b9-06b5-438a-a1fa-35090d98c52c","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":185,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"81b8ce22-f709-469e-aa5c-e41b76a5acc2","block_type":"box","text":"VMIG Scale","page_number":185,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"879b381f-2e59-4a47-b894-043601542bd9","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":185,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"fae41fe4-495d-45ad-9e4b-a77e0692fcbc","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":185,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"86daea91-9ad6-4eed-b448-5aa06c5c6aea","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":185,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"166d16c1-c599-42fa-a98e-984250bf0d9a","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":185,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"215949f5-8108-4148-9066-296ad9fe03fc","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":185,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"2f157ec9-19a7-4e32-b865-6cab23d35f52","block_type":"box","text":"payment of purchase price upon demand.","page_number":185,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"e26d979c-8111-4914-95fb-948efec3c8b8","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":185,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"6e0aba73-a3dc-4ab9-9524-64448bd06a26","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":185,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"40f35eca-e6ef-4f84-b49a-984342093381","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":185,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"565bf632-5a2c-4052-90de-d05ed616108a","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":185,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"3b7a3224-30dd-4c23-b961-a8558c982646","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":185,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"bec40d1a-b570-4103-9352-a0d4e887dfc3","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":185,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"9d37b49d-e12a-4b97-9b32-0e8ae8e62719","block_type":"box","text":"price upon demand.","page_number":185,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"f00fcc82-5888-4a1f-a7d8-cf786cc55e5f","block_type":"box","text":"A-3","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"45c69df5-5427-4674-b51e-1f6d5772dcb5","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5c76ef9-c4d1-4e67-a39a-2d44500d7336","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":186,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"8e8a5ed7-04db-4730-b3eb-9e81f5c961fe","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":186,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"fc1ebbf5-4248-40c3-80a8-26e798051f06","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":186,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"309d45b4-2015-44ec-8f51-e446b3767d6b","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":186,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"796d0714-6027-4f9d-80ce-3ce62a7c0622","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":186,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"95511cda-c771-4376-8393-aef67523aa21","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":186,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"a23fcd7f-04c5-44c9-bbdc-8a1550080dec","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":186,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"da6c473f-7ae7-4863-9bcb-26f9885c95c7","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":186,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"aa1d1c19-780c-424d-b1c8-056a9f48dce5","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":186,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"2c5aeb54-6056-4e95-9964-a4fb5090f1a2","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":186,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"46b0b5b4-d05f-4a88-b946-3c7873321e50","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":186,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"34fb4fa1-a1f0-44b9-9aee-a665cce6dda2","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":186,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"54185a66-fbd2-4338-819c-55e4c25857f2","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":186,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"c53f3437-257f-43a2-af70-394d768ad158","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":186,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"85383468-4eb8-4574-b681-61be910e7a2e","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":186,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"9d970339-01cc-4949-88ec-c6660891b890","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"5a0608b9-ff47-4802-8457-322540a63a25","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":186,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"bb29f586-92cb-410b-beea-079c4158cb8a","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":186,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"1b45852f-b07d-4928-95d8-bad809cc39dc","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"28fc0a4f-b560-4426-980e-57bbd748f75f","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":186,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"b496da70-06ca-4268-b679-4dbfb8b81d2b","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"fea212ad-928a-4a9f-ad47-71b52665d538","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":186,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"d36818ba-904c-47c0-a4ef-726238c35662","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":186,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"eabebee8-6d91-49b5-8e75-8e3d1ffca336","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":186,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"281b6cd8-0f9d-43d4-909e-e25ef1cb3976","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":186,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"f38beebe-04ea-48ca-8eff-ee994d8b51d6","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":186,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"78867114-b61b-40bc-b791-c6468422ceec","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":186,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"84019373-d538-48bc-9580-3036e8ffad29","block_type":"box","text":"obligations.)","page_number":186,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"ac8e9bb1-35ba-4a1c-95e4-8e99674353c9","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":186,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"379e4dcb-2a47-41d7-8110-6904158251a8","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":186,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"37d601b0-b6c6-41be-be0a-ba6f69784ded","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":186,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"d5468fcf-9b04-4d52-b50b-aa38c288089d","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":186,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"b93e68c5-148a-4626-aa7c-164141315262","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":186,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"50f62c71-4536-4190-9ffd-3311f367b08c","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":186,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"4ed78fb7-bbe7-4ff9-9d02-a411bceb3f13","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":186,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"3bcc95c4-fe47-46fc-8b5f-ec5c592418fd","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":186,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"58dfdd10-e8d2-476e-8701-2e99b8a7b6fb","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":186,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"8b008e7b-bccd-444a-98ce-a2ab1d177d41","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":186,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"3095e09b-173c-4957-9cbf-969bc4f67d32","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"67590954-e4ee-4e8e-addd-28851fb74ca2","block_type":"box","text":"BB,","page_number":186,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"7f47d0a5-dc6e-4969-932c-565bb47cafac","block_type":"box","text":"B,","page_number":186,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"61a957f4-b8f3-48fc-bae0-78e4037332d2","block_type":"box","text":"CCC,","page_number":186,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"5339378e-9238-4cb5-8f00-c1ee7b7646ba","block_type":"box","text":"CC,","page_number":186,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"595d5cd1-1255-42b0-b5a4-d68385ecf920","block_type":"box","text":"and C","page_number":186,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"44cd05aa-1039-4133-93bd-02094abffba2","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":186,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"7b75e61b-e057-485c-a544-bd932da854af","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":186,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"5a74c481-bfb4-4ff7-96d4-4a8473d85ee4","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":186,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"48b5fb81-60dd-4bb2-a47c-b59d8641edeb","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":186,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"8bc3d939-568a-4247-8848-751dfe857e47","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":186,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"01519d63-4424-4ae8-812b-14de3061b239","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":186,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"8fc23694-6475-463f-9bf6-6082f57277bd","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":186,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"d16328bb-587e-41c3-b6a8-daf5173bb646","block_type":"box","text":"on the obligation.","page_number":186,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"53a78c44-ee08-43a4-93fe-e025033fd0b2","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":186,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"2e633905-8e90-45da-8462-4adec33ecded","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":186,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"78a1e8ad-4ffe-43d1-bc2a-1dc82243e549","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":186,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"acf75211-adc4-40ba-ae8c-9e9ad4b9242a","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"25336efd-e0ac-4d61-95fc-840491abc10b","block_type":"box","text":"A-4","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"996cfcb3-2a8a-4f6e-a0f6-89c8f63c1ccc","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4c6a55e-0187-4861-93fe-b178b38b333d","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":187,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"68fc6ad8-c2ee-4c22-83d4-43d49e6bda0d","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":187,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"faf2b23a-42d9-458e-8ff1-4fb76a4ece02","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":187,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"b88d8cc9-abd3-4930-a0c2-657e8f912255","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"9704b793-1065-459d-9dd6-324e674fa4fc","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":187,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"3882e6e5-c2bb-4a37-8f60-cb8f545ac9ad","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":187,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"27112ba7-5292-4eab-bf3d-45598e560d77","block_type":"box","text":"anticipated time to default.","page_number":187,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"d4f57bb0-5152-41a1-8602-5f1f25803451","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":187,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"ee24fae0-c8f8-4a34-8571-54e18e04f3e7","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":187,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"b14eedb4-1b58-4488-ae9e-868db1201ecc","block_type":"box","text":"higher.","page_number":187,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"d2142551-f0ba-4556-b33c-03b946df2feb","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":187,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"372f1c23-6d20-4385-bce1-df57634c555a","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":187,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"e0f7e921-2a37-44b5-958d-9dda30eb3b2d","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":187,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"c2ffd8a8-4b6a-44b3-9a02-5aaf84095a77","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":187,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"6a3e2e21-bb1b-46ea-90b4-6fec6f356813","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":187,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"274a6a68-e5c2-4215-b883-c14efc2d2dc2","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":187,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"4ad64101-9f95-4a7f-859c-6c197d542fdd","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":187,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"56bb9686-bc6e-48b6-8c40-8cc8328c747c","block_type":"box","text":"restructuring.","page_number":187,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"2d202f81-94a6-4cfc-8c59-30ccdc1c7437","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":187,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"2af38c6b-d47e-4142-9e01-82a76b462a6a","block_type":"box","text":"standing within the rating categories.","page_number":187,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"2dc6ecff-44b3-4d19-810b-b7bbb2fe8497","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":187,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"87411645-1615-4a3c-ba28-2dc8c401f6ed","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":187,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"44229139-b548-4759-b2c8-c137eafcfac2","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":187,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"4b4587f7-4d11-4c4a-9636-57f3bbff49cb","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":187,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"a885533d-15cc-45df-a41b-233451fea1bc","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":187,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"522496dd-4540-4d74-9e92-b3e27f07409e","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":187,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"628c9376-4369-40b1-8806-4650b64fcb74","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":187,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"c2d10b3b-6669-47a0-aa75-3169cc3cbfac","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":187,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"3057caa8-6ac7-42c0-8542-22b98ee1f162","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":187,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"32c77493-6416-4be9-91ee-4b4a368470f8","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":187,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"07a1485f-f092-4e98-b9b9-7b4d28dcd645","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"1478425a-1eca-4dac-992f-8133ed748908","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":187,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"52f1e9a3-13a1-4ada-8f81-aa12a3d86fa8","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":187,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"9ff355ec-be00-4cae-a248-e59fd8a6640e","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":187,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"dcceec1e-49ec-4c5a-a771-cdfa714f0c52","block_type":"box","text":"financial commitments.","page_number":187,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"03ac5950-9c0d-407f-ac28-680488db47b6","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":187,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"73686f15-3a95-4509-9889-5d9d285f5020","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":187,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"c56f35db-ca1a-47db-bcac-4fb11ef46d87","block_type":"box","text":"commitments on the obligation.","page_number":187,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"eddb5b04-52e9-48a2-a32f-6385ff91cf46","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":187,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"7d0223b1-1e6f-4af3-b612-69cbacf2d0a0","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":187,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"e1c3622a-682d-45d5-92b2-db21de946980","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":187,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"8a8b55d4-a67f-49b8-ba1f-ad136a9def94","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":187,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"eff0b2b6-e601-4938-8f36-7caef449c0d0","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":187,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"238126d1-3c54-4b13-9160-a152ba9dc774","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":187,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"e218ed87-fdc2-4f24-884a-d197dd7c8f36","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":187,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"ce2e2d63-78b6-499b-9e98-823f2e0c7a07","block_type":"box","text":"debt restructuring.","page_number":187,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"03dff5bc-5acd-48ca-97fa-e2c321c8005e","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":187,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"5a4d95e4-b993-460d-a835-75a642762a26","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":187,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"f1797d29-30d4-47bc-b8a8-3c93f4130f16","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":187,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"1d2dce25-22d3-4bf4-ae55-0fbfea5ed226","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":187,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"837fd77a-b5fc-40e6-9cac-b30d32ae6095","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":187,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"208c35a1-5c9d-4adc-acf8-5dbc6d87e4a9","block_type":"box","text":"A-5","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"cd1fb2d9-39fa-48d3-bb6e-ddddca4b5f37","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1806fbc7-7bdb-4d55-aa26-2c40bdee578c","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"89295ad2-0a2f-42a9-8ef6-e38d2222ed20","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":188,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"91fe14c6-909e-4849-ae83-710587b131c6","block_type":"box","text":"as a note; and","page_number":188,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"375a6597-a302-4b45-bbf8-67e1cf567ffc","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"3b4e87f3-15fa-4b6d-9262-d95324ec6215","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":188,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"9ebce0a0-73f0-4c0f-87ad-e4ba41df964b","block_type":"box","text":"treated as a note.","page_number":188,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"65262b0f-e208-46b6-b3a1-4dc7ca127399","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":188,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"a3103768-c169-47c6-bcb9-37b39d4c7797","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":188,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"00d81dd5-de24-4a77-8296-2f0b6aec3dcd","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":188,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"a5d07434-9e30-464f-8553-25985013b669","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":188,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"0bed02f8-6597-4b82-9cc4-6e71b27748c3","block_type":"box","text":"economic changes over the term of the notes.","page_number":188,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"e94522e9-0eef-40a6-b62a-5168b90e8955","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":188,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"bfdb6879-d39c-432b-b7e6-6efbb3faf2f6","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":188,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"314f0ff0-acaf-4d5d-8510-7716fc52050f","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":188,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"50891bea-d2d9-43b1-8e98-bc22ad2fa385","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":188,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"abf2895f-d2f1-4f76-8537-17ef49765dfe","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":188,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"bec96913-ebec-4db8-a164-8841e5988906","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":188,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"9dd3abff-2419-462e-aa10-a5517d57ead1","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":188,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"d9cdcc9a-5505-4e3b-b790-b7e29cc87299","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":188,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"96bee66b-f235-412f-ad8a-fe3f7365a0c1","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":188,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"a2629ec5-3221-4eac-9364-5493b15ed48e","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":188,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"e19f737f-831f-4cb7-81b3-5324542ce1df","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":188,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"017e6617-8156-45b4-a15a-06de5474416c","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":188,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"edb506ef-d8e2-4f01-b53b-0bfd67974788","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":188,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"1e83aab5-f026-4480-a898-8c4577aa59a0","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":188,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"1d4787fc-283f-4b7d-9289-84d2b7799ecf","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":188,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"3e98dcd0-a81e-4e89-aed5-6559036f303a","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":188,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"3c9e2601-e605-4521-aebf-32dbb0e31f82","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":188,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"ba57c17c-fd22-409c-a5d4-dc8200807f91","block_type":"box","text":"receivables or other financial assets.","page_number":188,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"f021add3-cae6-4ce7-9b9d-d82c3eab87f7","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":188,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"88b0b926-c7f4-4d66-9416-d9867611626a","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":188,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"70962b96-5630-4a50-9c34-ba1fabd2046c","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":188,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"cad0c591-8049-4fad-b883-3932e1ae26c7","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":188,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"8278ad29-105e-4990-8a58-9d61b1303322","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":188,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"f4ec0ca3-fb80-42d4-a2af-166d8395fe34","block_type":"box","text":"occurred.","page_number":188,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"5d8f618d-5658-4a00-b652-254bc843286c","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":188,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"b9e8f75b-1884-41ab-b344-ff777c753344","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":188,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"d4a729b2-11ba-40d5-905d-0823c53b4e5f","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":188,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"736442d8-139a-40b9-8824-2f279e876348","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":188,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"a956f43c-2fd9-4633-8b9e-6c3df3351fe9","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":188,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"367fa41d-bcdc-4706-a156-d7a6b6bb822a","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":188,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"d2e42786-6e05-4510-b289-bdb3649367fa","block_type":"box","text":"rates.","page_number":188,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"0d8c6fb5-e1ee-4c3e-aa1e-38017b364d1a","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":188,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"f62a0cb6-5f60-4697-9d6e-dbf9928a8df3","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":188,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"492780dd-0a0c-452e-99a1-4be11da81db4","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":188,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"bad49162-3c71-47ce-bf7d-457c40cc4824","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":188,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"c7b970eb-9414-4894-b305-eb6165678200","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":188,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"1347ad2f-d56f-40ac-9a5b-6f0fc1a0c4b7","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":188,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"87d1a9de-9ff3-44e2-b32f-e260d8534762","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":188,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"9e35eefe-4c97-447d-9380-3014dabe4a78","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":188,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"7f61ae8a-a77f-4062-8548-96f956e7f5fd","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":188,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"98415fb3-b3e4-4c59-a06f-81f263ea0b55","block_type":"box","text":"i.e.","page_number":188,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"40c1cff0-e86f-43f9-b927-086422406631","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":188,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"78c0e276-a5b4-414b-bdf2-59e41e135dc3","block_type":"box","text":"the obligation’s documentation).","page_number":188,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"72bbab4c-4c5b-4486-8fc3-e853457a6bcb","block_type":"box","text":"A-6","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1071d85c-bca2-4e49-8e14-f79cd0c87b36","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca1744cc-605b-46d4-8a6e-d25b84b88d66","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":189,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"11bf87e5-c9c0-45a3-9ef1-033b1ee4f44c","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":189,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"54349334-fd13-4a78-906f-5d197e7bd0a3","block_type":"box","text":"agents in the form of a rating letter.","page_number":189,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"4225c9f4-b1e6-4fdc-83a7-bb1b80080b70","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":189,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"0a6d388f-0cf9-47d3-bb5a-b5c5ed75404a","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":189,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"0e15daa5-a125-4a44-bea7-3657c441a899","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":189,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"d5670fe5-33b7-49f3-8e63-b23a0785e743","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":189,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"61a85921-9c0d-407d-86f0-0577218c3e9a","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":189,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"d3ac5f50-d2b7-4569-96a2-255cc5110e08","block_type":"box","text":"e.g.","page_number":189,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"40ff5a2b-1e03-400e-b02c-626513cbec7f","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":189,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"dada4dea-68a0-4b02-9349-3dff037e9431","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":189,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"86a80b1e-eed1-4016-b8dd-c0ea866ef5f7","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":189,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"cac4f9f3-522b-4fdd-9ae2-95993949d3ab","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":189,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"a3ed1d26-3194-48e1-b059-912c22e191f3","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":189,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"834fd6aa-1d2e-40b9-b9fa-46c35398388d","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":189,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"d05cab87-b4b0-4ba6-9aa4-d9f8346fb6cb","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":189,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"2260f46b-c8b0-4462-8a81-4b4cfae7696c","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":189,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"907eb505-2be2-4217-8af3-9da183d11459","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":189,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"330bcfba-6009-4361-b269-678c5db42edc","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":189,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"d277cd30-6f5b-4303-87ea-3c3d27912e66","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":189,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"9847f41e-b1fc-4a3e-93db-923f1448983b","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":189,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"11a2bb8d-e593-4e02-977b-53bc5898d1ad","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":189,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"f1143d12-49e3-42f8-98fe-d4809b35117c","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":189,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"319dd2fd-5de3-4e2b-8d75-2c7699fb32b8","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":189,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"b4200012-b17f-472e-8906-d9d663c56cef","block_type":"box","text":"Ratings.","page_number":189,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"c703fe0b-a6da-4727-a4ca-5dd86389d7c6","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":189,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"631bb7bf-1b11-40ce-a347-16e768516f5e","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":189,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"c7d95f12-368a-49dc-8131-7e99d9271072","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":189,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"8b5d85ff-d196-4b44-90b8-e9a6040a056e","block_type":"box","text":"obligation ratings.","page_number":189,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"bebfccf2-5067-48b5-a2cb-060db3727ed4","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":189,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"938a1921-7195-4023-ad9f-dfdf5dc33cdc","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":189,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"f8041958-b7cf-47d9-8d27-487663456a12","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":189,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"51e126b4-1693-4090-ab56-84151c2eeb4b","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":189,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"b76237ab-a050-48f8-93ba-4f67524d6be4","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":189,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"6037e27e-fadd-49a5-a645-89d099dbcfbc","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":189,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"fa7b0362-2eea-42c5-a3df-6783b79739a6","block_type":"box","text":"to foreseeable events.","page_number":189,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"1eccf322-df6e-4cf9-aa80-c1b85b8340e5","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":189,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"b907c2c0-8873-4d95-96cd-1ebbc565c4a5","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":189,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"f07cf41d-5db8-42c3-a276-31cc0be397e4","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":189,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"774dc117-b058-4dd6-bc65-9cc25f061636","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":189,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"9ed679d5-b3b5-4a39-b7af-980871fd54ca","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":189,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"83433a37-f360-4e83-a21e-bfa216dbbe30","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":189,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"0bf6b123-cf20-4479-94a1-19655f55de49","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":189,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"7b3f9494-7490-4b96-9a13-ea64f8576355","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":189,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"82a76678-0af0-4e8f-8219-21e06f95c4c0","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":189,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"e469dd05-3edf-4f49-a014-9200c33d0b7e","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":189,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"01a683d3-a70d-40f7-ac00-a9e8753c2194","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":189,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"af447b26-90f5-42cb-a161-060e97138597","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":189,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"9c067768-4768-43f6-959e-9cf861a3cc9e","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":189,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"b90acf15-2192-457f-8b2e-c61e537a7e42","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":189,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"6df3526f-502b-4eb0-b9ae-04929cb37e47","block_type":"box","text":"relative status within major rating categories.","page_number":189,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"f25bd4c4-365c-45eb-ba23-c849f4796961","block_type":"box","text":"A-7","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"88824164-9fd3-4122-8ae7-74e0b2acb6cf","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc96fd7b-ef52-4b98-811b-00ef7c481a8c","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":190,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"12f7e6f2-4ee9-4d60-88e5-5f680207a107","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":190,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"bd865ab4-9406-4a53-a514-81587ec5fe5c","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":190,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"21b89174-908d-418e-905c-e079439f3722","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":190,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"174e164e-06d4-4093-b2cd-099b117c0818","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":190,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"99446e0f-a6cc-40c7-b874-b00583afc73b","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":190,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"28ec7f1a-8ff6-46d2-b07c-f294d6054a48","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":190,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"b547c501-6dec-4b95-9026-c6d114f9af75","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":190,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"f24722ce-9997-4871-bc78-781d41abae23","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":190,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"f0ab94f3-ddd5-4904-a182-40627ffa70dd","block_type":"box","text":"finance markets.","page_number":190,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"f767be74-7d6c-496d-96ad-822049d8a258","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":190,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"503693e8-bb40-40bf-96a3-29ad1c1a025e","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":190,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"2d100edb-fbf1-43b7-96b7-d2cf9c4d1d9f","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":190,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"4e56315b-7f1a-496a-85a9-19ee16d28c1a","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"d8a6db9c-1dcc-4d62-8a44-a7a24eeb1a61","block_type":"box","text":"commitments.","page_number":190,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"7850bc4d-b3a6-467b-b544-cb1d490f5e79","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":190,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"b998f6f1-c380-4721-8551-0bc247d5057d","block_type":"box","text":"adequate.","page_number":190,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"f452926d-af92-4ac0-b602-9416a3305051","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"85f9ee73-377b-49b4-ba52-8ce93d26d18f","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":190,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"1aedaa2a-0f42-4694-a9d0-6dc390ca0b19","block_type":"box","text":"economic conditions.","page_number":190,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"90c7f8f1-c2ed-4c46-85eb-7e81e91c66ea","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":190,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"4f29f9da-e5c5-441a-8399-fb813b051adc","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":190,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"52f88533-21b0-499c-8213-74eb4ec268b4","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":190,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"d1794df0-85d8-49b2-9a60-4b151cb8c678","block_type":"box","text":"ratings only.","page_number":190,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"13c4eec1-bdc2-4ae4-9c65-a3e89b2592dd","block_type":"box","text":"D Default. 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subject to the","page_number":191,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"5051ca71-5c20-4f9b-bc59-ff7c16a9e9cb","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":191,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"59488e41-f19a-469a-a513-3e35ca6543ff","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":191,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"5cd4b488-982a-493b-b5ef-98655dd4e6d6","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":191,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"8207daad-7f37-4130-9065-04ccb845bea9","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":191,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"065554f8-94af-413d-88ea-9c092ee956ed","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":191,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"54b0257f-c40f-4ec3-a92d-196229727b49","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":191,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"cd33cfa2-d49a-465c-b8b4-a78082bcd157","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":191,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"181fe6aa-77d9-408b-9c3d-bd6472070ace","block_type":"box","text":"Conflicts Management","page_number":191,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"d04a592b-06d4-4d8b-9321-dd85e15619a3","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":191,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"4bf1ac68-c2dd-4127-b4b9-057699a9900a","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":191,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"85a0eb96-8d63-493c-bd9f-33d0cf1ed4d3","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":191,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"b4bfb2e2-78ee-496a-a48b-d91bde58d6bc","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":191,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"7a6182ab-0c56-4df5-8266-cd0e8153dc34","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":191,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"9cf7bb98-d981-4787-a14f-eb5b0570e9a0","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":191,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"adc0d781-aba0-42f6-9244-63eaf395b554","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":191,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"683f4729-8bf7-4fbd-810d-d4fbfacfe949","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":191,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"f2207401-0230-4ec1-8438-3fd02da5ed81","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":191,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"463da50b-b101-4b8d-b0fd-61a64f4c4861","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":191,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"2518452c-e396-455b-afc7-251758b2ef80","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":191,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"b52e0d21-5a53-467c-9322-80d4739050a0","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":191,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"25629dc6-0c40-4102-98e1-3a2a2c565216","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":191,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"a906e0b1-e7be-4096-962b-e701324baef4","block_type":"box","text":"connection with proxy voting.","page_number":191,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"9d06fc57-af47-49d7-942f-b668ca3304ee","block_type":"box","text":"Reports to the Board","page_number":191,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"526ad82b-ba33-4d31-9fd9-716ac2130487","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":191,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"c3ccb114-1321-4622-bb23-b5dbb4355ce3","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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2","page_number":194,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2c6a2f19-e9fa-4e5d-8d69-7a2ba4fe2266","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcac02b8-b7ff-4e6b-9dd4-74a8f1311dfb","block_type":"box","text":"OVERVIEW","page_number":195,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"080f0f03-ddcd-401f-a807-11c180960213","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":195,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"94b637b0-06a7-407a-8963-2aa1e639ac4a","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":195,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"ecb6b5f4-ca03-451d-8659-35e295a95057","block_type":"box","text":"issuers.","page_number":195,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"3bdfb2d7-07dc-468c-9762-64eef0d9a0a6","block_type":"box","text":"1","page_number":195,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"6fc6c138-62ce-4218-85e1-26b213216056","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":195,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"6c2332e8-1a82-42da-b5d2-c67d4f22de13","block_type":"box","text":"2","page_number":195,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"ecc234ff-748c-4b51-9f1f-4cb8e1f3b2fa","block_type":"box","text":", providing exper tise","page_number":195,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"ac2c8e5d-c8f3-4502-b671-1c044e14a7c6","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":195,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"ea6a2967-320f-4a5b-86e3-23b2f64f36ba","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":195,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"4f52e82a-b274-432d-b816-f20137e02d62","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":195,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"b34997d8-727c-4e10-a2e7-d2cafee8e2d3","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":195,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"39189b03-848b-4551-8c36-ca55abf8f22c","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":195,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"d9754b85-73de-4624-b138-ae25b489c919","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":195,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"4e51a0ed-d459-42c2-852a-fb6cc7fb2cf3","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":195,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"56bac444-8e36-4ab5-b9ac-4bc722c9210a","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":195,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"050f1f22-560b-4c6c-9af1-380e9dd569b7","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":195,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"1fb8f477-182b-4328-86a2-144822cc37e6","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":195,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"20e8825d-835d-45f3-b25b-5477f34ec0e9","block_type":"box","text":"1","page_number":195,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"2d0001bc-42c3-41c7-869f-86ad5c9496d6","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":195,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"937f2b26-36f8-41c6-93e7-deb3c3b70511","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":195,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"59149eac-9b6e-433f-b261-40474a19979e","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":195,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"372b7445-d546-4373-8b41-de5b7513e1c5","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":195,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"b4989a95-b13f-4065-b663-a37713af14c8","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":195,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"c5d79e91-7f67-4cbf-909c-715fad6f0af1","block_type":"box","text":"2","page_number":195,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"1af0497d-6750-4e89-a5a7-fea912e4dff7","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":195,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"b894a3dc-56ac-423e-824f-6acec91459a0","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":195,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"abf5bd9a-13f6-4ffc-9128-572eee666943","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":195,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"3256f3c6-95e7-4cbb-979c-2a62221ac615","block_type":"box","text":"policies.","page_number":195,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"ff27cdf1-66ab-42c0-9ccd-6e2d8bb3eec5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"98584062-7027-42e4-9b7b-4cb4f9e5cb20","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1e5d77af-149b-4abd-9878-850d9bb20f93","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89fc5606-58d5-4178-882d-9dcbbbd47ded","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":196,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"ad9560a4-b2d9-42aa-bd71-0899e65e8320","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":196,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"9eb3173a-2aab-4b56-adc4-2aca4f71ab49","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":196,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"4f31925e-eb69-486e-886f-02d5a10856a6","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":196,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"4eb87c83-8af6-4c5b-9093-1776e6015eea","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":196,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"e1d882fd-8045-4ae1-a367-0ab43e269a20","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":196,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"683a4904-5509-4b74-b274-de2d257a0de9","block_type":"box","text":"this work with research, data and analytics.","page_number":196,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"7dd64bb2-3109-497e-8257-c8799dd557a9","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":196,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"84342ed6-031b-4a72-8df4-00c708c8b4de","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":196,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"014a53e3-cee0-42e1-81af-156cacf00412","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":196,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"14006d24-6309-4681-999b-5df903939ff5","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":196,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"7c728ea7-a682-4df0-bd75-e7e98b81cafe","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":196,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"52f5db0f-5678-43cb-9ab2-f49e18c63eba","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":196,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"a09f9be4-cbf0-4629-8439-d32ddbf62492","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":196,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"46c0377c-d208-4ae0-9e42-aa9ac9b98731","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":196,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"c1905be1-44e9-4b7b-84db-8ef66407ec7b","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":196,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"f5285d38-9d3f-4d18-9364-78ce026bfd48","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":196,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"9f464b02-3261-4af5-a19f-d226d2b91930","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":196,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"3493259b-c51b-49d0-956d-7eeec9362fa7","block_type":"box","text":"shareholder meetings.","page_number":196,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"ed52c654-f693-4782-af88-9224c3c5cd1b","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":196,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"897464fd-639a-40f1-9acf-f9ed3e4356db","block_type":"box","text":"investing.","page_number":196,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"64981b7f-48d0-406c-a0cd-969a2eac59cd","block_type":"box","text":"3","page_number":196,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"428bfdb7-38f0-482c-af32-8741a6c1b6da","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":196,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"51b583b4-c8f2-4278-9caa-b9b2e8166c0c","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":196,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"0fe28722-a790-4961-b3a9-d73044525f73","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":196,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"358133a8-357c-47cd-b2cb-e7cb0e8e419a","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":196,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"cab7ec7d-ca9f-4be9-983d-c6b9e657f6bf","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":196,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"9b49ce68-4362-4bcd-bc78-1fa608b000a4","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":196,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"6098f151-02ef-40b4-9724-a9578904abd0","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":196,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"12c5d049-bf14-4080-bb5c-3950c4cba3b2","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":196,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"25f63737-ee0c-44df-be94-a47f3289eeb8","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":196,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"0ba1b518-901b-4eb6-928c-223b104d0112","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":196,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"8c1e450b-b0d6-4905-aadc-3a361e6d3b8e","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":196,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"bc81b6f6-4f22-4f5d-bf89-315d1e979a86","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":196,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"99d144ce-a567-418b-9bf8-d08948f79829","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":196,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"e828eedb-c447-47c0-ae8c-acb8eb35c597","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":196,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"1d12cd87-0c60-4e78-8775-4f5fb56dc5bb","block_type":"box","text":"management teams and board directors","page_number":196,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"e32ddd59-4d86-4330-8179-e8cb25c1d405","block_type":"box","text":"4","page_number":196,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"4e1e777d-67c4-43ad-91eb-4a292704c23c","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":196,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"28680c5d-6141-4686-aec1-87218ac513fc","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":196,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"f973bace-a8f8-4ab6-8a52-3702e87abcd3","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":196,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"b24645f4-cd9c-4858-8551-f1d50029c6f1","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":196,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"44c7e306-6703-422f-91c0-778f3f005c92","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":196,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"178e152e-4578-4e4f-9ec7-250c35dda374","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":196,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"f6dd8756-7219-4ff8-ba46-d8aab3dc3beb","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":196,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"093bd8d2-b2d2-473b-ade4-64ad8d5b86bf","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":196,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"a4d23af1-76c2-41af-bb26-2ddb08d04006","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":196,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"2890126b-60ee-4403-9841-eddb541b624a","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":196,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"764e3023-170d-4792-bff3-cdc11e760d3f","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":196,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"ad375e48-f4c6-47a5-97cb-359f803b40d0","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":196,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"e234765c-512b-40fa-97e7-89d037cb0bb6","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":196,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"d4c86103-f99a-43f9-96ff-f8eae4f6adf6","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":196,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"e0453fee-b4d9-48de-8b56-5b1bb7498fae","block_type":"box","text":"3","page_number":196,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"5bd2fcc9-70a8-462f-a443-793c77326a23","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":196,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"91b5f9a9-c4dc-46cc-ac94-3554b3e874c1","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":196,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"f984873d-92b0-4fa3-a58e-cdb57f8aa4b1","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":196,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"be55e501-1a90-41f1-ba15-9f55184e4940","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":196,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"29d2526b-1559-44ee-a990-8bc0e08045e3","block_type":"box","text":"4","page_number":196,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"89ee15bb-d24f-4907-b30b-0cc643c3a9c4","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":196,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"41ea6e44-3cf2-43d7-93a0-63fec1800322","block_type":"box","text":"boards and their members, where relevant.","page_number":196,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"9d4f6a77-dff0-4e34-bf85-d869421f123b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"746d1e04-d676-4096-b35e-769ac2669a2a","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d478ae8e-74b9-4038-94c4-bbbc2ae768e6","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66ed2da8-30ac-42ee-94ca-ed3769d1cb09","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":197,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"3bd52513-4e05-47d9-b229-0c7eb4632d25","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":197,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"4ea430c8-2ecd-42ec-b00e-754621bd049d","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":197,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"8b17db47-2e6f-4113-9ba6-0718d4f28d99","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":197,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"77956b7c-69de-490e-917b-bbcdd92439d8","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":197,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"b6b58988-b9ca-44fa-b47a-4c8e089bf047","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":197,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"a520eb80-b102-4851-b7ba-e7c526749f32","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":197,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"f02c0405-5150-4b85-8fb7-1f108a7cb569","block_type":"box","text":"5","page_number":197,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"3834e7cb-7338-492d-8ed0-9293fa9d0cf8","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":197,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"29686540-6516-47f8-8960-590d0d3fc5b1","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":197,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"02112aed-600f-4cdb-85ff-d18c27ed4f20","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":197,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"0e8d9f52-f407-45d8-9a7f-e59886991f8a","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":197,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"bdd3d40f-899f-4ab7-a07c-9241835c4839","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":197,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"8e000deb-b288-4f22-b9cc-497526d1ded3","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":197,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"2667d305-7a7c-42f6-8eff-c191202aeb5c","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":197,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"fd298e32-3423-4bf0-ba70-0b9710128861","block_type":"box","text":"5","page_number":197,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"8cf3c72a-64bb-4c65-9c5a-c577a70e3072","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":197,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"d92996b9-0aa6-4b54-b18a-eeab5192235b","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":197,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"30861b75-16e2-4d12-8e36-fd1a6cb46849","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":197,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"51802bc5-89b9-4cf6-a6a7-64aa46e6e074","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a988f3d0-ab31-46d7-aeb1-f8afba003590","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d0789614-81df-4a40-a994-09ac3cd983cd","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b137e5f0-179b-4a84-a815-538e243a0923","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":198,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"998d06fe-00ce-4368-8740-bb45e44d9007","block_type":"box","text":"Roles and responsibilities","page_number":198,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"f0c37ce1-d094-4158-8c28-4f233d2d67c1","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":198,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"e2669953-7f33-47a3-a2f4-906bef02099f","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":198,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"59a0cf06-6922-4ace-8b9f-7c95cd7d450d","block_type":"box","text":"6","page_number":198,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"88f129ae-8f1f-475c-acfa-0aa05abe06f8","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":198,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"7449a16b-50f0-4f6a-af7e-40829105aad9","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":198,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"23fb4814-fae1-4f01-a3b5-179a3d9b667a","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":198,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"ec50d41a-f424-4ac9-b6e9-df1ee517f677","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":198,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"3f825a9d-f4a1-4f2e-9365-2e15e5077a9a","block_type":"box","text":"per formance over time.","page_number":198,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"16d789df-d85a-4ba3-bea5-5befde374257","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":198,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"3d19d342-9eb3-4c13-8980-19509120f126","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":198,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"fc192767-ebbb-4fd6-9f3c-7de915eaa0cb","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":198,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"625fe2e0-0599-4387-928d-5af31b8ff7da","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":198,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"a3cf2a64-2eaa-480f-89c3-f927f50bc9f1","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":198,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"be63eec8-f555-4215-955e-3fc05be335a9","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":198,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"17a99543-344b-428f-aba3-25281b1901bf","block_type":"box","text":"Composition and effectiveness","page_number":198,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"c2cb9350-6b7f-4038-8381-9226c3476ae5","block_type":"box","text":"Appointment process","page_number":198,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"6dfd89cf-4a43-404e-8adb-b8adc9ea8958","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":198,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"4906abac-0889-48f6-af10-a5aacc12a5c7","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":198,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"97c599d2-1492-49bb-9954-d49297811440","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":198,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"8e325ab6-68b4-455b-8c7c-6ac028f3dfa2","block_type":"box","text":"e.g.","page_number":198,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"63c21062-bed8-420c-9c03-d64d68b5459b","block_type":"box","text":", sector, maturity, geographic","page_number":198,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"5c422c17-5484-4ea9-b7d0-98cbce8bd939","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":198,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"aa5c3fd6-fcce-49c5-9306-748b2e229384","block_type":"box","text":"e.g.","page_number":198,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"57bc1b2b-9c1e-4d3b-95d5-94f92ae60545","block_type":"box","text":", financial exper tise, industry track record). To","page_number":198,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"3a642bc3-9414-4c1b-a102-cfb43e53700d","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":198,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"e98176a2-dcc4-4e35-87b0-fa506f7544da","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":198,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"c0f4a7c2-35eb-4904-88a6-6fa913583331","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":198,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"735161d2-1a56-42cf-80f8-ce439a0b6b6c","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":198,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"e9e2ec1e-d318-4b6d-8d2d-9dd621575816","block_type":"box","text":"and local market requirements.","page_number":198,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"24b5a823-d655-42d1-b672-731cdf1ccf64","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":198,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"90521f52-11c6-4cc5-8596-97e2678a109c","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":198,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"9d7ea32b-3f16-4131-bb6b-51b264a056e6","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":198,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"d8a703f5-5334-4968-a33e-1a04b48599dd","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":198,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"8a9f6230-eeb5-47be-89a1-f33481f09f76","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":198,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"48d76fc5-aede-4ffb-a6db-276351374ff7","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":198,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"cbb1e532-832a-48bd-9eca-9515e030b929","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":198,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"4abda454-b2f0-48cd-a288-a7157380d445","block_type":"box","text":"Independence","page_number":198,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"e49fadf2-944b-4302-9948-80cba50abfcf","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":198,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"7bd0a6b2-d633-42a7-8395-51e9ee9d913c","block_type":"box","text":"e.g.","page_number":198,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"aa89c846-2dac-48df-bda9-53c859299014","block_type":"box","text":", government or","page_number":198,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"dcab7631-0f9a-476f-9acf-3c98c213536c","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":198,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"0356a16d-4e60-4aa7-89ec-af94a2577fb0","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":198,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"3cf4cfc1-075c-4953-9d4c-90f92c10993d","block_type":"box","text":"conflicts of interest or undue influence.","page_number":198,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"94e6016c-4854-4fde-bf8f-61910188695f","block_type":"box","text":"7","page_number":198,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"5c8d3484-cd43-405a-bbba-06c59f4696b8","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":198,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"75eff19a-1a2e-4069-bcbf-ea47ab221512","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":198,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"d2bc55a1-5837-476e-9d64-bf22c4ca184c","block_type":"box","text":"independence should meet those local requirements.","page_number":198,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"20fb460a-f2bf-46b7-8713-1fa4743fdb93","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":198,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"4b7aa3ac-59af-4424-874d-0ae9c0d5fd0b","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":198,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"88074250-f54a-48f2-aa18-bfa5ca44ba98","block_type":"box","text":"composition if this is a perennial issue.","page_number":198,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"8fac51d2-d044-4d37-8ebc-b7d848d441c7","block_type":"box","text":"6","page_number":198,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"8c7e8a53-779a-4df7-9a65-f0ab931d1781","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":198,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"443076f1-f777-4497-9d64-638437b417d4","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":198,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"763be4ac-ec80-4ecb-b083-7d77731baa3d","block_type":"box","text":"7","page_number":198,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"64f6c1b3-dcc4-46e6-8c54-e4ea789fd6d6","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":198,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"bd06a3a4-6329-4a90-abd4-2124656fb19e","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":198,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"72603ff3-1fcd-41d9-b32f-9181dde80e84","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":198,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"d87ef929-b633-4504-9b42-f657d43d8f61","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":198,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"1ad102c8-b592-4148-8088-efaed2c1f536","block_type":"box","text":"of the company and shareholders.","page_number":198,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"b6b3fcaf-b041-4fe4-b1dc-541fcf2e5c64","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2e3d878f-ba7f-433a-a039-644e146a83a2","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"9d7e0def-800c-430f-8d26-e65552b72c2e","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2aeef746-b10e-4663-8991-da8df3fedda7","block_type":"box","text":"Independent board leadership","page_number":199,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"fbf403d3-9515-4e53-986d-778d43baa1ee","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":199,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"d322a1b9-c40d-44ca-8f9d-e7f7e5f308e6","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":199,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"6a8b75d3-aa88-4c3c-9519-24c291a1114e","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":199,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"d47a0a38-b85a-412e-8aa9-a40355272721","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":199,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"514abbff-035b-48d2-bf82-776005c142bc","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":199,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"b3e11531-cafb-47c7-b236-fe2345f13033","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":199,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"e270e8ea-6d58-4d80-b67b-55f6709b3510","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":199,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"b3ff8c71-cc66-4622-a202-9713ab1ab78d","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":199,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"bd3abdae-da3e-4f66-81e6-3734d14d8b3e","block_type":"box","text":"how it serves the interests of shareholders.","page_number":199,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"f121d4a8-9fd6-419a-a461-498c1c5ccedf","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":199,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"309336b6-b222-4cee-982a-36075a5baa26","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":199,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"db736d4e-3d7f-4b49-833d-e9442cafb0d0","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":199,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"b8433ee3-802e-4383-8a96-16b304f2e6a5","block_type":"box","text":"Tenure and succession","page_number":199,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"739f4554-aaaf-48ae-b307-a79c2c7898a7","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":199,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"7393c0f0-dede-484c-9d25-dddf2fa699d4","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":199,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"fc73f231-1382-43f2-a209-e75806372777","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":199,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"628c26b5-3f8c-4e5e-92d2-2bb5182b5c9d","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":199,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"c02aab5f-6fbd-4832-bac9-914a70df203c","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":199,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"e10d4324-2f3f-466d-b665-31223ff1a96d","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":199,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"cef70346-1d51-41c9-b33e-c2f51c9b1958","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":199,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"9d11fcc1-6696-47d9-afb4-9c565efc124f","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":199,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"99c453ca-fd85-4641-924b-677fc178f751","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":199,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"132915ad-4179-4778-a8c1-b6970cca6a1e","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":199,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"01927927-fa45-461e-b15f-694239599dda","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":199,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"b32af430-4ec7-4934-b994-b68e2e046c76","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":199,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"206ca1d2-f5f1-4218-a40b-90f829ef599f","block_type":"box","text":"for their continued service is not evident.","page_number":199,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"ef454eab-9208-41cf-b547-83712e44bc38","block_type":"box","text":"Capacity","page_number":199,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"edae0514-659e-4772-a2e7-08c352fcd16f","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":199,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"0ac194a3-6493-4237-aaaf-d2955b92db12","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":199,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"d8e4472c-77f4-4509-9e68-ad277029206b","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":199,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"2b6219fe-4385-48b9-a2d6-b07183a28d20","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":199,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"fb07675d-92f9-46a3-ad4c-d9c9584c7f13","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":199,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"675c99c3-2812-48a6-b894-6be0a7233dee","block_type":"box","text":"determinations across markets.","page_number":199,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"efcd4dfa-cd32-461a-ad6a-e1f60855bbe3","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":199,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"d21e61cb-fd68-47ad-b4ac-9c2f1cc71eca","block_type":"box","text":"their duties to the board and company.","page_number":199,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"ed532df7-7428-4f43-8e67-27dec3603d3f","block_type":"box","text":"Director elections","page_number":199,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"886274af-962f-4c8e-811b-e94edc9b619e","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":199,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"61c35896-7664-4126-ad12-3272c3cf6b17","block_type":"box","text":"structure","page_number":199,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"5193a02f-4300-4f94-9ddd-26e3c417be6d","block_type":"box","text":"8","page_number":199,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"f3296f59-81eb-496f-88b1-637189524661","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":199,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"5ae4b870-6292-4a07-a9f4-d4a8b9565316","block_type":"box","text":"basis of its business model (","page_number":199,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"ba70fd01-92a2-4780-ac63-c0f9a49ea0c8","block_type":"box","text":"e.g.","page_number":199,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"9a1b44b6-5e20-44b3-b96e-884d4a5209aa","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":199,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"7f2a189d-00db-40ce-a8ae-437928ad6560","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":199,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"ff560443-1552-40c4-b080-f785b8bbeab9","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":199,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"ff2ef81b-30d5-4942-be44-3af72158150e","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":199,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"a6db74b7-f3c1-49cf-8c93-62f619336928","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":199,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"774d515b-7cb4-412d-859b-04bde83b680f","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":199,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"b24329e0-d767-473a-b024-11268ccc59a0","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":199,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"7a37743d-82b0-466b-8a15-62d5246ea0f9","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":199,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"e4c0017f-6d71-4d37-bea4-c18b7949f50c","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":199,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"a45f98e6-a717-47dd-9058-4a61bcd00d3c","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":199,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"d866071b-67e6-42dd-a7a1-70bfbbb5556f","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":199,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"76081123-726f-45aa-9ee2-5db5c6a78aad","block_type":"box","text":"8","page_number":199,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"8118f20e-26cd-4245-95bb-de9bfab7fa62","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":199,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"5e20f49b-d125-417b-b7f7-e3f543f51ef8","block_type":"box","text":"directors stands for election in any one year.","page_number":199,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"43cf05dc-b574-4941-bd9c-ea3cde829d8c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"20d92d06-e32f-4790-ade0-933491493d45","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"314f24c9-20af-40f2-9f4b-76a3298e1e7e","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd9daa0c-e2ad-45c5-b9c7-7f4e41423a6f","block_type":"box","text":"Committees","page_number":200,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"81ba9215-d182-4d90-adc4-01b4fd634de4","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":200,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"df5eeeae-6fe8-425c-b41c-f99aa64d1852","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":200,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"396dadb4-ee4c-47db-b71e-0ca1b7f3d59e","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":200,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"24506a77-2d8d-4fc9-aeea-0aaac3ef638b","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":200,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"3581a09b-d8ad-4530-a406-dd34ff3e5e8e","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":200,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"ad3d0e97-ab97-4a89-bae0-f257bd98690f","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":200,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"be4edcaa-a434-4bda-b72b-c923ee894e28","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":200,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"49380f0e-8da3-4c42-8273-870021e9aab5","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":200,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"7d58dc66-ef7a-40af-9ef0-0265abd8b887","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"b973cdd8-69e3-4408-ace9-bc11e241b407","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":200,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"89dc7a6a-02a6-4912-b37a-98d29fb04a3c","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":200,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"956d8500-c488-4160-aa0f-455e19864400","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":200,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"436152cd-5c42-452f-834b-4695240bea75","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"dba2a05d-1604-4641-b69a-8fa944185961","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":200,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"8f93f0d9-500a-4776-96fb-155e19da0299","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":200,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"141a5c32-e2f6-4ef9-96b6-de731ec7ec4d","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":200,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"88d4be8e-4d69-45a6-a0ac-7a5d3bb1b0d9","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":200,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"65098f54-3556-4260-a81f-ac95c5386699","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"fd9a7dca-ac2f-405c-bb05-e3a8541fd150","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":200,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"5a4faef5-442a-4807-a523-9adecee62250","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":200,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"c101758c-601a-4dee-9b83-5260490b55e2","block_type":"box","text":"firm-wide compensation policies.","page_number":200,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"3440522b-ad49-421f-bea2-c95ae00ae7f2","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":200,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"a4a8b831-584d-4cb6-a62e-3a40668961aa","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":200,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"1ca21caa-ca6f-4100-8b3d-4c452f4c2cf1","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":200,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"867bfee7-5aab-46a0-89c9-aa62d585dbd6","block_type":"box","text":"Board and director evaluation","page_number":200,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"9b623853-92ad-4d9b-9ac0-e8974227e53c","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":200,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"2acc328e-1879-44ee-ad52-e2b05d0d37d6","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":200,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"713ace1b-0e30-40df-aa0c-175b40132956","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":200,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"31c2b15c-326e-4f65-aeb4-9c1c6add2488","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":200,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"3563cf09-3b10-4a5d-bc7c-3f61e79a649f","block_type":"box","text":"a result.","page_number":200,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"230980df-6244-4df0-a9a7-e1b2c0885169","block_type":"box","text":"Access to independent advice","page_number":200,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"fb990baa-a60d-4e05-8833-4c9bc4508f35","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":200,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"6c25a5b1-fcb1-4e8b-b74d-4afc81089c4a","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":200,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"3606484f-31fe-4086-ac15-9f47c4d0ab2e","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":200,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"945a1f5c-03f9-4822-ba5a-5a50a0159ad0","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":200,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"fa14cf2c-1e65-470b-8a84-feaa5f1d4814","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":200,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"6d7d3c25-5831-4b9e-9367-ebe7d09d9841","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":200,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"27fa7d77-fc7e-4c06-9a18-467bf9516270","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":200,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"9d0290ea-9061-40df-a04b-da3d5fcf729e","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":200,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"0e3b5537-6635-4772-831d-0abda7baebca","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":200,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"0a479061-2103-4381-89dd-3893bf4a6ce5","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":200,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"ed3fd777-f93f-4ba2-93aa-97aac979b84f","block_type":"box","text":"per formance.","page_number":200,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"806e0dae-29ec-4f5f-b264-bf8a053cc4de","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":200,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"d4ca26fc-e7f4-42de-8fb5-04a01cf23ed7","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":200,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"eb3fafa6-8f56-4d8b-9f42-3d9571fae8ce","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":200,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"b235eb32-2080-4034-a426-604e1c395aa5","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":200,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"fd85480b-adf1-4c18-ac42-4d24d79c139c","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":200,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"daa677b6-df1d-4822-92f0-7b8aab58dc36","block_type":"box","text":"recruit and motivate.","page_number":200,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"22834f29-2aa4-40c3-af2a-7de21c372e84","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":200,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"bd68c6bb-2eaa-41f7-bfcb-99e0f1c671a3","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":200,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"4e40a4d5-1de5-4e40-956f-266eefc299c5","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":200,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"75dea235-6a33-4f1f-b037-91b46223a4f8","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":200,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"8203ce0b-5954-446c-bf81-2888e8b5b8a5","block_type":"box","text":"arrangements include:","page_number":200,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"b1a76787-3654-4132-83a5-f20a0b002e57","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"0d820d97-ea61-4026-8bc0-cb2f5012b0a6","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":200,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"d89607d8-3898-4cf3-9516-4f5b5e6cbab8","block_type":"box","text":"the company’s size, sector and market.","page_number":200,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"a7d17e66-24dc-4eb4-84c4-16e281fd0716","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8b4b0598-9fb6-40cb-97dd-46829b90217a","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0de63d1f-db96-4537-b8a9-bed470730a1f","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d55adbc-34c2-4cff-99ae-c83e42de3218","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"ca102591-48df-4481-b208-7e5a83879b71","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":201,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"51c2dc0a-3a99-485c-bedd-c55011d27f51","block_type":"box","text":"strategic objectives.","page_number":201,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"4fd3d52c-2ad3-4322-9db4-62de192b50ea","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"5ae5e25d-d632-47a0-9280-bd1cc578f789","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":201,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"f55a4a06-0a7a-4eef-8982-79b821cff016","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"d3171206-43ce-4fce-b504-7277dc3064a9","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":201,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"2d8b7163-8544-4bce-ad16-1b7ce6dd3dba","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":201,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"f7989ba7-7631-4902-a200-6e28ea2d9cb1","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"09dc6d17-6429-4a73-8702-67142a3981dd","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":201,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"cd8f0d48-59b8-490b-88c0-3bf038c975b3","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"b11b17c0-776c-40a2-b8f4-f3d9a4c5d8f6","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":201,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"a2e21260-7042-455f-b84b-563a681e76cc","block_type":"box","text":"transparently.","page_number":201,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"d1a8d32c-e1ce-49aa-bf8e-b6da17a9d435","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"82eae38f-d67b-442b-af1a-59bcc3c4ec83","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":201,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"2ae7e3ec-ec1b-4c25-ba5f-cb9b421ddb75","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":201,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"2d646508-78cb-41a8-a633-6d19d15b7bc1","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"ee38de20-57de-41c3-853f-f334b53dc49d","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":201,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"ac6954ba-30b8-4e74-ab5b-2a462b87d2b6","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"2f24d868-5e55-42dc-b9f5-6e6a2a8f83fa","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":201,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"760f77f5-3c71-44fb-aee7-40f060c1b57b","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":201,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"896b222c-60e2-4ece-9419-f36248fe3446","block_type":"box","text":"misconduct.","page_number":201,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"5c2c674c-1504-4792-8513-3af701301521","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"be2d2503-d767-4502-9ce2-96377e7fb65a","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":201,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"b4f75130-a35e-413f-9dd8-e6863218cd2b","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":201,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"5497d9dd-2629-484e-99f1-759db8bc4135","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":201,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"9361e783-1407-44e0-9ab8-e244a7eb7692","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":201,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"ea69b0d7-2e28-4c26-b34b-ff10de1dc99c","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":201,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"c63d14ac-aac1-4b1f-91dc-02a9b8714612","block_type":"box","text":"committee, or the most senior independent director.","page_number":201,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"ba0a2aeb-d821-48e1-a95b-063e296a753a","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":201,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"6c3283d2-fab9-454f-8b5d-1a3d949efb5f","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":201,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"e6a0dbe8-d62b-4c4c-b657-ab429252c7fc","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":201,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"b949cd51-482b-4929-9ded-fd6306f7b22f","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":201,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"5f602bf2-0e6b-443d-9202-5b47bdaa2dd8","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":201,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"0db1e158-4218-4d3c-9523-a8a3c3b81d21","block_type":"box","text":"CAPITAL STRUCTURE","page_number":201,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"199e80b9-77b0-40b4-b26d-80764f18b651","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":201,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"369278b7-a671-44dc-8528-455b9bd4a6ef","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":201,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"16cea8b0-252f-4221-9a1d-30d552084547","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":201,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"fc750b63-0875-4e42-b81b-b43c9ac84a2d","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":201,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"f5e7549c-aa50-4aaa-9f5b-729560a8b904","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":201,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"045bcdd7-41d3-4cb0-8a14-5cf2711bd963","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":201,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"a93fc7fe-936f-4981-bb92-4d9c506c8063","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":201,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"6d493244-30b6-4a8a-ba4b-4a519907ecec","block_type":"box","text":"Share issuance","page_number":201,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"54e4bcc5-03a6-474f-b11d-b792ca4e642e","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":201,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"92cd1121-f046-4de8-abdb-9de97a1dbec1","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":201,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"6273a535-45b6-40a4-b7e1-c252dc482ea4","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":201,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"f1d8ed06-5802-4fa0-8050-87c0e3f137ed","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":201,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"4623d4d4-9690-4e43-8ced-fada96d427d7","block_type":"box","text":"market environment.","page_number":201,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"8de36b31-d971-414f-a8df-4e24920938f2","block_type":"box","text":"Share buybacks","page_number":201,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"c6d18cbd-f757-4044-83f9-9db9d48c43c8","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":201,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"48b269b5-9be4-4f23-98e3-6d8d8e190650","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":201,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"2c07247d-d0ab-4ffd-a10f-e1c868f5ca02","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":201,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"c06c9728-1fe4-4f50-9e53-86a48dd95651","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":201,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"2061d4a4-a8b8-43c5-a1e0-5a29888c75fd","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":201,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"d6e580ed-c78c-47ad-81e7-f7ed7a5d2f6a","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":201,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"c56825ad-1d58-4d6a-8236-c8c11dd31c4a","block_type":"box","text":"of the company and the market environment.","page_number":201,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"27204dc7-91f1-4e3c-9dcb-0792c0b5d4c9","block_type":"box","text":"Dividends","page_number":201,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"cb7ef026-fc3e-45c5-bd9f-4f27d2455112","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":201,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"d43f36bc-7701-48cd-8b59-8e383ba60d5e","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":201,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"586034c7-0586-47a5-8cb5-7a0af28e86cf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0a26b809-a94f-4845-9c26-8bbaababd318","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"bf125478-6a59-4516-a0eb-170eac4aac1c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c3b9171-609a-4898-b54b-efefd1c742ed","block_type":"box","text":"Differentiated voting rights","page_number":202,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"12b4c94f-0103-439e-b53f-1a174b4dc391","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":202,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"52ec5fc8-b50e-4d17-aa71-484145c49ee1","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":202,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"efe6f169-1bf4-4c63-bdb0-eb115dcbe9de","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":202,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"85ea40e8-3ca6-49e6-a4c8-cfebd2dc72a8","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":202,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"286d2405-74df-483e-b385-5e1075d24fdc","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":202,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"c8c4a14e-cef8-4a1e-ac5a-1133438292a2","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":202,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"60b31311-98e1-47cb-814a-4ea53c1a6ead","block_type":"box","text":"analyses of proposals.","page_number":202,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"3fd68df2-855d-47b9-8538-54b8c899021f","block_type":"box","text":"Mergers and acquisitions","page_number":202,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"f2a01903-e5d8-4819-8148-3a7df7c391b0","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":202,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"bcfffd1d-4eae-4415-8306-dc91ee807d84","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":202,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"5ded1462-9121-4936-b094-7a6473c264b7","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":202,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"3d49ba3a-732a-487a-8a4e-8b040e88352d","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":202,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"519e92de-495e-4c68-a0ba-525bba91c412","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":202,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"0b7b0732-5130-4d80-84aa-e6c79d8ea998","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":202,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"2c0ddb0e-2b9d-4aa9-90cd-d56d203b6a6a","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":202,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"3748ab31-9762-4e5b-8f4b-15f891298485","block_type":"box","text":"Anti-takeover defenses","page_number":202,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"d47fc89e-fc28-49ac-9dd4-de82c55204d7","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":202,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"19194eed-e7b3-49da-b346-e6d5645532ee","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":202,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"9fe5053d-384e-44c7-a839-3bb5b2918207","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":202,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"550c2489-93d7-4bdd-9cf3-70a5278d9abf","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":202,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"3a3d999d-b85f-4645-a161-96d03f4429a4","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":202,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"8a587125-a0f7-4d6b-b61c-f0b3ac1b78ee","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":202,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"a39c8c8d-f704-4965-a280-730cdeeca52e","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":202,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"47c3a6fe-bfc7-4de1-aeb4-8276f32c7776","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":202,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"0362790b-8734-4ee5-b873-f5ed70c9624b","block_type":"box","text":"Shareholder activism","page_number":202,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"8075f502-6f67-4461-b315-aabc024e5ca0","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":202,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"740722ad-4ec1-4918-b061-c2ac37199c1c","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":202,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"e696bac6-59b9-41b9-98c4-896841702896","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":202,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"fb6e4898-e3e4-48fb-8b5d-88a8bff4f4f2","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":202,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"fbc028e5-be33-4070-8e6a-b9b7dba30dad","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":202,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"7874eea8-1e25-49fa-a068-f55ab71f1147","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":202,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"936f4dd4-3a12-469a-9f57-bae0be04cbd8","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":202,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"af023685-2eee-4655-9024-0b4a499da9ec","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":202,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"b47fa931-c1d9-4c4b-9f63-905f2f25b36b","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":202,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"34b97076-3608-4228-91b7-cd532210f9f7","block_type":"box","text":"protecting shareholders’ interests.","page_number":202,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"8857184a-8541-4295-827d-2a973dda32fc","block_type":"box","text":"Significant shareholders and related party transactions","page_number":202,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"78bb5270-a10a-48e7-a436-e4872847f009","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":202,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"7de54497-6fe1-4247-aafa-0643cd3133a5","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":202,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"b8c3ac7a-842c-47a3-9a42-1120c999eb7f","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":202,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"b3b657d8-d575-4d99-84d7-0b922c621e85","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":202,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"cbd5825f-8c20-46d2-8954-8654234ff2ad","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":202,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"f37a4598-4620-4068-bd4d-de4821ea3b8d","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":202,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"136b82b2-291a-4154-9cba-8c823bce4e3c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":202,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"3f8abf6b-c6ae-463d-9c52-46ccf2a79926","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":202,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"6e68c9cf-eed1-4c0e-a45f-9c4d3069a5d3","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":202,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"2cbe7347-f14e-451f-9771-1dd4095342aa","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":202,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"0e39b998-e3ca-4c52-93f1-5fcfba9edc3d","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":202,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"dcc7b5c7-005e-426d-a4ff-8d524f86d97e","block_type":"box","text":"audit.","page_number":202,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"b4cb64e8-9540-4a32-989f-efff2c753165","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":202,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"375d8b32-2f0e-4eff-bdf8-00a37aed3c4b","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":202,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"0820a7dc-72b8-4237-aff0-9f3ea0774d83","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":202,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"68eb70ce-17f1-4a69-ad87-426eda8fcf0c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c99d92f3-1391-440a-9f8f-6ace99e5929c","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":202,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"868cfd10-68a1-4818-a6b5-9d3dfa95ecac","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1f5bdee-db79-4083-ba5e-963b7e037d3a","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":203,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"2f30a541-6dc3-4669-952e-ae3af754c102","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":203,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"8f22f67b-e13e-4ed9-b567-89274d73af45","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":203,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"e6b2ba0a-722a-4a43-8ce1-a027adc152f0","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":203,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"de7b0abe-c3d2-42b3-a918-cc8eec8e4d41","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":203,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"cd8527c3-3d9e-4a8a-92c8-5e5ef842ecf6","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":203,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"a78c164f-783d-4891-8ff5-256db4cd1f5d","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":203,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"39074104-cfbb-44dc-a108-4eb0fb84f632","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":203,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"2dc42c31-a1f7-446b-80cd-ee42a84053e2","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":203,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"09b44f8e-f126-45bd-89b3-e94c98144bb6","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":203,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"b82936cc-ea68-4935-9786-b62baaf7b671","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":203,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"ad72b275-d430-4c61-8964-f43279d50897","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":203,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"b216a36f-707e-4abb-a263-2aa250033967","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":203,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"fe366ee1-a978-4196-9f66-de6cde700e4d","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":203,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"78670400-9e9b-482a-9d00-618e5978e586","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":203,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"3963138b-c0c8-484d-a000-68a546e7e6c8","block_type":"box","text":"9","page_number":203,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"1685d516-a85c-433a-a544-8f0937d9d3fc","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":203,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"41268edc-7647-4064-b987-401a57447a37","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":203,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"28f6ded5-3120-4756-ba88-0d199447eb64","block_type":"box","text":"standards specified by policy makers.","page_number":203,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"7afe9c21-157c-46f1-8ccd-f386632466ad","block_type":"box","text":"10","page_number":203,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"9720f9b0-a915-4800-a4cf-cd4dee535aee","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":203,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"6e0fe118-3184-40a0-9c39-3ec2176d1073","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":203,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"f4ea3fe7-70bb-4172-a4db-83ffa418e42f","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":203,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"2adf28fc-af38-4a14-81e8-5ab2b9f121ee","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":203,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"54ddd49d-84e9-4e9d-8a9d-b87cc8a10980","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":203,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"875a6cdd-450f-41ea-ae2a-985d4230bfd3","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":203,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"3f213a7c-860c-495c-958e-a3854ea05e43","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":203,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"98cad882-6744-42eb-ae3f-3e9d678a7f34","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":203,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"be637031-c6cb-4fa2-86df-959d629d90c8","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":203,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"1f84991f-0f35-4236-993c-110dcfbdf55b","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":203,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"e0c746f5-3e14-4fe2-b59c-66f3f5e7be1b","block_type":"box","text":"remained independent.","page_number":203,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"ab7afdf0-5bf5-44f9-81c5-fc1da6692a05","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":203,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"f2f36549-ab34-4dc8-a264-9e820690caf0","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":203,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"275321f3-bbb3-47ff-87ba-361555ec8b87","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":203,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"7d8c14ae-2929-4cb0-97f8-52ee4c581995","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":203,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"ada162eb-6ef0-4b3b-b9ff-ff76753d4a92","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":203,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"51fa7ce2-65db-4b4e-a7cb-25f7cb9580b1","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":203,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"720e3820-f6ff-4ab2-a242-424d24c1a356","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":203,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"16468a66-1f16-45fe-ba41-9e6de63c9c23","block_type":"box","text":"General shareholder meetings","page_number":203,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"859b9c9e-e8b2-477d-82d2-9234d3732b32","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":203,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"ad5abdfa-df19-4714-bb95-1324c6e2f687","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":203,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"aa176e37-3331-4e45-bc91-6d6e3d2cccac","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":203,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"3199843a-d340-4cec-997f-de39742e85a1","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":203,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"2fcee9f3-80fa-41e6-bf93-056c34c1ccf6","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":203,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"c8755ab9-9651-4cb8-b9b2-f7a5353eee8d","block_type":"box","text":"an in-person meeting.","page_number":203,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"7dac139e-d956-4909-a8b6-e1a84bfbc734","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":203,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"2fc49d7b-2c50-46c6-926d-3b8a0f5a5994","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":203,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"a562e26f-c8ac-4338-8a80-03fe85209781","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":203,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"335f264c-8630-47e1-92c1-10e9f637a707","block_type":"box","text":"par ticipation.","page_number":203,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"2dda6c6e-a5cb-48c0-9880-dcf7d74579e1","block_type":"box","text":"9","page_number":203,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"e41ef53a-4308-4d34-941f-ab1b30fc8754","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":203,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"4fdaff15-a23e-40e9-ae07-36fd403b7147","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":203,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"9ff1b3a7-0921-4776-866d-f45088e40347","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":203,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"ee827091-3036-438c-b7a8-0bda5188b0ca","block_type":"box","text":"Disclosures.”","page_number":203,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"2a436bb6-e949-4533-a362-26b9af596701","block_type":"box","text":"10","page_number":203,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"1f6131af-65a0-4a57-8d46-a32ed7c464c9","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":203,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"0d72d54f-e178-4700-88b8-7acb60ce1ec6","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":203,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"c9a415b9-4839-4c30-bee8-0091caa9f290","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":203,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"6cbee600-4038-44d7-a93a-c0003e17303e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a04aebef-f30b-4c67-82b2-5bc60a3f3b48","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5ce0f28d-6442-4a2d-85ac-e7552520d9ae","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d9d34d6-ba7c-4a8f-9ea2-7576d036840c","block_type":"box","text":"Bylaw amendments","page_number":204,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"9c80d81c-e798-4a3e-86b2-27b977d83e63","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":204,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"2f99715c-90f6-47ab-9e33-bcfad8fc6d0c","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":204,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"cae8e9ae-33a5-4228-85b0-6c5af900f735","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":204,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"9518360d-11b8-4df8-9858-b70af39dd922","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":204,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"ebb2fb8d-cd30-495c-932d-6ab36cb87e0f","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":204,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"f6976dd0-414d-46ad-9a5b-97f5c3fb844e","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"56b92548-892a-41d5-8080-263958f9f491","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":204,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"f8e8251a-ccde-456f-9242-6288da75b52c","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":204,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"20d16061-867d-49ec-9770-8d4ef9f11f9f","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"a1e1f4d5-edc6-4f39-a4d0-b88ea21ab25a","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":204,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"0158c852-571f-44ab-bef5-c263622ee99e","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":204,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"31edf3d9-0982-4408-9f31-003272486b53","block_type":"box","text":"nomination process.","page_number":204,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"8c78feb2-027f-4915-b4c1-6dc40f0e347a","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":204,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"0e049235-48f9-4a19-9fe5-a3451dbfc551","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":204,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"71034abe-f7ae-4954-84c6-0ca647c2135d","block_type":"box","text":"Change of domicile","page_number":204,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"fb7f3eb1-f3c3-4c16-a61d-2d996e7d23db","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":204,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"b017e910-32dd-4abc-9aa9-b05ad2680a6e","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":204,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"41911890-e37f-4abe-85c9-fa0c6d006c1f","block_type":"box","text":"immaterial.","page_number":204,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"e6a518b9-2626-4ea9-a28d-96c0a2946fd7","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":204,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"41b7f6c2-de4e-4867-9844-0b7fe76a119a","block_type":"box","text":"with our clients’ financial interests.","page_number":204,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"877d2ae9-593f-46c4-8678-4f4b5be07031","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":204,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"db814660-a435-4a2d-b0f0-ffbe4650d301","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":204,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"72c5e067-ac1a-4d28-a6d6-fe73c5136769","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":204,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"6fbb1801-88a3-453e-9fc1-3b52a9ad4eae","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":204,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"74fd5c84-5bdd-4a6d-ace7-7e7359910efa","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":204,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"f88a83f6-a8d7-41f5-9f9b-dcaa2f636504","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":204,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"5360e394-c51b-4856-96c5-bc6464ff32d6","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":204,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"9be5ad83-d51d-4bd4-90ab-d873e552e26a","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":204,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"d920566b-6a3d-4cc5-b1e0-ed07d04051e8","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":204,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"27e177c5-4ebf-43ab-a538-3a4e0bd4964b","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":204,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"683cc7f8-3d66-4775-9f98-0922c25d8377","block_type":"box","text":"relevant to a company’s business.","page_number":204,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"8c8931e3-790f-445a-bfa7-a32d8f48d831","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":204,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"7eb14af4-7c0f-4023-b2c6-901ed486944d","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":204,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"d5f58d30-7ea6-44e7-a1f6-73c1f60c7fcc","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":204,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"3f0ca07c-2c97-44d2-96bc-7776c8600b0d","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":204,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"e2b24351-65b1-4bb5-bcc6-f12f2deaf0aa","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":204,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"22a826cb-784f-4cbd-8d12-ee6503a62186","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":204,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"1fc8fdd8-b4ec-4088-907b-1a99802d8d7e","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":204,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"45551282-5a13-4a7e-ad09-d73eacdd9fe8","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":204,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"1d41ff24-9f72-4108-a817-a36e74bf9316","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":204,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"69ffbf0c-db8b-4889-b9d6-1eff6b09dabc","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":204,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"b10cfc01-8073-4bc8-a7ef-d2a3f71d61e5","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":204,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"5e9d9d62-2916-4bd3-b529-57db2f973892","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":204,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"bd28601f-2da3-4687-8e45-08f2bf89dc5f","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":204,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"523ffbb1-d7a3-4015-ab7c-30ad7f9c9cfe","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":204,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"a58ecb44-551b-4a9c-a493-cb21c0466d45","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":204,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"625914a9-5184-49cb-a229-1b2c5ef8501a","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":204,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"8241ea28-08e5-4076-8ba5-85c5abd79e0e","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":204,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"4624ce91-2d9e-4fc0-a43e-a21977699848","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":204,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"c9c5a94b-19f0-4e3f-969a-74b3889db6eb","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":204,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"43d92996-ead5-4c30-8edf-f7e925fabb35","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":204,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"3bfbd315-f0c9-4008-a8ae-429953fc545c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"32feab4e-adb3-445f-8904-b60a8646f09d","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"735dcf49-fd2d-4ac8-87b0-9a3b7f1589dd","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10acb9f8-1d70-4003-8e2f-66d2e40ec1fe","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":205,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"c0a6c214-b5ff-4a83-a0da-5dc149a513cf","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":205,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"2f94e0e2-fd3f-40a7-846f-c63323faa760","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":205,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"7aa5edaf-7054-41f2-9212-e63364c81a24","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":205,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"6eb091e3-e2bd-4dc8-831d-af02af779df5","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":205,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"7d3550ef-838d-431b-b9f7-a48ba2f5e593","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":205,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"c8134a83-187b-455c-972d-32ee84363a44","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":205,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"aa265fb5-0218-422a-b712-039662ee92f1","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":205,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"6c439488-1ae7-403b-97b8-75da408f68a9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c1531aee-1b6a-4c90-a14d-c01046678c3e","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cea2b0fb-229c-4516-933a-60786a820de5","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f31d9cb-7989-4a36-af00-66353aa5e71f","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":206,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"e9fcd05b-40b3-4dd8-a1d6-4b24f0fc37d8","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":206,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"4ed0e552-9241-4464-b518-f5dc1419df29","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":206,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"3d8f6b4d-a0ac-4e71-9ee6-5433b8f932fe","block_type":"box","text":"11","page_number":206,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"3c4eebe3-57a2-4b4d-af37-0d5c12274cb9","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":206,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"e0e74de9-edcb-490e-a8c8-6e1c953985fb","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":206,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"d506a96b-76d5-4635-baa2-d8a346f66d70","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":206,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"20c3847c-5b04-4c6e-98c3-da4e4ce85b12","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":206,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"8e9b21bd-03d0-455b-8b95-562f7794b0f8","block_type":"box","text":"regulatory requirements.","page_number":206,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"19a9f2d0-80ae-46cc-a8a3-240956fe5d09","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":206,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"97e4e682-b995-4dd8-bbff-ecad2f031f2b","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":206,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"5722a2ca-9eb1-4066-92c0-5ef5cfa88fda","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":206,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"4a838b3c-e628-4a00-b7c7-39107a275313","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":206,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"e3ac2697-59c6-41af-9f5f-b3f92f657961","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":206,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"4b7b7d0a-a015-4338-8420-829e251b26f4","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":206,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"513cd254-a9d9-4b93-b61f-5306880de07d","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":206,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"ee8d6372-dec2-4497-8772-bf984dc29493","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":206,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"9f9a88e4-bf6c-4498-9024-d36d6e509d92","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"c874fa8e-597b-4c61-a0b5-cd71d9c796f0","block_type":"box","text":"KEY STAKEHOLDERS","page_number":206,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"71a3d791-e530-42c0-abcb-be68d2ff2273","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":206,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"d083a4eb-9805-453e-a66e-54c1240487d0","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":206,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"d31bc3d2-a831-43d2-a46e-21196d06eac9","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":206,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"6e33df32-28d4-4c49-a74f-6638589a9f73","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":206,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"7d52d8c1-cc95-4005-81d8-08b3989427b9","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":206,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"8688cca4-7964-4d28-ac02-1c21653a6eda","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":206,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"ffe865e8-1a2e-42ad-8a7f-12b3a661c409","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":206,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"8b51d63a-d068-424b-9882-4cf4ed5d718c","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":206,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"ead97e92-2a85-456f-a434-a023c9fb5076","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":206,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"d4da3ffe-919b-4d03-8854-bd92686f04d8","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":206,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"0e3913d4-e336-4df5-97f0-76dd2f201d70","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":206,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"c1933dea-f6e1-42c2-83b9-80da1c06d7a9","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":206,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"df19e718-20f5-4f6e-853e-4ab0f1587fd2","block_type":"box","text":"i.e.","page_number":206,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"19098e06-a0f1-41d6-93b9-dc6c62fb2991","block_type":"box","text":", one in which global","page_number":206,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"58a5cdd6-8844-4a8b-987f-f24216a453ee","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":206,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"7d77d99a-a827-4dee-8f1a-3f865e9bfc76","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":206,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"00bbc590-5e79-4ef3-8fa0-7ab2c9224c81","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":206,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"9f054eca-8c24-4de2-918c-b2ed85c02413","block_type":"box","text":"client.","page_number":206,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"bcc1b74f-26ed-491f-b009-7471c5ade0e2","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":206,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"d765ee21-3f90-4fd3-9d9f-0cee17a8c1af","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":206,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"9765d75f-5171-448e-9e00-9c8f951abd76","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":206,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"89618786-0340-4bf9-8d56-803705b5e137","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":206,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"b40e0ed1-588b-4b4f-91c8-66a03edfd244","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":206,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"45b84cc4-d3bd-4a6f-8bd1-b9cfbfe58049","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":206,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"415446f8-31dd-4b51-af7a-30ce6a6694ef","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":206,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"1a08ef88-20a5-4d59-af82-f2b36d24d6da","block_type":"box","text":"1 and 2 emissions.","page_number":206,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"a32994f6-14b7-4437-925c-c86bab74bc06","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":206,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"375cc8ec-1bf1-43e3-9a46-757e14b29c43","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":206,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"0f98bb6d-63e9-4c6f-aaa4-920f95beeed3","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":206,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"c8164421-950e-41d5-87ee-9c20f9491748","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":206,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"b0f1664f-8f07-4cd1-9f3d-466cf7d05723","block_type":"box","text":"11","page_number":206,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"edda4b1f-69f7-468f-a458-450540ec73f9","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":206,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"75232312-a843-422f-a92f-34ef4e823740","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":206,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"a42683df-db19-469a-9102-43c339961bd1","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":206,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"65ebc352-2d54-4000-b726-7a19e46150eb","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":206,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"9f538fef-d363-4873-971a-25367211f8a9","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":206,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"7a7afe47-b0e4-4879-9cb6-89b4feb4ecd8","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":206,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"1d877c30-3c8d-4299-bada-1aa04dec53b1","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":206,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"183da2e4-b79e-42d6-b8f0-ae2d84359ac4","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":206,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"9c70eb56-a0b2-40b8-a855-0fcf3db689c9","block_type":"box","text":"sound governance framework.","page_number":206,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"e3d50d09-88fa-4599-b574-a0b656537e74","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cba4d03b-41c3-4002-be15-93f108e0a68a","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8537f0a7-cd25-4b18-a8e9-32549f797999","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0aa2668e-d665-480b-a8c1-c140aeb17acd","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":207,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"c13dcb52-bdc0-47dc-bedb-1261fb7a76a2","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":207,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"0c4ffbf6-e7ff-4f81-905d-1bfe5d64f92a","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":207,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"ba8022b1-e879-4011-9245-1c0670961789","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":207,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"e3ff5f89-1012-4998-8684-4e62556a25a4","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":207,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"92a19a7f-51e3-4c86-a8f6-cf29f06fbd49","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":207,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"ae13fad8-2406-45f6-9a0e-a6962d8cda22","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e4ae866e-b178-4fd7-986c-0f8bd0bed4df","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"29e7eaab-fb8b-47cb-9a78-187eebbe1dd3","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"363b6196-704e-4b34-9bdc-d3947013e671","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":208,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"7b0bfca2-8e43-4300-aeed-4e2c206519dd","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":208,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"8fb8fa97-fe13-4d66-acf2-babb189cfe2d","block_type":"box","text":"Oversight","page_number":208,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"abc6647b-078d-4cc5-ac2b-384f8d0f5af8","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":208,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"780f6650-1fb9-4bbd-b54f-0d6e854552ad","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":208,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"50f5eb31-6b8f-4ea4-82ea-b63d7211ffe3","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":208,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"095bbd7e-01b0-4603-bd89-22326bba4230","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":208,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"e0a580d3-c2ae-4848-879a-4d60f2c9eb51","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":208,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"5de5497b-e5fa-4326-b9e1-8c9a87731f58","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":208,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"52e00244-e5ab-4ffd-bcc8-9cb2e2215f28","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":208,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"7ae82911-3307-41d5-bc55-9743f22252c5","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":208,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"622e9973-d23e-4e29-b2d8-a71e5a791d60","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":208,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"02a76ffe-55a1-4d5b-8518-b3174ceac1a9","block_type":"box","text":"relevant active equity investors.","page_number":208,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"fac1a708-750f-40c7-a67e-a7ace4b4ebd6","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":208,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"69e4a2c5-44db-4102-8d64-70825ba000aa","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":208,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"a3757637-05dc-4b41-8999-deec6e515fbb","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":208,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"d254265a-351e-490a-b965-d021909fa6fe","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":208,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"34e809c5-e0d6-4519-a076-9657d23935d7","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":208,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"2a21a588-06a7-4a6f-b186-6d69b4a54b85","block_type":"box","text":"third-par ty vote services providers” below).","page_number":208,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"0b20405c-a32f-431a-8006-0911efa36f23","block_type":"box","text":"Voting guidelines and vote execution","page_number":208,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"257e8b5a-781a-4f66-aa9d-f33cd08c0445","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":208,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"c0317d49-530b-4e9f-b9e9-38310c71b7e6","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":208,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"4bc28747-5794-4aa9-b9c7-44915cd41c9f","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":208,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"d4de8412-7751-4489-a3f8-9117a6cef17a","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":208,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"46633e15-0487-4d52-b26c-55a91ac33db3","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":208,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"9a0d7108-8fd5-4b50-b9e1-11a0bb7fc6d0","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":208,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"6c6b1e15-69e7-4be0-882b-f459e9eacd9b","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":208,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"1476936b-6eff-47a1-97c2-7908ac269322","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":208,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"83f7d90c-3d71-49d9-9400-a642d0ae8833","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":208,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"ef430eee-00e8-430a-902a-2e875de703ba","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":208,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"14aa4fb0-38a8-4d72-bad2-4d85f8864a8d","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":208,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"177de420-6721-40e2-9543-a5143c921fec","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":208,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"d4eccb9c-9b38-4979-80de-52445b1c45f7","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":208,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"17cd8912-f3dd-4309-a324-55f921ff1de1","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":208,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"12052c13-db1d-4f4b-8622-ebee51806345","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":208,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"406f75fb-c674-49a7-aa24-7e6b55f3fea0","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":208,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"27d7fd6a-c3ff-4813-b9f6-1db174e75815","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":208,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"c57d8119-908f-46fe-8b5f-3ec1dde7268e","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":208,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"b3b16781-ccf0-492c-b7f8-20a656744b8e","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not suppor tive of impediments to the","page_number":208,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"a638742c-e0fc-409e-a33e-f08a9e16dbea","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":208,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"08cfa48b-b362-43dd-a947-c4c4ba7ed992","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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In addition, institutional clients in","page_number":209,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"ff1610fd-e7c7-490a-a44e-ef0134375793","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":209,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"cfe47cb7-eb3d-4546-82f9-a00dea8d9e12","block_type":"box","text":"strategies.","page_number":209,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"2cb6ca19-cc48-4b88-86de-b703b486824d","block_type":"box","text":"12","page_number":209,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"bd122069-cede-4331-8819-2e9ada3257fd","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":209,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"9a5c52fe-a1d4-4215-b2b7-74432dbf0f7a","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":209,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"a3feb6c6-931c-4f4b-82f0-34bfbaa81d83","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":209,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"8c6c7467-6327-410a-96a4-0645620a9a49","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":209,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"80e57621-d0fd-4501-856b-1c51523e1a30","block_type":"box","text":"13","page_number":209,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"68e6d8af-87d7-4146-b04c-1052f7c85bfb","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":209,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"30bc42ca-4996-4c21-ab11-56474dc31022","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":209,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"259a2af8-1489-41b9-9fb5-73e0bd8aa444","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":209,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"7c5c0b76-0d91-4e5e-8360-8819a5c8d430","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":209,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"2c330513-91eb-4d14-80ad-4ca59d96be10","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":209,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"349e429d-d3b5-458d-b2c2-bc52428a5062","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":209,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"7d12ba61-b7b6-41b2-b0ba-e228e68109ac","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":209,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"032f504f-309d-4e93-85ba-7f00b278b046","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":209,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"49efd172-a444-4cd9-af6a-3e251e1cd5f4","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":209,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"470a6316-b2f3-4d1e-b1a8-9c819ff6a58d","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":209,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"93a1b6ad-fe74-4a20-b953-601f5f09f1e6","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":209,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"999b3ec8-591b-44a2-a4fd-0ef9eea91ae7","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":209,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"8b9ab296-2870-414e-b08e-3019db56ef44","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":209,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"fc50b5c5-550d-4908-8b03-462d27783de6","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":209,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"4e3b11ea-3342-4192-ad7e-d243d4a30cf4","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":209,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"f50b7230-adef-4a05-a323-fa3e8f29b078","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":209,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"ae2863a8-76cd-4034-9739-4e69247fd986","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":209,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"fbd6a905-de5c-4d3d-a420-d9654472f68f","block_type":"box","text":"interest. 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BlackRock","page_number":209,"box":{"x":102,"y":639,"width":767,"height":11}},{"id":"7de2046a-c0a1-4a91-86e3-8c5c14096568","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":659,"width":6,"height":5}},{"id":"cc96e1a3-d92f-410f-8735-501e737e8566","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":209,"box":{"x":102,"y":656,"width":698,"height":11}},{"id":"2fd707df-b807-4a11-b0d0-8bafd61a3004","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":676,"width":6,"height":5}},{"id":"91d317bb-09a9-49a1-835f-b63ebd1996ed","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":209,"box":{"x":102,"y":673,"width":789,"height":11}},{"id":"1ddeaddd-7793-4449-8f52-8f21ace54717","block_type":"box","text":"managed by BlackRock","page_number":209,"box":{"x":102,"y":689,"width":163,"height":11}},{"id":"13838824-3243-4788-afa7-5856009a4d80","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":209,"box":{"x":102,"y":707,"width":785,"height":11}},{"id":"6b50219a-b39c-47fd-ac66-593544b5ef7a","block_type":"box","text":"following:","page_number":209,"box":{"x":68,"y":722,"width":66,"height":11}},{"id":"2006b8e3-0873-4d1e-8131-d51fca2b01f0","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":742,"width":6,"height":5}},{"id":"c51a03a0-c3b0-4441-8482-a1b0709a1346","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":209,"box":{"x":101,"y":739,"width":741,"height":11}},{"id":"17e3b333-a17e-4e2b-8023-70b50cbedab1","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":209,"box":{"x":101,"y":754,"width":383,"height":11}},{"id":"873a226c-05ac-4be8-9e78-75faaa03737c","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":774,"width":6,"height":5}},{"id":"4e800c60-5cc2-46ea-afee-2f75d2c9eb14","block_type":"box","text":"Established a repor ting structure that separates BAIS from employees with sales, vendor management, or","page_number":209,"box":{"x":102,"y":771,"width":757,"height":12}},{"id":"e2c729a5-40a8-47d2-9d5c-fa032fdaf4b9","block_type":"box","text":"business par tnership roles. 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In mitigating conflicts,","page_number":212,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"5eee06b3-4804-4a7f-9e3a-22b4434f6be3","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":212,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"90c1a637-39df-4a50-b5ed-fbc78c785f79","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":212,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"6aff2f9b-0ef6-4ca1-983a-561d81544aca","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":212,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"6ae43609-1049-473f-b7f9-89ea467b213e","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":212,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"a0b3dfbb-fd71-4a59-a175-f0bf763b3e6f","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":212,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"cc812749-249a-4ce3-ba4b-bdfacd144918","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":212,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"5e021d11-75d5-424e-906c-977d3bfb7258","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":212,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"fac42ace-dcc7-4d94-88ff-d7cea866af12","block_type":"box","text":"connection with proxy voting.","page_number":212,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"857349c1-625e-44d8-85e4-45a819146cbf","block_type":"box","text":"Reports to the Board","page_number":212,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"b300854c-d26e-4c6e-947d-4a9236847ad3","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":212,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"ac038e21-5d37-4241-8b32-aad935272b26","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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Voting at shareholder meetings","page_number":216,"box":{"x":69,"y":221,"width":260,"height":11}},{"id":"47755a17-7097-4a20-b75b-354bc16a2eb6","block_type":"box","text":"on management and shareholder proposals for clients who have authorized BIS","page_number":216,"box":{"x":335,"y":221,"width":566,"height":11}},{"id":"f32c585c-ee57-4b3d-b7a8-4e3591511376","block_type":"box","text":"to vote on their behalf.","page_number":216,"box":{"x":101,"y":236,"width":160,"height":9}},{"id":"713d7863-bdb6-42a5-abfb-c4314ad16572","block_type":"box","text":"3. 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Reporting on our activities to inform clients","page_number":216,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"1aad0a47-c985-4094-866d-ec2202de4906","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":216,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"afa7fe4d-73bc-424e-97ad-f8b8fef9f3d6","block_type":"box","text":"publications on our website and direct client communications.","page_number":216,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"9fd6cfae-cecc-49e5-b03e-98f8f751c32d","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":216,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"f8b37c25-92b6-40e2-b553-0a28fce98554","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":216,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"4d432e6a-f1b7-40bc-9dc4-8c6550f8cad6","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":216,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"1280a6b9-3ff7-4295-8806-4fc6abc616cb","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":216,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"918187e8-81d5-4836-b1d4-5f68903d097c","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":216,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"57b00ee6-c4c9-4979-8eae-2945d84facdb","block_type":"box","text":"2","page_number":216,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"940756d1-54ed-4f90-aae7-7db2b4816b8c","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"801c260f-35dd-4b55-a8ce-57b59d115b7d","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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Our role, on behalf of clients as long-term investors, is to better","page_number":216,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"6f2b5550-dc89-4ee5-9887-3b3a64792347","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":216,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"920d67b8-07d3-4532-a578-936ae8f3b9fb","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":216,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"1b3d2c74-2733-4545-838d-34f57ce0b27f","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":216,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"5d40cd02-f9ce-4918-9d88-a0a52d8e9314","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":216,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"1424d5ac-bc6f-4423-8d56-a3dc11bc81b4","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":216,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"34b21be6-4dc4-4eca-af4a-6190f365807a","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":216,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"c5ca33cb-e3e9-4344-9788-4be110e95d5f","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. 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Engagements provide companies with the","page_number":216,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"5f43eb23-4ac1-4a4c-8f67-80b70f36ddf3","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":216,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"d9600157-7f08-423f-96f6-c1ac57316702","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":216,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"54e8bc04-d886-4ab6-b0d0-c6df9e12c6c8","block_type":"box","text":"1","page_number":216,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"64e1845b-0198-452b-ae7c-9b29f3b0f749","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":216,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"bbc20056-ae2f-4ff1-9843-98ad89732705","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":216,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"0d7cd90e-1e3c-4ca9-8152-13e37d69ffbd","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":216,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"244ac221-e46a-43d7-866a-828c4adf2428","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":216,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"15f64626-eee3-4443-a486-c8061764e5d4","block_type":"box","text":"2","page_number":216,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"8294ae56-c308-42ad-b149-b1ee9d137160","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":216,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"bd8613cd-bb87-4af0-a34b-41c80366bdb4","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":216,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"945d4949-5bcc-42cf-94e4-fe20cd80732d","block_type":"box","text":"material business risk or oppor tunity.","page_number":216,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"a066b9b4-fe45-4106-be3f-1b77b9e3641b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"57c8d402-a49d-467f-818d-9b9b9c2dd893","block_type":"box","text":"Global Principles | 3","page_number":216,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"cda945f0-228a-4a43-b56e-e7fe4b304e83","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fe09921-81fe-4e8e-9773-c99e0201a4d7","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":217,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"2cbff59b-f895-4fcd-830b-5aa1995a8e10","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":217,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"46158233-eea2-4f5c-8988-ef412c4f5535","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":217,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"5d9de5b2-18f2-43e3-8a00-ef5cf4ba465c","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":217,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"ae0d7e3b-1e09-4b24-8efd-710b6dfdb307","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":217,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"cf7926d6-cef5-42f1-8abb-7c501d274984","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":217,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"17c79c59-7054-4601-9b69-90f9c73543cd","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":217,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"03f4400d-9407-4e16-beab-1d4c0cbfff1e","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":217,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"016af56f-2188-457e-a571-2c5c6cb4cf82","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":217,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"cab2f901-fb6a-4459-ae40-a9bc4c73ec28","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":217,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"4b28b288-cd15-472d-a3df-e14f4cb60092","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":217,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"febcdd54-5542-4f82-884f-2ed92808c0f2","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":217,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"68ad9254-3128-44e7-8509-5c95cd92cad6","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":217,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"0d37e7a3-94a5-4c55-aec0-9dfc4ca7b744","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":217,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"c147e666-1d45-4646-8f23-46470e4818b1","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":217,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"6cffbb9e-1bb2-4bcf-8fe3-b1b1e3071420","block_type":"box","text":"3","page_number":217,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"f26bd502-b856-4262-8b1a-541cdf085925","block_type":"box","text":"For example, in","page_number":217,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"94b95129-afda-4f1a-80cc-40d16a9da841","block_type":"box","text":"most markets, shareholders have the right to:","page_number":217,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"cb274f23-433f-44a5-8e38-24551c0f353e","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"0f0a81e5-7f66-4ae4-8d87-7a607cd0f77e","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":217,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"a9b54392-1b10-4328-a8de-9d6d1bfa460d","block_type":"box","text":"char ter or bylaws.","page_number":217,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"6b45cc82-2ad3-4e66-9951-85bbc79405af","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"18ab59af-caa8-4a75-b6f5-aa99e57226dd","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":217,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"11e9a266-2ab9-455e-b9ff-680632ec1972","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":217,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"fa33f724-490f-4829-adbc-5467cec70481","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"3e8ecb9d-f6ca-4fae-9b0c-00fdc8d718a9","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":217,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"2fc057b7-e849-453a-9437-7aa4273a4258","block_type":"box","text":"are material — to make informed decisions.","page_number":217,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"1d7c50e4-9746-4d72-9fda-f91710c7090c","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":217,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"60cd7e63-0435-475c-afb0-292b6f781fb9","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":217,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"8e1455fa-d1db-473b-916d-e1520f120763","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":217,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"607c1e9d-1534-4068-a74b-37c68fac45ad","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":217,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"0dcc78d0-4b92-4a65-84d3-e2ded324cd3e","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"773aa67e-7702-439b-8278-090adba94d69","block_type":"box","text":"Boards and directors","page_number":217,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"6655d738-d413-4afd-bf45-f354eff2c66a","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"8cb7784a-505f-4d11-864b-b46b3653305d","block_type":"box","text":"Auditors and audit-related issues","page_number":217,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"989f298a-0c5a-4f89-9a27-9ffafbf83f8c","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"6c77a84e-d471-45cc-8e6c-23d58adfbb67","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":217,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"41678293-e51e-4e43-8333-8e259be1005e","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"3f92401f-718d-4300-9739-07cad32ac33d","block_type":"box","text":"Executive compensation","page_number":217,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"4d445060-d686-41e2-9e8c-4cc0290278fa","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"7493ffa8-7de2-4d48-b617-e4b09278a873","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":217,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"e7cf6981-38d6-4543-a07e-bbab305f6f07","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"73a3f3ab-0fd7-49c3-80b7-b36ba6c8c939","block_type":"box","text":"Shareholder proposals","page_number":217,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"94fe9b51-d1ba-46f1-8cbc-07471d3bf5a3","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":217,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"d78c7515-3b8d-4a9e-9da8-965fadc59a09","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":217,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"e4c17b3e-4242-4019-a7ee-00c2e7841de0","block_type":"box","text":"which companies operate.","page_number":217,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"04a6f11d-057a-4ab1-979d-5e5278ba4880","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":217,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"283d4981-5781-4f2f-ae27-f93be3582001","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":217,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"115e40b9-7d6d-43bc-b4af-af881a9ed8c7","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":217,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"b3188456-9a68-4caa-8eba-d45f815ff355","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":217,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"84a7bcf5-117d-4b28-b907-c7ddf985d92c","block_type":"box","text":"4","page_number":217,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"9804eb9b-51f9-421f-bf5f-4685988a5de9","block_type":"box","text":"3","page_number":217,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"fd9a15ef-4ec3-4b9a-8670-b95b4761512e","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":217,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"94c2c27d-dce7-4cf8-af03-40d08088f18c","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":217,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"2733a739-1cdf-4e24-b8b0-117bb7dd359b","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":217,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"825abf5f-7f11-4d6b-ac02-d57ea075bff6","block_type":"box","text":"4","page_number":217,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"a3c1c976-a36a-4744-b781-6849a0ee7d3b","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":217,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"28205c1c-f374-4d10-bd8e-ac164cf87b2f","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":217,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"d14faec9-6160-4700-a1f6-2da5cdea2fc6","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":217,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"9819b40b-f6ef-40a9-a31b-9563ce373d25","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":217,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"297fac74-b96f-4096-a13a-f4b1f73f2d82","block_type":"box","text":"guidelines.","page_number":217,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"5fe83adc-98f2-4447-89c7-eeecec4f81ea","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"26ff8338-5b1e-4aa2-b456-e58a735025d0","block_type":"box","text":"Global Principles | 4","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"1b4f8a65-71a0-4c24-a5e9-9aeb5dd535e0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2dcaa2fc-a7e4-4ed2-a468-a402e315d650","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":218,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"8e9e5554-d449-4563-9486-6c08a36b09d4","block_type":"box","text":"Oversight role of the board","page_number":218,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"86b539fe-1337-4581-b180-e0372010aee6","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":218,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"3d8cdd62-ed1b-4b72-beff-5a9c533b920a","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":218,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"f1f686aa-10f8-4cc9-a9e1-dc0265e9c150","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":218,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"8552b057-2bc8-49aa-b71b-a027bd2090cb","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":218,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"d8485ea5-37f2-435e-a675-e16e22917a45","block_type":"box","text":"long-term financial per formance.","page_number":218,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"a06db6ab-a708-4c73-88d3-bc188b36e8eb","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":218,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"26f7b27e-4620-43de-9656-a0d3935ef030","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":218,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"866f809b-e10f-45e0-98d9-51213ef26a6d","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":218,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"e413c0af-03ed-4aba-bcfc-759f683088eb","block_type":"box","text":"the business environment in which a company is operating.","page_number":218,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"2fead7ea-44f0-4cf4-bcd3-815d66eb487f","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":218,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"7395508e-85d8-48d4-8984-347748ef173e","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":218,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"ba5f556c-ac3a-494a-8f0e-a24a42c1db1c","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":218,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"730643d0-9a20-4230-945b-c80f30b17a1f","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":218,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"39c4fd52-6be7-41db-b10e-2b6c7a09fda0","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":218,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"0fb2aa25-97bc-42fb-bff2-a048addd44f7","block_type":"box","text":"mitigating such risks.","page_number":218,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"c56ad874-4cc7-4b8d-9252-d4f63088cfc2","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":218,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"7af90ca1-d6ad-4478-8066-ef8e4bbc2c16","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":218,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"73c62af7-ef5a-4d73-a438-1962f19d8bee","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":218,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"ca938005-da9f-4239-9560-caf018fd0160","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":218,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"11629776-b3ab-4ec7-8672-7d96a34c3747","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":218,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"368bbeed-1f7f-4573-b340-3eea67ca8d3b","block_type":"box","text":"strategy.","page_number":218,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"6e2611ba-16c7-4c68-98a2-74841bf5297a","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":218,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"55b7389e-5c35-4d8e-abfd-52edd2d3f994","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":218,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"585e7420-fb3e-40de-9d41-aebd96f01aa9","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":218,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"f0c3f713-b500-487d-a912-770a9e241a32","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":218,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"e2e855c9-749f-4961-8d7b-b7da3a0a6a6d","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":218,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"06a73225-8421-4983-bd28-d1c87dbcad8c","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":218,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"8456908e-bede-4f4e-88b5-6434201ee5ed","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":218,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"18453411-4ffc-46d6-b6fa-7ccda67d7d01","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":218,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"317e8341-d23c-4510-aa33-251f87a64442","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":218,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"f2f30386-9a5a-4074-839a-afee47624e9d","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":218,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"c4281027-fa74-4372-a48c-87ed2c7052c7","block_type":"box","text":"Regular accountability through director elections","page_number":218,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"4b34e480-a904-472b-81a8-f89377eff94c","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":218,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"4d824ec8-b047-4eae-b966-930f3b473360","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":218,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"42c1d9a5-f3cf-439b-9de1-b3a671570053","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":218,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"423a69d6-564a-4bde-8e40-35970d14cced","block_type":"box","text":"5","page_number":218,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"c74cc71a-ec0f-4f81-a2bd-d6dc45b071e9","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":218,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"203b5682-bf35-433d-b27e-65be6b132ef4","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":218,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"52801b89-a80a-4ac3-a7ea-872906ff5889","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":218,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"e8d76c0b-a98c-4fc6-886c-45b223834675","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":218,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"07e3731f-8751-45a8-9788-c6d134801851","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":218,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"3aa24297-d857-4f9e-a1d4-3d98b4f6b1b4","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":218,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"3ade424b-0dd2-4ce0-876f-412b7fdc1415","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":218,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"b73cacba-91e7-47fb-ada5-0505ef6e4060","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":218,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"2abbf005-7b87-4f57-afda-dfd720fdeb86","block_type":"box","text":"5","page_number":218,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"5ae5b877-d805-40c5-a752-7959694e0687","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":218,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"d252ae5a-f2d4-48ce-846e-e93fadaaca20","block_type":"box","text":"market regulation or voluntary best practice.","page_number":218,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"79ddd87c-d70f-43bc-b12c-1e494c06f98f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"06479296-b7db-4124-90b8-d558a3351dd9","block_type":"box","text":"Global Principles | 5","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f46ac028-b91f-4012-a681-09c65a33b502","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57ebf56c-6844-474e-9722-bc3a878d75b9","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":219,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"d26b36de-096a-4856-9e36-c984b4e1e04d","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":219,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"cf4cc9eb-66e7-4238-9aa4-57a4edcdc471","block_type":"box","text":"recently.","page_number":219,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"b5d941c0-89eb-43f3-adec-f93188b33eca","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":219,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"f23dfcaf-4551-4080-8212-f082180dba52","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":219,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"1114a63e-56b5-4b8c-b505-91dc564cf11c","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":219,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"7b1fb0f4-7ab5-4990-b795-a0daf75a5c99","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":219,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"0d68effc-aeb1-451d-9ea7-9535766010b6","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":219,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"fd22b90b-da13-4109-b182-c16df60ee110","block_type":"box","text":"Director independence","page_number":219,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"a45619a7-f676-4254-b783-cc90f22939dd","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":219,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"0952158d-3d71-416d-a587-036fdf4b52aa","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":219,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"3cf05b79-a813-491f-9f22-0eeafd30e165","block_type":"box","text":"6","page_number":219,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"3fd7a088-135d-47d1-8348-9b3dab63a264","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":219,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"20680463-1cbc-49a7-96b2-94664dfa5546","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":219,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"0a9fc40c-aaec-48dd-9dbe-d051089b447d","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":219,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"7f8bcb90-86e2-4f0d-8272-f90d807e85b3","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":219,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"7fe5aaad-5422-4756-aa95-0819b996ee1b","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":219,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"38bfc54d-d156-4149-9499-c311e991aa75","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"a9465550-7837-4925-8f7e-d49f140fdccb","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":219,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"58157fb2-8840-40b9-9f23-b67e41e10ef1","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"cb3e6638-1d5f-44c9-90a8-26af1c94eda5","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":219,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"5ed62986-8603-4d2d-a66f-15b92631f4e9","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"21d76a75-7550-4c6d-9b8f-adf312b16e77","block_type":"box","text":"Interlocking directorates","page_number":219,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"a3a2c99e-bb61-4622-83b7-e75fdea8e5c9","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"22c35f7b-159f-4d86-abe5-421b9da75849","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":219,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"0d591886-872e-40e2-b5a8-fe42ad661143","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":219,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"f35bdcbc-6b98-4ba5-a127-187781fe4efa","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":219,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"2cfc5cbf-ad6a-4d5d-af58-59fb6b188a38","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":219,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"aafb063d-97ab-4dd9-871a-05f0f0593488","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":219,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"b01afd12-225f-4049-bb80-d66dfc02f055","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":219,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"4d7d7155-16f8-4948-a678-37544abed56a","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":219,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"57168df5-7543-454c-bbfb-d9bf6550d37b","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":219,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"4419cc3f-00df-4710-8c42-85fd6c5cea91","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":219,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"5dbb323c-f207-4970-8e54-9b0823b54300","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":219,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"b9838cce-b81d-4923-99e2-0c0b64c73cd3","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":219,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"d6f0a688-43f7-45fd-b445-3a0be97f8c1d","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":219,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"ccdc72c0-f4cb-4cf3-b212-7fbcd6c592ba","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":219,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"c8d662e4-ebeb-4cad-b3da-d1295a2ab41c","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":219,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"8b9a197e-433e-4a9f-a16c-e4ecf97f3b50","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":219,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"0f87a4ca-4746-4a30-ae0b-8eaceb2dbb7c","block_type":"box","text":"Sufficient capacity","page_number":219,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"3952a556-c571-435e-af15-24eb06f43840","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":219,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"eb76c24b-7322-4c47-9b0c-a3318253a411","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":219,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"f54b4d7e-6809-4706-aa7e-e06e19d9a97b","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":219,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"c189b451-b1d7-4b3b-a986-43029174b83d","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":219,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"f36e1b4c-f4cc-4d77-ade6-1c730303f125","block_type":"box","text":"Board composition","page_number":219,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"2f1a5295-e289-4a61-b136-5553639164ce","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":219,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"30dfd528-8cd0-488a-8d05-3315bd22367e","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":219,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"b775e2f5-e615-4a75-aca0-d21a33570966","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":219,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"2d8c3f19-f72f-4311-bcbc-10f5f05b1d02","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":219,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"657913b5-9ab5-4a37-8d7f-a25ed23e9548","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":219,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"22b4d089-9c23-4654-9999-2e392854337b","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":219,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"bad17b24-cadb-412d-944d-01815b91a800","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":219,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"8d9c2afa-6484-4d7b-a8a9-070f8a76843e","block_type":"box","text":"6","page_number":219,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"24a38ccc-72f4-41bc-bbca-03674716a2e7","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":219,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"64543e80-2c40-4700-9eec-9c5aaff41f4b","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":219,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"f0864b23-63a8-4e35-87c0-3707773a0031","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1d8289b2-d9f7-4fb0-ae13-46caff0972fc","block_type":"box","text":"Global Principles | 6","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"896f333c-d432-4283-8fa4-02ebd8d6ac36","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c2a0756-97f3-4515-b3bf-179cb0279ab9","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":220,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"8cb7fd2d-6e14-40d4-b837-05e6e9eed8fe","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":220,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"6ed0062f-48ad-43bf-84c4-891dfc4da0fa","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":220,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"1dadf9a9-1881-47d5-804d-61c412aca25f","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":220,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"306ad74c-44d2-418e-b045-bd1e3174bf50","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":220,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"08693ee3-d111-43b8-8c86-9ca1199d5dc8","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":220,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"fddace57-7fa6-4c3b-adc9-1e650e71af6d","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":220,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"44a8f62e-6db9-47fd-b486-a217979ea14d","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":220,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"8d449a80-ac07-4d05-ac76-53d8dacf6deb","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":220,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"3df4d8bf-29c2-4299-9531-73e7c951f71f","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":220,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"a593dd97-be62-4148-90f5-d0c82e0ead68","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":220,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"478dcdb4-2fdd-47ca-b289-439ecec29731","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":220,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"04c3a01b-96a7-4329-98de-7f892951503c","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":220,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"79cf8b08-ceb9-4d82-afd3-ab8fc16bfb23","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":220,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"c27e24ca-dce2-4964-97f3-0331dac114db","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":220,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"4d1a7f92-1b8c-4ad8-98b6-d3efb025a536","block_type":"box","text":"systems.","page_number":220,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"a487fb72-7a3e-44a3-b52e-c414d1bb4d23","block_type":"box","text":"7","page_number":220,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"04ac25b4-eedd-40ff-ade9-5b6f161fe1f6","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":220,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"974f7127-ee81-4656-af55-2854645ed48e","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":220,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"a749f3a6-28e9-448a-8b4c-81aa0c44ca87","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":220,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"af1e3742-b699-4548-9c44-06232eb8ce98","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":220,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"9f731a0b-3f9a-4865-b586-d5b1ca531d94","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":220,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"87b8c365-2bbc-4c4a-bce4-736561557602","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":220,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"99d5d99c-95b9-43ff-84e2-a336e28e2c86","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":220,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"d682e334-bb27-46cf-8d12-8b1aa2c737f1","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":220,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"250e6ede-e528-41dc-96b5-8c0cff7002a6","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":220,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"15873e5c-c643-47e5-84d7-a52f6c2a92da","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":220,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"10d0af20-4f38-43fb-ae2d-268aee5abf63","block_type":"box","text":"or internal audit function.","page_number":220,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"8d8ee1a6-b31a-46a8-9025-3bed86b2b395","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":220,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"3eb70545-64ce-4894-9f1d-a4b621220857","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":220,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"9167858b-c0fd-4859-a48c-af72782cd3ad","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":220,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"93828676-48f5-451f-9de2-d63926735f38","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":220,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"81610ae1-1f55-48e5-8d5c-5c47eafd8f65","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":220,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"ac82854f-543f-4d13-a9d4-b16be2cff098","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":220,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"4950b068-4c5f-44d7-b1e8-b54765f714f3","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":220,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"2ed371fd-7176-485a-9298-5c3b56e6611f","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":220,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"30f41dc9-bd2d-4bb4-bd8e-ae496814be23","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":220,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"cde5e249-1f85-4bb6-87fd-679549796778","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":220,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"5920c903-08ef-463c-bd81-e425b087e0c9","block_type":"box","text":"risk.","page_number":220,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"53fec0e0-d4fe-4bbc-ae65-9d499dbc04ad","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":220,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"7a29ff8a-9617-4b3a-abc4-e61336d247a1","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":220,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"446da20c-d7ed-46d8-abe2-caee95508c23","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":220,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"a1922bae-e374-4664-8114-9703972b5484","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":220,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"30c14c35-094e-4373-acaa-f95cc57c2b11","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":220,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"060c486c-9d4c-4bb7-bac7-3fada43035df","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":220,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"faebd3a3-26bf-4f70-b94c-bc0c41e714cd","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":220,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"73300cc6-70f9-4d60-9581-9d872449970d","block_type":"box","text":"7","page_number":220,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"285a12d4-7ec3-45b2-be4b-1e51a3246a6c","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":220,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"ed2462bf-8553-46f5-ac46-1137aca87445","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":220,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"6c85ff1a-c015-46bb-a856-ff9023aa86f0","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":220,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"4b5746f0-5ede-41e7-8b67-be44ec2bf474","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":220,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"7cd311e0-1840-4060-9d4f-7c0a20d77db1","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":220,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"1d5d808c-fe3b-4564-ba55-671d771cd140","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"414c0656-1597-4584-920a-7f653179d980","block_type":"box","text":"Global Principles | 7","page_number":220,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"9a303f49-c88b-4794-8458-49da43f05ac4","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b6c87e5-052b-4e05-ae2c-a894aa4f23f9","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":221,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"0237a48f-bb57-4dbe-9907-38e51925c1e5","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":221,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"90c9bc52-1576-40e2-9564-4b084b0ab7ed","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":221,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"0b9d665b-c5a9-4614-b400-969c8c4506dc","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":221,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"6a7cbf53-8fdf-4a09-9939-f9dd250ed994","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":221,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"4a8b51d8-a1dc-4cc0-8b15-f73f7669eda8","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":221,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"8018fba8-68c2-4c16-b12a-f4044268dc0e","block_type":"box","text":"minimizing costs to shareholders.","page_number":221,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"049d451d-95db-426b-a38d-221068915834","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":221,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"96f78534-5e0d-4355-8656-0a0c850320ca","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":221,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"bb42302f-d93f-43e1-a75d-d19877c8fc42","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":221,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"b024d17e-3a23-4633-ba48-5563de8c3ff3","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":221,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"a5204d74-0ddd-4d9a-abda-e7742287aa66","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":221,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"cdc98d2c-b836-411d-b6bb-c1953bad78f5","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":221,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"503a8e9a-5f58-4fea-b63f-1a5fa21ef899","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":221,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"d0c06bd0-ba10-4c3d-b7bd-bed5fd8a805c","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":221,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"de0159b9-f4f0-4273-be00-5f3919dc46cc","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":221,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"fc5d2f31-018e-481e-9cca-94e076850893","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":221,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"00918d15-5230-4be1-9980-76660ad7f13d","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":221,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"f80609f4-f69a-4a62-ab7f-18214ef74180","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":221,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"3a5dd467-4fe2-432a-8975-88b653346f14","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":221,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"98c66ceb-63ef-44c7-82f7-5e41dfc36a02","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":221,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"545c70f0-ad3b-429e-bdf4-9dea09411d88","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":221,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"feebc9c6-c23b-45f2-be33-38d12897a78f","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":221,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"9b18870d-a910-4963-a98e-f0ebdd0cb89d","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":221,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"67efe890-0bdb-4517-b113-64c59a7c7638","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":221,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"1504b84b-acaa-44dc-990a-1688ead04068","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":221,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"e0205235-3ae2-424f-984d-daa74d48518b","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":221,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"2f14151c-251e-4854-838d-0cbda38bb863","block_type":"box","text":"ownership.","page_number":221,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"be4dc9f4-274d-4020-8eda-59284118c064","block_type":"box","text":"8","page_number":221,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"eb08d377-4175-4492-9274-6fcf180cad28","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":221,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"f2f12b71-9ef4-4260-bf9b-3e89179ab1eb","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":221,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"1cd1803e-0a5d-4f6e-9b79-741a35fb8641","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":221,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"77019789-616f-4a42-9c4d-7fe26675b29e","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":221,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"c01648f4-f4fb-4066-8ef4-8d4cd17145aa","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":221,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"d31c057d-4c44-48ce-b550-d5be5f851fb3","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":221,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"165f9d35-c5d7-4fcb-9332-6a97f52afc65","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":221,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"e6e2dc78-52f8-4e1a-b9a6-699d846a84f1","block_type":"box","text":"results over a period of years.","page_number":221,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"550289d0-a118-4373-9278-13df7f79370f","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":221,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"f8f2d519-febe-4478-973b-21264e94b765","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":221,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"b3359096-980b-4249-a2c0-6d4d85e90d76","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":221,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"98fa2f37-9ff5-46c9-b888-1f45c3d560b4","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":221,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"8a86cc2c-f299-43c7-a225-3c6d8778ed12","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":221,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"104afcfb-9f45-4dd3-8fe2-7b231b47f601","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":221,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"f44d8b5f-ab08-4db4-95b0-2b031bc28535","block_type":"box","text":"executive compensation strategies.","page_number":221,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"037c8740-48f1-43fe-bea0-660f3820caa9","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":221,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"f567e5b1-2302-4a51-9d8a-95d448653b46","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":221,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"23caa0a0-d524-490f-8221-d75f728454e5","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":221,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"a0abee1b-30b5-4dac-a6ff-678ec0c2229c","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":221,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"9b352d95-6e76-49b3-a026-af5dd7a741d0","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":221,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"7dbc4d44-8b63-4589-9a7c-0cd2f714caa9","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":221,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"9da84f49-0987-4188-8a9e-e7e896da08bb","block_type":"box","text":"8","page_number":221,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"6b13aa30-280f-44f3-b48e-136c88a67896","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":221,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"142ecdf4-23ee-41de-b12c-cb082ce09ca2","block_type":"box","text":"different markets.","page_number":221,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"2947f626-b3ca-4f68-9f1d-6c3dbfce805a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4939bb28-faff-49be-945b-a372bd1f601d","block_type":"box","text":"Global Principles | 8","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"31846d29-c3b4-4484-adee-ba0061cc0c90","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57b2aca6-c430-40ac-a540-8d9232aa6a15","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":222,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"a8c5c0c6-ad62-4445-8b91-c8c2ee5705e8","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":222,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"e66e745f-4b2f-469b-a9d0-f770eb526976","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":222,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"d69331eb-35ce-41c6-9e23-3840aae54447","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":222,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"69c86718-4cd8-4529-ba7a-293bed749f57","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":222,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"1d3c547b-620f-41e9-8f8e-0f43282f1d7a","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":222,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"483c6580-276d-4403-bcf0-117dca5defa1","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":222,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"1deea22d-adca-4925-9757-8d05b6cc69f7","block_type":"box","text":"whom they are charged with overseeing.","page_number":222,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"dc5e7bf0-c519-4b40-aef4-dc559ed90403","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":222,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"eac79c98-c29d-43e2-8b2e-b0e202247169","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":222,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"a2bb091b-8255-479c-9f87-3672e8c298ab","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":222,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"4970ed43-330e-4034-b34b-2164519116e7","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":222,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"10b2dd75-30ba-43b3-a941-87e6ad7424ad","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":222,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"4f408f6f-0020-426f-9d3e-bb69f37f7214","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":222,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"85939879-9eca-4eae-9650-8f7327e3ffff","block_type":"box","text":"structures.","page_number":222,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"f155a7d3-51b8-4765-ba96-3831e1629cb5","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":222,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"813706c2-14c2-42fd-8427-9f2c91646bfc","block_type":"box","text":"Corporate form","page_number":222,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"345ecb83-43d5-4c77-b6ad-8159752540da","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":222,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"dddc3287-8314-4fa6-b738-f4f20f502d16","block_type":"box","text":"the company’s purpose and business model.","page_number":222,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"ce987f45-dafc-463c-a349-1db2ff1b0ad4","block_type":"box","text":"9","page_number":222,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"2735f3c8-492a-4ecb-bc0b-cad7c20b5f8a","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":222,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"e3e5a3b6-ee6d-4dad-adec-c577291ca2b3","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":222,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"8c182fd5-6b70-4d14-8abc-829cc4e31aa6","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":222,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"4024247e-2bb1-43a6-a7e6-8b1e1d44f0c9","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":222,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"e82bbc39-786e-42c2-b6a2-13b9179b6e62","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":222,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"14c034df-4863-4a02-9ad9-db340555a348","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":222,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"93d5d4b6-2ae9-4190-91a3-debfa13e5534","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":222,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"672988ac-5c28-4339-a2ed-25f97fd42ffc","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":222,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"661e333f-ba42-44a4-91ec-f01299353b36","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":222,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"caa99bfa-473a-49a1-8794-872df1a24ba1","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":222,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"8faa0f7b-5153-4367-aa7a-e42fced23161","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":222,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"be7e9bbb-6e58-40be-8779-8df35400b20a","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":222,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"4bd31318-1495-4ffb-a642-e4949659b2f0","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":222,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"177e7c3e-9df2-429b-85c2-34d61dcb7743","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":222,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"952c7398-fae8-452a-8c79-1ade6819bae7","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":222,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"a8a842ea-1783-4978-bdb8-440ce906cdc2","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":222,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"9597d5f6-5531-4a02-b3b1-9ba80a1b0438","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":222,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"83cc84b8-d5b0-44b9-9985-1fe2640e1f2d","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":222,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"12daf661-1058-4a14-8c25-607b7b089670","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":222,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"1394a5ca-53c7-4fd9-88a7-3d1d3d543ae0","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":222,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"580d2f25-ba71-4c3c-8167-4690fe57df4e","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":222,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"4a047f27-6efa-4cc8-951f-34c93d17715a","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":222,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"7b7683e3-93d3-4bec-b98e-f74f09b2ba55","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":222,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"7bf290d5-9229-4269-813c-1d56e7ae7a49","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":222,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"5820328a-36f8-4ea3-82d0-d8e79f584134","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":222,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"4d3dc393-a39e-437e-bd72-7ca69c78b9c3","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":222,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"4e929f47-4992-437e-a092-421c0df8dadc","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":222,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"4dccfe98-bf2a-4c46-a793-7a8680dea9f8","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":222,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"a60601d2-497c-4525-9d11-6b43cedcfbbe","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":222,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"07c39b56-629f-4a67-9397-ddab301e2aac","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":222,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"6456ce2c-5851-4c5d-95ca-9924712c9039","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":222,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"17e2ded2-1196-4ebe-9154-087ea53d6768","block_type":"box","text":"9","page_number":222,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"de98f344-ebba-46f0-a608-d55f08609e93","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":222,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"da9c4a52-36e7-46e8-a490-30625da8c32e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"55685c55-2c57-468e-aa23-a1bc66f79997","block_type":"box","text":"Global Principles | 9","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b0f80b62-d333-4dc4-9386-ec501e9ec407","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d62362dd-a1db-4795-841f-c62e0c1dc650","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":223,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"edaee7af-9eb5-4c76-8fe7-6e39521df7c2","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":223,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"2c0c65ea-db8a-4503-88fb-ea43fdb1d6c7","block_type":"box","text":"long-term financial interests.","page_number":223,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"4c53e780-59aa-4067-837a-0223e2631e9f","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":223,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"bf6087b9-3d58-4696-a1c4-996f7120e504","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":223,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"83591c75-641d-4558-afa1-4adcf4a5bbc4","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":223,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"903e49a9-27c4-4c65-8c7c-4915d28c9dbe","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":223,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"17db09a4-9480-448a-9b45-47d516730c18","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":223,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"00469564-2aaf-450b-9531-19e0ff17e3ab","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":223,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"24bf547b-ea16-44e2-8d73-ec99f90b74bf","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":223,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"e1f6b2bd-f27b-44bb-9943-b7aec05fb72c","block_type":"box","text":"term financial value creation.","page_number":223,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"765a02ce-191c-461f-9e84-ad4cbe11762c","block_type":"box","text":"10","page_number":223,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"b78cfb94-8fcb-43bd-b920-201f3bda61de","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":223,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"089b8319-0a61-470c-81cb-f906aa5fedef","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":223,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"5f976c7a-3686-449f-b978-6f1dfca2d6ff","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":223,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"e81b9dca-310f-44fc-94b1-536644f631bd","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":223,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"5a9cb374-5c8f-4fdf-b5c3-fcd897b6b724","block_type":"box","text":"industry-specific metrics.","page_number":223,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"c1fb222b-993e-4ada-b3ac-7a2c89e80a48","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":223,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"50d6c2d4-a577-4230-a8b7-365ffea3f125","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":223,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"1fdcc54a-d4a6-4115-be32-bf9090351636","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":223,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"b7bae041-32c6-4269-a1cc-08135775bfd7","block_type":"box","text":"11","page_number":223,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"e94cd787-841a-44d4-8179-2c4cc44d9174","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":223,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"9d8b1fd6-d501-40fb-ac5e-2385d050738e","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":223,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"575134ef-1b0a-419c-a677-a9bfc967fbd1","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":223,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"3bae4854-adc8-49af-b51a-98c5c3309f17","block_type":"box","text":"specific.","page_number":223,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"32dfc84a-3303-4199-9a8b-3f7efbbdc8f7","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":223,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"6abd2f54-ea5f-4566-9141-e64e4a271780","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":223,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"5384ae32-57ca-4733-a409-6d74372cb6b1","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":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"d0b956b3-290e-45f3-8f37-35f8c2824110","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":223,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"298305eb-2436-4b33-9149-c0d57cf2a1c2","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":223,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"1b177b3c-92d8-41e5-8629-30a98f66c313","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":223,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"853f4daa-d3d3-4775-b681-8ef9d053d34b","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":223,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"ff66d46d-e6d2-4704-b2ba-21ab83eda131","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":223,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"d0e8e1d8-49e9-4147-a914-4ce47da924fa","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":223,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"a52226d8-5251-4f73-8e7c-9bd13de18d1d","block_type":"box","text":"10","page_number":223,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"9fe0f32f-ec2c-4e6d-a5cd-a44c74c265ac","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":223,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"5e218e95-a7be-47ad-86c6-caf560e01cf5","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":223,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"e2212bb0-11fd-437e-b752-d83e59fd61ae","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":223,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"ac55c426-f31d-4d52-8054-bf95b040671b","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":223,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"e269dc3f-f9ba-434b-8366-be9dd95abe34","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":223,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"752bb0cb-88a5-4afb-90bf-46304e80e59a","block_type":"box","text":"11","page_number":223,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"5995d982-ba72-4add-9b29-f4fa9cfc3c3e","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":223,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"82fc9dcc-0b29-4551-9cbd-0b128d3bcadf","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":223,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"40bd1d89-a300-4906-8e95-cda8172850e9","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":223,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"b794be9d-efae-4e84-9bdb-033263a761cb","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":223,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"6814621d-949c-488a-a1ca-3f0014c8f4d2","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":223,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"f66c72de-e63b-48fe-925e-efb00ae0a05f","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":223,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"d5331c07-5d68-426c-aac2-e978ad566d16","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ced12cfa-fe81-47c4-bae4-e7300254a6f2","block_type":"box","text":"Global Principles | 10","page_number":223,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"602cf7f9-b24d-4c08-a23d-493e0fe7027c","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f37c068d-3124-4d2d-8ac1-323c8f41803d","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":224,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"6aa37a81-3bbe-4f94-8f05-6e2f75c3a4ba","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":224,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"f0f65fb6-0e6c-4128-96ba-696b9a00ce29","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":224,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"76fb6008-9991-4b28-bddb-b0805b1b788a","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":224,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"37abbbcb-c885-4e61-b16a-f70f1ff4af93","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":224,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"327f492f-af48-43ca-9740-51d7162db8fc","block_type":"box","text":"12, 13","page_number":224,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"4d79583c-f9c6-445c-918d-2bd6a4803fb6","block_type":"box","text":"From company disclosures and","page_number":224,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"e7ed8412-f55c-48df-8886-4b04eaf7e690","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":224,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"17c36b22-71c2-425d-b141-43311e21f40c","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":224,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"b753ec64-16dc-4cab-bf77-009b9d47313a","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":224,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"a2f9b3ba-27e9-4f24-b9ce-785e5eecad73","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":224,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"eff021f9-169d-454c-bce3-79fd6344757b","block_type":"box","text":"viewed as best practice in the market.","page_number":224,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"7246ebf5-32ef-4ee0-a51f-322273d4afa7","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":224,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"b0c42edf-ee7f-410d-8a08-2164b6819215","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":224,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"f02f8e0d-c190-4101-98e9-7deac891d310","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":224,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"6b12f3e9-abd6-48c1-b2df-cb8193508557","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":224,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"44269957-7886-43e3-9935-073f91efad6b","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":224,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"45fe1817-83fd-4518-bf25-966a2bd3517a","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":224,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"0cd09224-2ab6-4135-99de-396a0330eaae","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":224,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"20b2b09f-1e20-4e74-9232-40b8cd5ce8ee","block_type":"box","text":"interests of their investors.","page_number":224,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"10331f5b-45cd-43b1-a4d5-8af0149df667","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":224,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"68161688-d7c8-46e4-b0cc-630b417d475c","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":224,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"1dd141ed-d6a4-4afe-a8b8-4e04d7c04623","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":224,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"8357a212-3b22-4382-bfbe-2187230b2c3e","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":224,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"b8f1ed34-3d56-47e1-aed7-eb00676d3031","block_type":"box","text":"good-faith basis as methodology develops.","page_number":224,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"728b8a7e-a4c3-49a4-b77e-76ca66e9d14e","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":224,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"01fb053f-bfc6-4e5c-9ee6-7dd97266dca1","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":224,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"3d6f615b-4088-42e2-9eb9-965172365591","block_type":"box","text":"generate long-term financial returns.","page_number":224,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"b3e48bf9-625d-454d-9348-85b7c82ef3da","block_type":"box","text":"14","page_number":224,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"d889b2d8-f998-4e83-b583-607c187ade15","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":224,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"d8eaa484-0589-434a-8683-18483297123f","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":224,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"add51703-e65a-4e07-a778-702d650b6d54","block_type":"box","text":"15","page_number":224,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"eb5b9fe2-77a0-44a9-93ba-e82a67f3d213","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":224,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"9c7a1fe9-de86-4ace-9711-5a397f1d271c","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":224,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"9d9d41a9-c59c-48dc-aae7-2d744c445a9e","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":224,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"c55bb593-941b-4c83-9900-4256d6024476","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":224,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"33b5b1ae-582f-40b1-8f79-ede2fe162df4","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":224,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"086271a9-3150-4387-bdb7-f728d6d129e2","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":224,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"c3debaaf-5cad-4563-8445-30932525f770","block_type":"box","text":"12","page_number":224,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"025a341d-887b-455f-bd8d-e1bb186e52e5","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":224,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"f1d3e04d-1dde-4f46-9c14-ac473bc4338f","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":224,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"85aa1af7-8c3a-4ecd-b724-51777717fe9f","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":224,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"56dc00f2-5878-44de-ad7a-3f6e5240be3a","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":224,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"34271a4b-7b85-4b3c-b40f-362eb8dd592f","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":224,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"31a875f1-f7d9-4cc5-a019-455070bf4f56","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":224,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"aaa6fd77-ae96-45c5-96b4-d59393f8f5f1","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":224,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"5415589f-84e7-4bfe-87d1-3cac5e01f9e4","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":224,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"7309cede-2b90-4a09-a95b-bf3e30230e7d","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"38c16f67-6550-4127-9274-abeb1ff2019c","block_type":"box","text":"13","page_number":224,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"50981e54-f120-40f5-a66f-fd2df686e5db","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":224,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"29b4dcd0-c06b-4074-b466-398fe149b059","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"6dbcdc5b-adcc-454e-a347-ceb8107c1245","block_type":"box","text":"14","page_number":224,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"97245be7-3fda-4c5a-8a3a-9bda4eea8bbc","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":224,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"35c8f3c7-5646-472f-a631-954564b8d6b1","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"662d6ad1-0fc1-4d0b-891f-d8a94d73eeca","block_type":"box","text":"15","page_number":224,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"e17ea6a1-de2c-448e-aba7-bfa97885a36b","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":224,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"855ad1ad-30bb-4520-9e0d-2f9ee57107f5","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":224,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"75be1e25-f729-48a2-b5cc-ce09a8be997c","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":224,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"24ce5ed7-2410-40e8-8a39-1ef109eea85c","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":224,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"eb21858c-aec5-417a-8fb5-14ee273e1bc0","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"14d5d6ec-5951-442e-8459-69c5e8ffa6f3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a9c9854d-6fc9-45f2-b497-92f1be7cadad","block_type":"box","text":"Global Principles | 11","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f01f3454-7d59-425d-8e01-f29cff3742a8","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f20e8cb2-a3b0-4c49-a4b8-53bee7d2e9b6","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":225,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"6c7b6e36-baca-4b2b-87ed-90ef5f20e3eb","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":225,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"d598feae-1f7b-4df0-b9d6-ed90ded8c85b","block_type":"box","text":"16","page_number":225,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"3bd997f8-0b15-481e-bda1-8328ca1f0f16","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":225,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"411b5f87-f024-4c00-8421-104b27f7aefd","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":225,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"82ea618b-dd87-49e8-baca-e51106946915","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":225,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"0eb8aca5-0048-49b6-8fc7-22fa4df632b5","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":225,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"f3ea2ae7-d757-4093-aeac-465188747142","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":225,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"bda65b1b-0631-42b0-bd49-af100a2eb62a","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":225,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"e448dfbd-8235-452f-b97e-4cf7c6ec603e","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":225,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"079ed64a-002f-4866-b7f7-84a52888d931","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":225,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"41f64de2-9ff6-4ef6-a151-a0152de2cfe9","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":225,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"3043d983-0b61-44b3-9804-8e0872f08eb4","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":225,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"c6cb6b7b-0fb5-4ac0-933b-13d0770889d4","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":225,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"f73e6960-d050-4fd4-8808-9bb9ec05eaec","block_type":"box","text":"impacts.","page_number":225,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"f681e27f-4c62-4adc-8d4e-370e5369eafb","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":225,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"26c0937a-01df-4d7c-9a5a-c30b8765e0b1","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":225,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"6d41d346-c6bf-4a67-adad-742fe12a9b5b","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":225,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"f5f69eab-de4c-4c14-bdd4-4517986b325e","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":225,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"f4e56f5e-9ae6-4d85-a3af-9751db07ff2a","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":225,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"f1dd3179-20a4-4f3f-ab92-2be44708a1dc","block_type":"box","text":"clients at the global and regional level.","page_number":225,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"56354cdb-c58b-4fd7-b34b-423450550691","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":225,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"e1e934a4-987e-42f7-9646-ee7eede1cd07","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":225,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"c3865281-87d0-415f-9c43-d34acfe65e18","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":225,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"a7b408e1-5e6a-408c-8014-c2dfceb097be","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":225,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"4ab0159c-bd57-416c-88a2-473a5b1f232d","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":225,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"9f169c89-b9e4-4b43-8c8e-556ec65f2f68","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":225,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"bb478155-4f5f-440c-921e-4501003b37f7","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":225,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"4eedd1c9-96c4-47bc-8894-25c45d19ecba","block_type":"box","text":"are independent from the investment stewardship function.","page_number":225,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"14981d15-38c6-4bdb-91a4-de075363866a","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":225,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"12e3ac1c-3076-45fa-a567-1a0293da3b5f","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":225,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"d0020694-449c-4307-9e43-23e74b30f7a1","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":225,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"5351af7f-f816-47ba-bad4-5690f9379ef0","block_type":"box","text":"VOTE EXECUTION","page_number":225,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"2dd1d44c-ad62-49f8-a2e1-bdaf13598d9f","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":225,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"7f026c84-55ee-454a-b141-d63f0e8c426f","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":225,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"43626030-674f-476d-bc9b-687ec75a81e0","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":225,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"60440b32-0a9b-4871-923d-adbfbb913931","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":225,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"e1d52c8e-ead7-4f1d-9b2e-340b0958c4f5","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":225,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"ed82ada6-89c6-4692-8fa1-8df7cfae191b","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":225,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"75e9123d-cbe1-49df-ba2b-7900b62662f7","block_type":"box","text":"management policies and procedures,” below).","page_number":225,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"d0ceb987-e753-4161-a6af-1a4dd8af0388","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":225,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"eeb2b4f4-f0df-4b37-86f3-e5427cc493c2","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":225,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"11432c51-de7a-4519-a117-af11d59aaf5e","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":225,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"845bc2bd-9c10-4bfc-acd0-47582c2f4f92","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":225,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"4923d01a-201c-405d-a27a-a6d2ab136aa4","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":225,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"4cb50e40-47a7-4792-befd-6e78df7d118f","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":225,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"6a9fcaa0-05ef-40e7-89b3-b92a333cde20","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":225,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"019a881f-6406-4f5c-bd38-746ea87e779b","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":225,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"74176229-490d-43a6-affe-2c429af3cf46","block_type":"box","text":"16","page_number":225,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"d8c3726a-f379-4235-81d1-0b4f23d8ca36","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":225,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"a7722268-3fc7-4f49-b737-19985c842352","block_type":"box","text":"December 2025.","page_number":225,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"0aed48ff-720b-4055-8125-d875c9a18bd4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"20aacc51-54c9-4ced-9000-6123e5ec275a","block_type":"box","text":"Global Principles | 12","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"2a9b496b-51f9-4b09-bd08-ce8f2097d4dd","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd4838c4-04e3-41d0-8014-9eecc32a28e9","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":226,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"56619651-df71-46bf-b75d-8a201abbb0dc","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":226,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"07536d12-736d-4b48-9731-2eb3ec3dd493","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":226,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"7c8c2004-8424-4656-af47-02c7ada19d2d","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":226,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"cee7af36-0c0f-4235-be75-dd3cb7d693e3","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":226,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"af41faa1-ead4-49c9-a22f-a634ae3dbbe4","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":226,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"76e548d0-879e-426b-8541-fdac6b7b2ac7","block_type":"box","text":"enterprise-level vendor management activities.","page_number":226,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"03367634-c36f-47fa-aefe-fddda5d0a12a","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":226,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"01ac58cb-ad63-4d55-b3ca-2561a424fc7c","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":226,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"40963afb-315c-448b-b43b-cf998d02667a","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":226,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"9d31424a-e6f8-4ba6-8bb0-467108d9e441","block_type":"box","text":"BlackRock employees.","page_number":226,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"a7110806-f3d9-437e-8748-13ba71845a36","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":226,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"6a3e8665-af79-4f72-9180-0da930cc68e9","block_type":"box","text":"SECURITIES LENDING","page_number":226,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"0d01b58b-7eca-4fbd-a799-2cdac1673997","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":226,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"524b963c-1227-4ca8-9958-27d0a36ed383","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":226,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"63a191ef-d0fe-44f7-a23b-e9e93fd59dd9","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":226,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"c953db16-bce9-4711-823b-852337cfe23d","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":226,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"a403da13-3d03-4bf3-8d7f-1a7bd77cc847","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":226,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"222d94bf-b3a0-4685-a26f-e1b8be3d4b48","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":226,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"7f945c2d-05b3-4d77-80d5-719eb1c177c3","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":226,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"c8498ed1-f92f-4ac7-b435-0999aaa4565d","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":226,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"e182f060-60e4-46a5-a606-0ead4e5195b9","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":226,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"30f8551d-0ebf-41c2-8cb2-8c231963b3f5","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":226,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"4a801009-3813-4a6c-a835-a049c6a85f99","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":226,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"e961f584-73c4-46bf-be10-74371a328319","block_type":"box","text":"of recall consideration).","page_number":226,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"e0ebbde2-eec7-4bb8-9c8f-988efd3bfcb4","block_type":"box","text":"17","page_number":226,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"d34b5a48-e9e1-49e7-a92e-2eeeaa9af1f6","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":226,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"00191e24-681b-460a-bb33-7040f832b1ab","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":226,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"520d2018-fef5-4bd8-a922-179a9aeb52bb","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":226,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"de95a020-884a-49dc-8dc2-2f10a3987366","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":226,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"45c23b2a-e75a-4114-b148-eaaacd1c2d2e","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":226,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"a6c10b2f-7081-40a9-9249-bd32bcf55a7c","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":226,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"e16c27b8-91b6-4bcf-9940-a37ce63200c4","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":226,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"ed84e072-bf6b-4645-aca0-47cad3b838e2","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":226,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"74a4834b-b4b9-4ff9-8bdc-60e0e1b959c4","block_type":"box","text":"and may modify it as necessary.","page_number":226,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"35eaa4a0-8c04-4276-9a50-3a2ea94dab2e","block_type":"box","text":"VOTING CHOICE","page_number":226,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"a913e061-a3b3-4788-b32d-f24ccfed1405","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":226,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"0411f4ae-aff4-4212-a8ce-589b5a05c74d","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":226,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"1f949a2e-bc88-4fcc-8a36-7784cfde8a2e","block_type":"box","text":"18","page_number":226,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"23324848-7667-4911-a648-c45128301642","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":226,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"1387ffb3-8ff0-4da9-a602-c82ce1288dca","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":226,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"df5962cc-303e-4b9e-a47a-3b6dc9fda6cd","block_type":"box","text":"17","page_number":226,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"dc1e3adf-df7d-4684-94ca-5a5af5248908","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":226,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"c318727b-3634-4893-a6b2-c31fbd6e659a","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":226,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"5ad183c9-a55b-4fbb-915f-06d2b9aeef25","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":226,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"05e8fe6a-8f97-464d-9ddb-6a78daa0305a","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":226,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"53e8ed2b-210d-4be9-956f-857b84c06290","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":226,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"79fe8523-9a45-42ff-8c79-a976f6025f8f","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":226,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"7d387f49-de96-485d-bd88-d4f5902a52fb","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":226,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"50047f20-3b3c-47e6-a45c-a5e008983eae","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":226,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"7afcfa55-9adf-4dec-8638-2ca36094df9c","block_type":"box","text":"18","page_number":226,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"16b051c5-cf15-4dff-ad96-c91c97b7564d","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":226,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"71238171-5498-4f37-94e3-72d04a0d89b3","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":226,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"442470aa-b375-484e-bb32-a124b18be591","block_type":"box","text":"including the decision to lend securities.","page_number":226,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"a13ab459-5788-43ee-a081-67c69a5b7d5c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2d7c5b4d-1f43-4cfb-905b-a9f468753eb2","block_type":"box","text":"Global Principles | 13","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d0c868a2-325e-4c84-8bc2-ba6246c31c1a","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94a70cc4-2730-4485-9104-3ad58020ebee","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":227,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"1d5ed35f-ec9f-4795-ba3e-0e7a22867c11","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":227,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"c61f7d67-0075-48ae-9201-90cbe77b2b8a","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":227,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"ea4ad471-612d-4607-8c15-5dda815e8781","block_type":"box","text":"19","page_number":227,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"b20b9a5c-f197-42fe-961c-ebb159a6db45","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":227,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"e09e6e72-9a88-431c-8494-487e2a74aa04","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":227,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"0602bb70-52f0-4b65-a372-248d27a81d20","block_type":"box","text":"20","page_number":227,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"1e13903c-3d45-4b30-963a-1588177bc938","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":227,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"dda666be-d3b3-4918-a872-846d20b40ca8","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":227,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"555f7bdd-48c9-411c-b96c-df519eb17028","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":227,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"8b36d677-f7db-454c-a396-6c8aa92b5791","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":227,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"157f1a23-df7c-4581-ba25-9337af32585d","block_type":"box","text":"21","page_number":227,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"6f42c372-12ff-42fd-847a-1dcb5760614f","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":227,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"58e4a24e-12f3-446d-9f78-5594ce670d8b","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":227,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"62f11118-3e64-461a-b1d0-1d1b10a19a08","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":227,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"e598f25c-31dc-43b2-984d-b8aa17ef8eb6","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":227,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"28aa56ff-01f7-48c0-9c45-5ca8847b751c","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":227,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"832ac017-b2f4-4572-83ad-ec70a14ee42b","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":227,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"2c86442a-61d9-4c0a-86f0-496c94098374","block_type":"box","text":"19","page_number":227,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"64d7a817-e9b7-4841-9bc7-f6b10c80fe22","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":227,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"34b37da7-2bff-47ca-8206-04d7e126b976","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. 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Fur ther, the Guidelines consider the","page_number":233,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"ad734c5d-9eff-4098-b50d-05f85cdd2329","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":233,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"66ebe5be-3457-48ff-a271-13fe6144a883","block_type":"box","text":"does not.","page_number":233,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"3ce09d49-cca9-4aaf-9872-5050bf9f51c7","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"633b328c-9779-434f-8199-d341c3e339e5","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":233,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"8efce38e-44d3-4d84-9b01-3cf128e22962","block_type":"box","text":"limitations:","page_number":233,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"e41311d3-1b35-4d7d-85f9-4ebcb74ebd70","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":233,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"79c4426e-9a9e-4a42-9502-c8ebe7693aba","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":233,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"0b0a694d-e4ab-48db-aadc-c1d9f852abe0","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":233,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"31cf60c5-8997-4486-8605-819d09d81bd6","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"4fcac1c3-0a08-49e0-b9b6-e56f87bef591","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":233,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"726d2b80-584a-47ce-8a6b-0d8d6c57b7f1","block_type":"box","text":"The boards and executive leadership","page_number":233,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"b1e1c1b3-b5fb-4781-9421-9139a67bdab3","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":233,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"e84ebee7-1804-4054-84bb-2d1b556fee88","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":233,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"18bfe4c2-57ca-451b-ae59-1d97dc3e9ada","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":233,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"335f4aa4-ac5c-4163-b8d1-c9882d7cfc1f","block_type":"box","text":"Voting approach under the Guidelines","page_number":233,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"a1ca6aea-e14c-4491-92e7-529ee78dd3ef","block_type":"box","text":"12","page_number":233,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"f209230b-6d5d-4dd1-b941-7ee85a5eac69","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":233,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"8c216119-9ded-4d37-8e20-e8737b791ad4","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":233,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"b12f426a-1294-494a-81e2-b09767f2ce83","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":233,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"4d2221bf-9fd6-4124-89b1-131aab99cefc","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":233,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"f741edbe-830d-49a5-ab8d-57e6243e96e0","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":233,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"047ee4dc-fe91-4e78-b982-1fb522bd441a","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":233,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"16e0e749-665b-4bac-ba10-8bc2d8f0df59","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":233,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"6a42938d-c929-467c-bb0a-4b2e22c8a6d0","block_type":"box","text":"Corporate Disclosures","page_number":233,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"0f6821d2-719d-45e4-973d-c0e73de3d985","block_type":"box","text":"13","page_number":233,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"bd041306-012c-464c-abdc-e6e06034d0a4","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":233,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"6b2026ed-0a39-44c2-94c4-fcc4eb37cf32","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":233,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"dbf7c85c-564c-40a9-853a-11ed350c9e61","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":233,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"84ddfbfe-7d61-456c-a04c-0bd600f9f320","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":233,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"d157f8ea-459a-4690-801f-ffa17cd1bbf7","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":233,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"55d5ad4e-4278-4a1f-8f19-62afc193239a","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":233,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"16f41432-cbc5-48f2-80b3-07279966838e","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":233,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"6f136949-0d58-4895-9c3c-499260c6efb9","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":233,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"964096f4-4ead-442d-adb5-94b16ed77d7c","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":233,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"62a817b9-f22a-4a06-91de-2156f2d8e01e","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":233,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"7a36cd1d-cdbd-4ee7-85ba-42cf2ad36378","block_type":"box","text":"14, 15","page_number":233,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"95ce9122-54f2-463c-8a4e-237aaadba5fb","block_type":"box","text":"IFRS","page_number":233,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"4af0b802-4cb3-43d0-91f1-9cb988f03052","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":233,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"b90c1540-6115-4b9b-9917-beb4908646db","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":233,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"1b8af59a-a9c1-4b3f-868c-e39684e3be83","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":233,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"9bb3aa5d-64a1-4a8e-9896-f60c80c9142d","block_type":"box","text":"and assurance standards are developed.","page_number":233,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"8598bf9d-548a-429b-bfb8-d597644c63a7","block_type":"box","text":"12","page_number":233,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"2dfa4d88-40d0-479c-bb1f-ac3046a74244","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":233,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"861352e7-5fff-42c4-8d5a-22c3da79bcf5","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":233,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"9748ce4c-2710-42c3-b836-3f44d9106e0f","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":233,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"2a4b7556-d996-4e7c-9a7a-7cc84df1bc56","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":233,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"8e1a37c5-e1e1-4158-b8fa-77801f227c91","block_type":"box","text":"13","page_number":233,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"0bf51752-1ba9-4f90-a430-22111f3fc2c7","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":233,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"de19a86e-52c6-452c-9a32-8f001c763525","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":233,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"e6deca56-dbce-4d24-b0bb-7905b694153c","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":233,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"fd33c46c-744e-419e-a3df-4898c18bdcab","block_type":"box","text":"14","page_number":233,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"b31b998d-9c78-4af1-8436-6be3025bf37e","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":233,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"4b5d8bc5-9f03-4a0f-9d83-135a2af75015","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":233,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"aba32fee-d75c-4524-b32a-3eec4f85188e","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":233,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"36d5f549-8f03-41e9-8c71-55485a75de70","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":233,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"a4793deb-e168-4d0d-a76a-eb84b7bd0693","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":233,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"bedbf503-37f0-4a78-868f-5c35dfdff4c9","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":233,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"d4d75d2c-fe76-42d7-97e2-7558bcf9dd5a","block_type":"box","text":"15","page_number":233,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"5e913701-584f-4526-b738-be35ddc3760b","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":233,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"8ba72cc8-ba7a-4273-9080-c900f14412fb","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":233,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"60cc53ca-fd37-4c02-ab94-63ed25125cbb","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":233,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"de9379ba-d813-42cd-8833-9cd8d4ee62d3","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":233,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"2b671021-d468-429f-a2a2-72af1c4b722b","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":233,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"d777792f-8491-41b8-9b01-157e699284e3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"15f43331-f06e-4b21-a15c-147cbd0cb319","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":233,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"c3979605-7800-4f00-b637-8259d3f381e0","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d45353f-631d-4feb-b9e8-4f6f2845e8a1","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":234,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"1681dd3b-3d29-4988-a243-f642dc21e608","block_type":"box","text":"16, 17","page_number":234,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"19b96991-9cf6-417b-9556-80ce47e2669b","block_type":"box","text":"In addition, the dedicated team looks to","page_number":234,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"b6c55fa8-af7e-4f51-9c16-a1c865496496","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":234,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"0bab8a40-5a09-4f06-91b2-fb03b77d71ef","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":234,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"1917ed76-bc69-4f53-92e9-369a5e36d6c2","block_type":"box","text":"scope 3 emissions reductions. 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The directors most likely to be in focus are the chair of the board","page_number":235,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"a7a32468-c13d-4bfe-9ae1-f1033c4c7754","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":235,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"b8af4542-1564-4b59-b5f6-3b55199b0480","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The research uses a definition of materiality from the GHG Protocol,","page_number":235,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"b28292db-8f21-4cfc-8198-26725f2441f6","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":235,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"516e893d-b126-4d03-b698-4dc0c5a8f8a3","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":235,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"f85acdfe-97a6-4a37-8bb9-10e1b5b598f4","block_type":"box","text":"Website accessed in December 2025.","page_number":235,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"c3409067-b672-4eef-b169-7cabf4164830","block_type":"box","text":"22","page_number":235,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"2930736a-5ac1-416c-8f59-cab7bc7083a3","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":235,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"aac7bf4b-4c4c-401b-a7c1-330085a42c75","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":235,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"55d761de-dce8-4e5a-814b-48502e343030","block_type":"box","text":"23","page_number":235,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"537303a2-8780-4c76-9158-f081901e0d85","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":235,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"7482ee3b-33b6-4fa2-8200-9e71e3d4d69d","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":235,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"22b2169c-4927-4a4e-a9b9-f94ea234d428","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b1ed7ca8-6459-4ba9-aa0b-eead441a4cc5","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1165cfc1-2f28-49a3-9490-35bcd05de177","block_type":"box","text":"BNM1026U-6033397-19205820","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c41aa36c-c1e9-4277-9c7a-ee407ac3651b","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":236,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"4624edb4-5509-486e-a568-e73e7347891f","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":236,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"790359e5-8e87-42f8-bcbb-3cff9a735e9c","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":236,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"efac84c4-768e-4569-b052-8b278b61d383","block_type":"box","text":"24","page_number":236,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"5bc31086-7fba-44a9-ba15-d6e0969543a5","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":236,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"cde451eb-9ee9-4cb2-8901-d510d89e714d","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":236,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"0c9b2b86-58bc-4d1e-a9f8-f2a7305fae2c","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":236,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"182281e2-c911-4a3f-8df7-5c43e956270b","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":236,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"ed2e1ed8-6ae6-4a1c-a48f-ae4498bc189f","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":236,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"2187cece-7101-48f7-b8ef-5b6a6bf1654c","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":236,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"ee65c7ff-6d1f-458a-83f6-8c8144bbab57","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":236,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"6c88e255-15a3-4214-be76-d20ba0016358","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":236,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"fafd5ca9-bca0-4379-9e65-b6776b541018","block_type":"box","text":"transition plan and targets.","page_number":236,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"178878d4-7087-4d91-8482-75b0b3cb5ab4","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":236,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"c1b17716-031b-4ceb-b841-51b50b16b702","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":236,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"4c809a82-a9eb-41e7-8b49-bf7bbd777e86","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":236,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"1593f0db-e669-47ff-bae3-7baf164129dc","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":236,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"96726728-411f-45e1-9685-9831b2e049bc","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":236,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"0f8451d2-491d-4b1e-a6dc-f437d854fae3","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":236,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"41c8e176-5efd-4650-943e-fc522b376fbd","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":236,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"9448a6d6-be05-4ba9-8fbb-495fb3d966a4","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":236,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"709b3243-c25c-4b50-b6b4-3365837bb442","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":236,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"d71bd7b8-6b40-40ea-aa1f-7a3e366858b4","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":236,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"0d9fcf6c-0310-44c4-a629-fd3cc2529c4d","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":236,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"9a608515-1c4a-4b91-b60a-ef4ee58c4d29","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"088a3027-57bc-413f-9530-a78ea6fc1591","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":236,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"542ce214-ef3a-402f-bc6e-385e57e99153","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":236,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"e52c05ad-5ff6-4d8c-8f0f-d235810de793","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"c5d9d1df-7aa7-40de-82d2-85f7c2c1b622","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":236,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"918682a6-897a-42b5-96f3-ddb1dfb6d916","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":236,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"508ad57a-a936-441b-9485-7d1cb6e00b7f","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"ce326fe3-eded-4290-aae8-1af8f8e3f9f3","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":236,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"722356ba-16f7-486e-afc8-f393064858a5","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"9fd44df5-cbab-4764-9b0c-a04836db2c5b","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":236,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"61e88c7b-41d4-4a12-8691-f673f2f11c20","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":236,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"d370b686-251a-4f85-961c-c882dd8f6bd9","block_type":"box","text":"25","page_number":236,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"ff7c6974-1987-4e7b-b6f3-bce974765992","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":236,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"58b84365-52f1-440e-9b45-18db4633b6d6","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":236,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"b6a71346-22db-4b4f-b464-045f73711920","block_type":"box","text":"RELATED MATTERS","page_number":236,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"2e09bc3e-b3ec-4309-8c15-87e62e9cf52f","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":236,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"15f69689-53d7-4f8f-9a97-d5638b5e5738","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":236,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"e457755b-b791-463c-8968-937689d424e9","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":236,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"be994d01-91dc-4460-836c-85054542d8cf","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":236,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"72e74a03-29ae-4230-b926-163b41b89532","block_type":"box","text":"Executive compensation","page_number":236,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"203939ed-7cb6-44b5-81f0-7911fb8b4bca","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":236,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"61a05bcc-e685-4f85-b111-ce0378a4735c","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":236,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"0c8bf9f7-4a4a-4844-a998-99346951b044","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":236,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"7e4075b6-5c4b-4f52-a5d0-febcc5f992f3","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":236,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"3f58e1f3-06ea-425d-b2d2-2cbdb216bd42","block_type":"box","text":"24","page_number":236,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"cd8ddcc2-b16b-49ca-b9ef-63941165e93c","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":236,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"add6c2dc-e65f-45d0-ad20-132cc4a9d38f","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":236,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"4cb34087-3a1c-4e9f-9bc5-29e6efda3330","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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The team notes that assurance of corporate disclosures related to climate risk and the","page_number":237,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"4d0807e3-45df-4089-9678-91b476a158e4","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":237,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"88970b76-bad2-46e4-9888-5d161e857166","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":237,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"1eb65d3b-fa87-421f-a563-68a04789a4d5","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":237,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"be967dbb-9853-4c93-a51d-85ba61618d85","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":237,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"0a5f8be7-689c-4853-9eea-a8c1a6f9ec65","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":237,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"95e1bc3d-d39a-41b1-a05c-8c216c226a9c","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":237,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"c093c71c-a7d9-4f60-b755-289c79d301da","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":237,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"3d071e35-30ca-4b80-82aa-2d3cd19c057a","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":237,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"81c71604-fa4c-4803-8659-1855ac3deb10","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":237,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"db85e895-89ee-4fbc-8043-8effd00150a7","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":237,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"ff944733-8b13-4365-a5c3-7f76e8711347","block_type":"box","text":"stakeholders.","page_number":237,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"0429f096-9661-433c-95a5-824bf1fe5806","block_type":"box","text":"26","page_number":237,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"e6aa797e-fcb3-43a0-9007-f57f53c487bb","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":237,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"1de92589-300a-4dac-8e92-9706072db190","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":237,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"c01814fd-22f3-4ce5-a8a1-826e8d0323f0","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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The economic transformation is being driven by changes in","page_number":238,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"ce12b98d-d516-45af-8ecc-0afa9372136a","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":238,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"6a463bb7-1990-4931-b421-0f41179e202d","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":238,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"ea8f3216-046d-4fb3-b819-23d66a6c8321","block_type":"box","text":"Decarbonization:","page_number":238,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"9b660ee4-ebe9-4b01-bce2-2b31f9410c7a","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":238,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"850e3f40-1b67-4ce1-b12e-84bce331168a","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":238,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"f161b1b2-8a18-4ccf-8209-47ebee69374c","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":238,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"433582f9-587e-496f-a0fe-2ec5bc8f186d","block_type":"box","text":"e.g., methane.","page_number":238,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"2ec683df-e67c-4fd0-89f8-f8144599a3c5","block_type":"box","text":"Climate-related risks and opportunities:","page_number":238,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"ed4e382c-8f91-4467-80ad-3b3384461318","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":238,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"2992f6e0-4227-43e1-a084-33778c4362d0","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":238,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"d99a0835-07cd-429b-90b0-c2c457ad5e65","block_type":"box","text":"to physical climate change.","page_number":238,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"08cc5a37-1f33-4d27-a843-915f91e6f4f4","block_type":"box","text":"Climate-related transition plan:","page_number":238,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"eb14cce7-e8c5-4db1-aa2d-bb1a0574b434","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":238,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"deee235f-90f7-441b-9cfd-360e4e19cc12","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":238,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"5d0a2ba1-e8d7-40c4-a8b6-a897f1a21f91","block_type":"box","text":"greenhouse gas emissions.”","page_number":238,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"185b3e9a-0e78-48d5-930b-278a04ff033f","block_type":"box","text":"27","page_number":238,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"a4a237e8-9f62-49e8-a94e-2befc0c25665","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":238,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"51d17227-bc41-48bb-8431-455a82a76557","block_type":"box","text":"Targets that “","page_number":238,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"6ba38bb0-ece8-417a-8437-4dc021206789","block_type":"box","text":"are in line with what the latest climate science","page_number":238,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"a3d0158a-d0cd-4607-bc4f-d9bd70075958","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":238,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"ce083c88-0d3c-4c19-965d-f54a41340cf5","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":238,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"1079a075-7d41-437f-8be4-9ea8954b5194","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":238,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"186c0ac3-d345-42df-9690-9c86287227bb","block_type":"box","text":"with the Paris Agreement goals.”","page_number":238,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"f77562bd-45b4-45f1-81fa-6015aa3b5b99","block_type":"box","text":"28","page_number":238,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"944e98c1-ab51-40d9-bd40-850d6cf5edb9","block_type":"box","text":"Scope 1:","page_number":238,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"499c062e-c6e8-4e68-b7b7-e1fd31720c2b","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":238,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"51af22a9-840a-42d2-af20-a74b6922d2a9","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":238,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"405281f1-9c72-4701-89db-53ab7308aafd","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":238,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"9768d0d7-6925-40e7-bce2-673914d5fbb1","block_type":"box","text":"29","page_number":238,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"c509e53f-1e6f-41a2-a4d1-cbb180bb2e08","block_type":"box","text":"Scope 2","page_number":238,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"6f0ddebb-f41c-4f67-8139-1ffd23a00a1c","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":238,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"bba496ed-4b48-4dfe-bfd3-a916556e74f4","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":238,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"19b978d3-aa2d-4f5b-9c4c-b047ab90f475","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":238,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"6484c7f4-b134-4f2d-b717-2365cea0e270","block_type":"box","text":"30","page_number":238,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"24a30f9f-c207-4ee4-8999-0376d09b34bf","block_type":"box","text":"Scope 3:","page_number":238,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"f9acd671-718a-44ec-8b1e-2bae81523c2a","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":238,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"528bbc0b-b564-4f76-a7ca-5c9f483cfec6","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":238,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"7c72cc4b-5b29-490f-a74b-ab3a450008ae","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":238,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"00514eb2-9106-439c-962b-33924a7533f0","block_type":"box","text":"31","page_number":238,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"6b3ff6f2-fba0-4a60-8d56-dfd2ff376e27","block_type":"box","text":"27","page_number":238,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"8e6117ef-d29b-4109-8cb6-7d1b47655032","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":238,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"f16ffba6-0a7d-44be-8081-50d37005399b","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":238,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"89b80c2c-a077-42b8-a03d-34d88b07d001","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":238,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"1cdaa172-cf15-48a5-b8a4-76c652828b1b","block_type":"box","text":"28","page_number":238,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"abc40bd6-11d8-4226-8b94-5ef16f1022c0","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":238,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"beaf5c8c-1dcf-4f74-9cf0-b12f04e6cd55","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. We develop","page_number":238,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"603ad480-95c0-4daf-a331-0a0c18d011d8","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":238,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"af75a44e-2acd-4f11-9a37-9194a84b144f","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":238,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"d19013a5-ccb7-40d5-8032-eae9a2a89bb6","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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